What are company perks?
Company perks are perquisites that employers provide employees to assist them in maintaining high productivity and performance levels.
Employee benefits, such as health care, retirement, and investment plans, are essential components of compensation. Perks, in contrast, encompass the non-essential, supplementary aspects of the job to improve the employee experience and boost productivity. Popular company perks include:
- A company car that doubles as a personal vehicle
- Paid time off or sabbatical leave
- Weekly happy hour
- Onsite childcare
- Shopping, cinema, or travel discounts
- Flexible working conditions
- Onsite catering or lunch vouchers
Why should HR leaders care about company perks?
Perks can make a company attractive to candidates while strengthening employee-employer relationships. Employees who feel valued, appreciated, and supported are more likely to demonstrate higher engagement, work performance, productivity, and retention.
What can HR leaders do to implement company perks?
HR leaders can use these tips to incorporate effective company perks:
- Create a comfortable office space. Employees can work more productively if they have access to natural light, fresh air, an outside view, and, if possible, a private workspace. After addressing issues within the physical work environment, HR leaders can focus on more extravagant perks.
- Administer frequent surveys. Brief, routine employee satisfaction surveys can keep employers informed about which perks employees find helpful. An onsite rock-climbing wall, a pool table, and a music studio all seem fantastic. Yet if employees don’t have time to take advantage of these activities, what’s the point? HR leaders can instead target the imminent needs of specific demographics. Parents, for example, may value paid time off to spend with their families, while singles may prefer community-building recreational activities with colleagues.
- Draft a perks plan. Designate a budget, identify applicable perks, and determine how and when people can easily access them.
- Align perks with the company culture. Leadership, from executives to low-level managers, must be on board. A culture that embraces its perks enables employees to feel comfortable taking advantage of their perks, guilt-free. An organization that has designated office space for yoga or meditation, for instance, must value employee wellbeing and include free time for using this space to encourage employees to use it.
- Provide wellbeing and wellness support. Due to the rise in mental health issues, HR leaders may want to address wellbeing among staff. Mental health is a sensitive topic, so the organization must respect employee privacy. Integrating an EAP program can help employees navigate mental health challenges. An onsite meditation or yoga room or gym reimbursement can help employees practice self-care as well.
How can perks improve company culture?
Desirable perks can support employees throughout their employment lifecycle. Work demands consistency and dedication, and it’s often difficult for employees to maintain motivation and enthusiasm. Weaving perks into the company protocol can improve the employee experience and consequently contribute to a healthier company culture of contented staff.