By Tanvi Chawla
In today’s hiring market, employee perks are necessary for attracting and retaining top talent. It has been found that nearly 80% of employees would prefer perks over a pay raise.
For example: Google is popular for its extreme perks that involve yoga classes, food, haircuts, coffee, juice and chair massages etc. Twitter employees enjoy on-site acupuncture and three catered meals per day.
Many smaller organizations have received awareness for their unusual perks such as free books and vacation expense reimbursement. Let’s have a look at some of the essential employee benefits to attract the best talent.
Flexible Work Hours and Environment
Working in the office Monday-Friday from 9-5 is no longer necessary for many companies, as more and more businesses move online. Attract quality candidates by simply offering flexible work hours and environment.
Over a half of workers select work flexibility as their top perk. Because of this, many companies have started modifying their company structure to keep up with this new strategy.
For example, Netflix has abolished normal work hours from their procedures. They compute all things in terms of productivity rather than tracking how many vacations, working days or breaks their employees take.
You can work for as long or as little as you like, provided you do everything you are expected to do for the day. And if you complete what you need to do for the week early, then move ahead and take the rest of the week off.
Paid time off is quite one of the most desirable benefits employees require. With most time spent working, a generous paid-time-off advantage can make all the difference.
Employers that give generous vacation and sick time declare that they notice employee enhancement.
PTO empower employees take a time-off without punishment while contributing to long-term happiness. Few companies provide an unlimited PTO policy with the supposition that deadlines continue to be met. Many people value vacation time over salary so that they have an opportunity to develop both in-and-out of the office.
Health insurance continues to be an essential benefit for employees. With health care costs continuing to rise, employees need to feel protected.
Employees seek health and life insurance that is exceptional and consider no medical exam insurance policies. Employer health insurance is generally much more affordable than state/federal insurance programs with greater coverage.
Employees also look for dental, vision and disability insurance. Health insurance provided by ‘employers offers great comfort that employees are taken care of. Life insurance offers the peace of mind their loved ones are taken care of in the event of an untimely death.
Salary may not be the most significant benefit, but that doesn’t mean it isn’t top of the list. People yet need money to live to support themselves and family members. Companies that frequently pay too little to their employees will turn off top talent.
Acknowledge what is happening in the market and your industry. Be in tune with salaries to affiliate work experience with compensation. Be practical with the insight no one works for free.
Get more at the company by taking care of your employees. Be honest and transparent in the salary potential. Candidate will go for the opportunity with a higher salary if your company provides all the same benefits as your competitors. Money isn’t everything, but it is something.
Performance Bonuses and Rewards
Salary alone isn’t always the best motivator. Employees seek companies that constantly appreciate and reward hard work. Companies must offer performance bonuses to enhance productivity. Like it or not, money is still an effectual incentive.
Give promotion and reward to over-achievers. For example, if one of your employees is the top sales rep of the month, offer a reward. It can be a anything like bonus, ski passes, a gift card, a television etc. Performance bonuses create competition which entirely inspires the staff to work hard and exceed quota.
The main objective of employee perks is to give employee services in order to make their life enjoyable while they work. This might seem like a lot to invest in and set up just to attract employees, but with the cost involved in hiring, training and lost productivity, it’s well worth it to get the best employees for your business.
Tanvi Chawla is a Digital Marketing Executive with BIGFluencer Marketing. She has a strong passion for digital and has experience working on both client and agency side. You can connect with her on Google Plus.