February 15, 2016

The Importance of Perks in the Workplace

The Importance of Perks in the Workplace featured image

What are the most valued perks for employees?

What are the most important factors to consider when creating a benefits package?

What are the most important factors to consider when creating a benefits package?

Benefits are essential in a workplace, especially in terms of employee happiness and retention. A recent study conducted by Glassdoor found that 57 percent of workers believe benefits and perks are top considerations to take into account when accepting a job. In addition, four in five workers said they would prefer new, better benefits over an actual pay raise.

The top five benefits ranked by employees include:

  1. Health insurance: 40 percent
  2. Vacation or paid time off: 37 percent
  3. Performance bonus: 35 percent
  4. Paid sick days: 32 percent
  5. Retirement and 401 k plans: 31 percent

Why are employee perks important?

According to Glassdoor, “As the U.S. economy continues to expand and job market confidence continues to rise, there is no doubt it is a job seeker’s market. This is a clear signal to employers that in order to compete in today’s labor market, it’s not just about salary and compensation, employers should be communicating clearly about non-traditional compensation.”
Employee benefits do not completely make up a company culture, but they do add to it. If employees feel valued in their role and believe their managers care, they are often more engaged, productive and satisfied with their routines.
As retention and employee engagement remain in the forefront of importance, considering some changes in your workplace can make all the difference.

What other factors are important?

Although workers benefits are essential, there are other factors that should also be considered in terms of retention. In addition to culture and values, other important pieces of the puzzle include, employee development opportunities, future career opportunities and senior leadership. Employee satisfaction may be encompassing at times, but it is essential for the success of a business.

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