Whenever unemployment is low, it automatically becomes more difficult to recruit new talent and retain your current employees. Often, salaries can only be raised so far, and traditional benefits packages made only so sweet before you reach the edge of what your company can offer. But, there is one alternative that can help you set your business apart from your competitors while simultaneously increasing employee engagement: Perks.
What Are Perks?
A perk can be almost anything designed to give your employee access to something they appreciate. For example, gym memberships, access to onsite daycare, or even movie tickets can all be valuable perks your company could offer. For businesses with some room in the budget, tuition reimbursement or student loan payments can be one of the most desirable perks a job seeker could want.
Why Do Perks Work?
Often, these options are small in nature, but provide workers with a way to enjoy themselves or alleviate a stress they may otherwise face. Additionally, they can be seen as a method for promoting better work-life balance.
A recent survey showed that 84 percent of millennials in the workforce believe having a good work-life balance is important. So, by offering perks that help them relax, have fun, or better manage their off-time can be seen as a way to achieve better balance.
Some employees even state that they would prefer additional perks over a traditional pay raise, making it easier to retain high-quality workers, often at a lower cost.
Popular Workplace Perks
Certain nontraditional perks are especially beneficial when the goal is to improve employee engagement. Food perks, like free meals and snacks, can help workers meet their basic needs without having to leave the building or worry about bringing items along with them. On-site wellness programs, like exercise classes and physicals, can aid team members who are trying to maintain a healthy lifestyle save time and money.
Providing employees access to services designed to make daily tasks more manageable, like dry cleaning delivery or basic auto services, alleviate the strain of trying to find the time to handle these responsibilities on their own. And commuter perks, like providing access to public transportation or reimbursements for tolls and parking fees, also make getting to work most cost effective.
You can determine which offerings are likely to have the biggest impact by simply talking with your workers and see which options they believe provide the most value. That way, when you design a perks program, you can select the items that they see as most desirable.
While perks can’t replace certain traditional benefits, like health insurance or paid time off, they can bolster your current programs. This can ensure that your company is seen as an attractive place to work, making both recruitment and retention easier to manage.
If you would like to learn more about employee engagement or are interested in adding a new person to your team, the professionals at TempStaff can help. Contact us today to see how our unique services can improve your recruitment and retention efforts.