Why ‘Perks’ Are More Important Than You Think Within Business

In today’s competitive business world, attracting and retaining highly skilled employees is crucial to advancing your business. While salary and benefits are essential, offering unique and attractive perks can significantly differentiate your company and boost employee satisfaction.

Perks are small additional benefits to spending your efforts, time, and life working with a company and can come in many forms. They are small morale boosters that encourage employee loyalty and are an excellent way for them to bond and build a strong rapport with you.

The Power of Perks

As mentioned above, perks beyond the standard benefits that should be expected when you prove your loyalty to a business can boost employee morale, productivity, and overall job satisfaction. Here are a few reasons why.

Cost Effective

While it might look like you are spending more on these extra perks, you could save money by reducing employee turnover and improving employee retention. In a survey by the Society for Human Resources Management (SHRM), nearly one-third of participants stated that their present benefits package was the main factor motivating them to hunt for a new job with a different company within the next 12 months. This implies that you risk losing bright workers if you don’t provide excellent benefits!

It’s a well-known fact that it costs more money to find and hire a replacement; according to a study by Oxford Economics, losing an employee who owns 25k a year can cost you up to 30k. It’s best to treat your employees with the admiration they deserve rather than trying to cut costs and be met with the opposite.

Increased Employee Satisfaction

Happy employees mean they are bending over backwards for more reasons other than early pay raises but because they care about the business’s success. Perks can show businesses that their contributions are valued, increasing job satisfaction.

Improve Productivity

Happy and engaged employees are more productive and innovative because they want to give back something valuable to the company and are more stimulated by the positivity.

ABI’s study found that extra perks for employees’ health and well-being were incredibly effective at boosting employee productivity. This suggests that the perks can be helpful to an individual’s personal life, and individuals help with productivity.

Top Talent

Offering attractive perks to employees is a great way to attract top talent to move to your company and get well-qualified individuals sending over extensive applications rather than lists and lists of spam. Acquiring top talent can bring new ideas and skill sets to drive the business forward.

A study conducted by Glassdoor showed that roughly 60% of people reported that benefits and perks are a significant factor when considering whether to accept a job offer. I know we have all been guilty of this because if you commit yourself to a job 5 days a week, you want some return for your daily efforts and to be joining a happy and inviting.

As of 2020, 32% of employees said employee benefits were as vital to them as a salary when looking for a new role.

What Kind of Employee Benefits Should You Consider?

There are many ways to show admiration to your employees, and based on my personal preference, working experience, and research, I have found these to be the most influential.

Gym Memberships

A way to encourage your employees’ health is to pay for their employees’ membership or class passes. This shows your employees that you care about their health, and with most jobs being remote or office-based, there isn’t much healthy movement involved. Not only does it save them a monthly payment of between 20 and 30 pounds, but it also shows them you care about their well-being.

Termly Activities

The business periods are usually split into three terms every four months. At the end of each four-month period, planning and paying towards a day of fun is great for team building, morale, and motivation. This could be anything from a trip to the races to golf trips and trips to spas. Whatever is within the budget or suits the wants and needs of your employees can be considered, but it’s just nice knowing the company you it’s for likes to give back and spend time with its employees.

Parking

Parking can be relatively expensive, and being able to secure a paid city centre parking space for your employees would be a huge perk. Not only does it serve the purpose of travelling to work, but it’s also a non-expected bonus that makes a difference in people’s choices.

Christmas Parties

People, it’s the celebration of the year, and it is. An excellent way to celebrate the whole business year and the holidays is to have a massive night with the entire office, where you all get dressed up and enjoy some good food and company. It’s little things that can raise morale and motivation. 

Final people’s

While considered expensive, employee perks can save money and foster an extraordinarily successful and positive working environment. With everything carefully considered, it’s the little things that could have a significant impact on your employees, so commit to it.