Blog

15 April 2016
Workplace perks or cold hard cash?

Years ago workplace perks were a rare benefit to joining a company, but these days nearly every company offers there employees some kind of perks whether that consists of health care benefits, free parking or gym membership. They can not only improve the quality of the work-life but also add real financial value to a basic salary. In order to stay competitive and to recruit top talent, it’s crucial to consider not only what employees can do for you, but also what you can do for them. Keeping employees happy will help increase employee engagement and overall satisfaction.

A recent study conducted by CV-Library revealed that 85% of employees would prefer money over workplace perks. It was found that UK workers believe ‘workplace perks’ are pointless and that most would rather bank the money, especially in demanding financial months like Christmas. The findings revealed that almost a quarter of staff (24.3%) are provided with workplace perks by their employer. Of those that receive perks, however, 24% stated that they would rather have the money.

The study revealed that the top rated perks employees would like to see are:

– More Holiday (23.7%)

– Early finishes (17.1%)

– Something that would save you money e.g a gym membership (17.1%)

– Free food (16.3%)

 
One in five staff that receives perks in the office, however, advises that they are happy with the benefits on offer, suggesting that some companies are getting it right. You can read CV-Library’s article and their findings here.

Time and time again, we see that the most important factors for satisfied employees are recognition, a positive relationship with their supervisors and autonomy to do their jobs. So where do work perks fit in the mix? In addition to understanding that perks are powerful in relation to a positive company culture, you’ll want to keep in mind that the types of the perks make a difference.  Gym memberships are extremely popular these days. They can positively impact your employee’s day to day health and energy levels. Contributing to their education and career development is also popular among employees as well as beneficial to you with the new skills they can bring to the table. Why not ask your employees what they want in order to get a better understanding of the type of offerings they are looking for or experience in their previous companies.

By having your workplace interests at heart will allow you to build upon the company culture you are looking to achieve as well as offering something that your competitors do not. Retaining talent is now a difficult task in most businesses with the amount of opportunities that constantly arise, but considering salaries along with perks could provide a perfect package for your staff.

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