First Consider Creating Flexibility Around Work Location:
- Partially remote work: The company office is their primary headquarters, but they choose the best location for them based on the work theyre doing that week, day, or moment. This could include their favorite local coffee shop, the citys public library, or their home desk. Since todays type of work is considered to be more mentally complex than prior decades, it results in requiring more deep work, collaboration, and continual up-skilling.
- Fully remote work: The opportunity to work not at the local headquarters, and work from their home, a coworking space in a different city, or even the road.
Gifts For Departing Employees
Alternately, gifts, lunches, and recognition for employees who are leaving your company on good terms can be highly impactful when it comes to your reputation in the hiring pool.
Potential hires want to know that theyll be treated well throughout their employment, not just at the beginning. Planning out thoughtful gifts or social events when an outgoing employee moves on shows that you value people and not just the roles they fill.
The Best Employee Perks And Benefits
Employee perks have evolved far beyond the company car or boozy company away days. Workforces have always been diverse, but in recognising and understanding that all employees are different, the types of perks on offer have changed.Happier colleagues result in increased wellbeing, improved productivity, fewer sick days, and lower staff turnover, so it makes sense for organisations of all sizes to provide access to benefits and perks.
Here are some of the best employee perks and benefits.
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Why Choose A Job With Good Benefits
It’s important to consider the benefits that a job offers when applying and before accepting offers because having good benefits can save you money in the future and ensure that you remain supported.
For example, an organization that offers good health insurance coverage might be more attractive to an employee than a company that provides less or no coverage, as you’re responsible for paying for your own health care without it.
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The Best Employee Benefits And Perks
At BambooHR, we believe in people.
We believe that the most valuable resources an organization has are its human resources. And we believe in showing employees how valuable they are to the organization. Thats why we encourage offering the best employee benefits and perks and why we have created a culture of appreciation within our own company.
Its a philosophy thats not necessarily newthe idea that employees who are treated better perform betterbut its starting to gain momentum in the professional world. Around the world, companies are beginning to realize that offering major benefits like flexible work schedules, unlimited PTO, and unique perks like a vacation reimbursement program can do wonders for morale and productivity.
Despite the growing body of evidence in favor of this philosophy, many employers are still skeptical and reluctant to offer much beyond a steady paycheck. To help convince naysayers that pampering employees promotes productivity, we asked industry professionals about their experiences with offering benefits and perks. The response was overwhelming, and each CEO, COO, and HR professional that responded was in favor of them.
Here, we share with you their insights, experiences, and advice.
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Financial Services And Banking
Many financial institutions offer low-cost and free access to banking services. This can include mortgages, savings and checking accounts, and financial planning. You can even have an ATM installed in your company cafeteria to make it easier for employees to access fast cash for healthy lunch choices.
Childcare And Parental Leave
Lets face it, working parents are one stressed-out bunch of people, and employers are finally realizing how this stress affects their work. Some are starting to compensate with childcare services and more time off to care for sick kids or chaperone field trips. Extended parental leave lets new moms take plenty of time with their baby, and its not just for womennew dads can get in on the act with paternity leave.
Children are a huge factor in deciding to freelance. Some creatives take a break from the office when their babies are born, and they dont come back. Parents who work from home dont have worry about shelling out the average $12,000 in annual childcare costs, which can be more expensive than putting that same child through college in a few years. Not to mention working from home lets parents stay employed, without missing out on Babys early years.
Companies that ignore or even devalue the importance of raising children run a higher risk of losing working parents. In contrast, businesses that value employees families are retaining their best talent and easing the stress of parenthood.
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Education And Career Planning Benefits
Support your employees future career and education by offering:
Offering tuition reimbursement or some form of tuition assistance is a valuable benefit. Assistance can help offset employees education expenses. Plus, it also gives your employees the chance to acquire more skills and tools to better perform their job.
You can also offer a student loan repayment option to support your employees financial and mental health.
Employees who cant see a bright future with your company may end up unhappy, performing poorly, or leaving sooner than you expected.
Sitting down with employees to create their future growth plans can help motivate them. It can also boost their morale and give them hope for their future career.
Giving your employees the tools to succeed is one of the main pillars of employee satisfaction and engagement.
Offering paid career development training during work hours is a great way to do this. This way, employees can learn new skills without having to give up their personal time.
Again, providing personal development training during work hours is a great option.
Personal development training helps employees become self-aware and more resilient to workplace stress.
Top Employee Perks And Benefits To Retain Talent In 2021
Perks and benefits can impact hiring, retention and employee satisfaction. Benefits like health insurance, dental care or retirement plans are considered part of the overall compensation package. And perks can be the icing on the cake to help boost a company culture that encourages employees to pursue a positive work-life balance, get and stay healthy, continually learn or many other attractive attributes. All this can have beneficial effects on employee wellness, productivity and engagement.
Before implementing perks, identify specific goals and track progress. It could be your companyâs ability to attract top-tier candidates. Or maybe itâs to address issues of employee satisfaction and to reduce turnover. Whatever the case, try to tie specific business objectives to whatever perk programs you put in place.
And donât forget to include a communication plan to share the available perks with employees. Include reminders throughout the employee lifecycle, not just during onboarding, and let workers know as perks change.
Some perks to consider in 2021 include:
Remote work: Emphasize productivity over presence in a certain physical space and embrace the benefits of remote work. Not all work can be done remotely, and not all workers want to work remotely. But by allowing for flexibility, you can keep employees happy, reduce office costs and a focus on productivity can boost your bottom line.
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Employee Discounts And Rewards
Todays top talent is looking for more than just a maxed-out paycheck they want roles at companies that enable a certain kind of lifestyle, which is why perks like the ones included in this article are more important than ever. In fact, this preference is so strong, one study found 80% of employees want perks or benefits more than they want a pay raise.
Thats why curated company exclusives, like the extensive global catalogue accessible through Kazoo, make such a fantastic employee perk. Users get discounts on everything from dining to fitness to retail plus, working with a third party eliminates the hassle of negotiating discounts yourself.
At the end of the day, you want your employees to know youre looking out for their wellbeing whether its relevant to work or not, and exclusive employee discounts are a great way to show you care.
Benefits Of Employee Perks
Employee perks improve the quality of life for employees while encouraging them to start or stay with your company.
- Perks strengthen and reinforce company culture. They convey messages about company culture. For instance, offering tuition reimbursement shows that your company places a high value on continuing education.
- Perks help recruit top talent. Remote and flexible work are both a blend of benefits and perks. One-third of job seekers say they would turn down an offer if it didnât include the ability to work remotely.
- They help reduce health care costs. Health insurance costs are a top priority for small businesses and have been for decades, and costs continue to rise. But well-designed health programs that include wellness perks can lower costs in absenteeism, workers compensation and disability.
- Some perks may be tax deductible. Tuition reimbursement, adoption assistance, meals for employees on-site and more are wholly or partially tax-deductible business expenses.
- Changes to the Fair Labor Standards Act at the beginning of 2020 made offering perks even easier. Many perks, such as wellness plans, cell phone reimbursements and parking benefits are no longer considered part of an employeeâs pay, so they are not subject to the same taxes.
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How We Ranked The Top Companies With The Best Perks
Ranking the top companies with the best perks and benefits wasnât an easy task. We had to do a lot of research to find the best companies with benefits and perks that matter to their employees. At the end of the day, we started seeing a pattern taking shape.
The best perks and benefits were often those that looked after the employees in one way or another. Some of the most loved benefits and perks seem to be competitive 401k retirement plans, comprehensive medical insurance, and excellent support for young families.
Underneath the essential care-orientated perks came the quality-of-life perks, such as free lunch, travel stipends, and unlimited coffee. Our ultimate list only has companies that offer a wide range of benefits to its employees, making it clear why they are all considered industry leaders.
Our list, in no way, ranks the companies from the best to the worst. Everybody has different values and needs, so doing so wouldâve made our list very subjective.
Instead, our top list shows how each business leads its industry by approaching employee perks and benefits differently.
Letâs look at the ultimate list of companies that have mastered the art of providing corporate benefits and perks that make them some of the best places to work.
Maternity & Paternity Leave
Despite being based in one of the few countries that doesn’t provide maternity or paternity leave to citizens, Netflix has one of the most robust plans in the world. The streaming company offers a full year of maternity and paternity leave for employees, and even offered an unlimited option a few years ago, before opting to change to a year.
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Ultimate List Of Companies With The Best Perks For Employees
Do you want your company to be a great place to work? Are you looking for some of the best and easiest ways to retain or even attract the top talent in your industry?
Youâve come to the right place. Today, weâll be looking at the ultimate list of companies with the best perks and benefits for employees. If you learn from these movers and shakers, you too can make your company one of the best places to work at.
Paid Time Offthat Actually Gets Taken
We need time away from work to recharge, but theres an issue: employees arent using vacation time as much as they should be. Paid time off can boost employee productivity when implemented effectively, giving your employees time to rediscover their love for your company and battle burnout.
It’s not enough to give paid time offyour employees need to feel comfortable taking it. How does your current company culture treat vacations? Are people proud of the time they spend traveling, or are they scared to request a day off? And when theyre on vacation, are they still responding to emails? Make it part of your culture to really unplug on vacations.
Offering paid sick days is also critical. Sick employees coming into the office because they dont want to lose a day of income or dont have enough vacation days doesnt help your bottom line. The employees aren’t as productive as they could be, and theyre spreading germs!
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Tip #: Do Not Try To Replace Company Culture With Perks
Perks are extras, not substitutes. Just like you cannot call a bowl full of cherries a sundae, you cannot expect perks to take the place of company culture. A gym membership or free lunches will not fix poor communication, an overly-competitive atmosphere, or lack of accountability. You need to consciously build a rich company culture by embodying organizational values and training strong team building leaders.
Perks are a way to advertise your company culture, not to build it entirely. You can show off your vibrant community through team building events, but you must also encourage camaraderie and cooperation in the office. Fitness perks show that you care about your employees health, but staff wellbeing also means not overworking your crew.
Creating a positive work environment extends beyond offering extras. Bonuses like discounts, awards, and retreats are occasional, but attitude and behavior are everyday. Thus, perks can be proof of commitment to the employee experience, but should not be the only proof.
Here is a list of ways to improve company culture.
Spotify Employee Benefits And Perks
Spotify is one of the largest music-streaming companies in the world, and they take that role seriously by providing a truly impressive set of benefits and perks to their employees. And with unfettered access to the world of music, those perks can be pretty cool.
But aside from exciting, music-based opportunities, there’s an employee assistance program and a self-care hub, and extensive learning opportunities available through GreenHouse, the company’s dedicated team for such. As Covid continued into 2021, Spotify was quick to get with the times and instate a working from anywhere policy, giving employees complete freedom over where they complete their work.
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Flexibility Around Work Location Or Hours
This perk directly aligns with the labor force move toward increased flexibility.
Recently a study found that 96% of professionals say they need flexibility, but only 47% have it. Thats a pretty significant when it comes to employee needs to do their best work. And allowing employees to own their own schedule comes with tremendous mental health benefits as well.
Offering more flexibility doesnt have to be difficult. Create a program around the types of flexibility and then check in frequently to see how it’s performing is a great start.
Linkedin Employee Benefits And Perks
Retaining talent is hard, and no one knows that more than LinkedIn. As perhaps the most recognizable job searching platform in the world, LinkedIn wants to keep its employees more than anyone else, which is why they offer such great benefits.
LinkedIn has lots of useful employee initiatives such as InDay which, as the company states, means you can set aside one Friday every month to focus on yourself, our company, or the world. It also pioneered several covid-specific initiatives like LiftUp, a resource platform and event series created in the name of global company well-being.
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Best Employee Benefits And Perks For 2022
Employee satisfaction is essential to an organizationâs overall success, and the benefits and perks you offer can make all the difference.
Employee satisfaction is essential to an organizationâs overall success, which is why itâs crucial to establish a positive company culture, and offer incentives, employee benefits, and job perks that excite and inspire staff as well as attract top talent.
What organizations fail to realize is that for todayâs workers, salaries are more of a threshold than a scorecard. In fact, there are many more effective ways to keep your talent happy and engaged.
Four-in-five people prioritize new job perks over a pay raise when looking for work, and 85% of employees take benefits into account when evaluating a job offer. But it can be challenging to know which benefits to seek out.
Here are 16 benefits and perks to help improve collaboration, company culture, and employee satisfaction.
How To Put Together A Perks And Benefits Program
When putting together a perks and benefits program, make sure you have a clear idea of what behaviors you’d like to influence in your employees, such as better health and well-being, and design it around these goals. Be creative, and don’t forget to poll your employees to find new ways to sweeten the compensation.
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Vacation / Paid Time Off
Its been said that time is our most valuable commodity.
As Rick Warren writes in his book, The Purpose Driven Life, Time is your most precious gift because you only have a set amount of it. You can make more money, but you cant make more time. Your time is your life.
Similarly, studies have shown that once our basic needs are met, experiences contribute to our long term happiness much more than material things.
For these reasons, a preponderance of respondents to Glassdoors survey indicated that they valued vacation or paid time off over a salary raise.
Many companies have escalated this idea to its logical extreme, and instituted open vacation policies and summer Fridays off.
While it may seem counterintuitive, companies like Netflix and Austin-based Umbel have found that an unlimited vacation policy can have a wide range of benefits, including more productive employees.
Dont be mistaken an unlimited or open vacation policy doesnt mean that employees can take off half the year and still collect a paycheck. Rather, companies that adopt these policies allow employees as much PTO as they need to recharge as long as they meet deadlines and produce results.
Aligning your vacation policy with results rather than basing it on accrual can have a profound effect on your organizations overall culture.