We all love a good perk – and I’m not just talking about staff discounts against your company’s products or a company car – but REAL perks. An attractive salary will always tempt candidates to work for a particular company, but would you be willing to offer better perks to win over the best talent?
Over the past few years there has been a rise in the number of companies who specialise in just that – offering perks to give to your staff. One reason is due to the rise in the number of millennials in the workplace who rely on the importance of non-financial motivators. But the most important reason is that it helps employees feel valued. A survey by Glassdoor found that 79% of employees would prefer benefits to a pay increase, paving the way for companies like Perkbox to be born. They’re a one stop shop for companies to provide a wider range of perks to their employees than individual companies would be able to.
Chieu Cao is a co-founder at Perkbox and says: “Our perks offering is very well-rounded and this means that there is something on the platform for everyone. Essentially, their employer has facilitated financial savings and as a result, their employee values them. Loyalty and churn reduction is all about driving an emotional commitment between employees and the employer or business.”
Some of the things Perkbox employees can enjoy include have free phone insurance, discounted cinema tickets, free breakfast every day, monthly yoga classes, as well as their birthdays off.
What kind of perks do employees value?
- Think holistic – the workforce is starting to view ‘health’ in a more holistic manner than ever before.The trend has emerged of employers promoting well-being and companies that translate this to their perks offering will emerge with a competitive advantage. Offering your employees perks such as gym discounts and free exercise classes show them that you are considerate of their general well-being. Providing them with something that is of interest to them will ensure good levels of uptake.
- Have a varied range – no two people are the same; what appeals to one member of your team may be of little interest to another.
- Useful – offering your team perks that they can use in their everyday life means that whenever they use them, they associate the value of the perk directly back to their employer.
But it’s not just the fun and novelty perks that employees value. Things like a good pension package, childcare vouchers, cycle to work schemes and benefits like life and medical insurance are rated highly by employees too.
Monica Ponte is an HR Specialist at bob and they help companies set things like this up. She says: “We have a seller’s market today in recruitment, with talented candidates having a choice of job offers on the table. Also, candidates have changed the way that they compare those offers. Traditionally, it was all about salary, then it was about the re-numeration package (meaning salary plus hard benefits, like pensions and insurance), and now they compare based on re-numeration AND the culture and softer perks offered by the employer.
This is happening because people spend a lot more time at work these days. The UK has some of the longest working hours in Europe, and we want to feel comfortable around our colleagues and the culture that we work in. Today, it’s normal to think of your colleagues as your ‘work family’.As the number and desirability of perks on offer increases, employees feel more valued, and also more trusted. After all, when free beer is available in the office fridge all day, the company is trusting that their employees won’t be using it to fuel their 9am team meetings.”
Obviously great perks aren’t the only way to bag the best talent but it does go a long way in getting them to sign on the dotted line.