Work Perks are a Big Deal for Attracting and Retaining Top Talent
Work Perks are a Big Deal for Attracting and Retaining Top Talent
Flexible working hours top the list as the most-desirable work perk according to a survey of more than 4000 Australians released by online employment group SEEK.
SEEK asked workers to share their views on the most popular perks and how they feel about benefits at work.
Here are some key findings:
- 70 per cent of candidates would be happier at work if their employer offered more perks
- 62 per cent would be more loyal if they received more benefits
- A quarter of respondents would consider a lower salary if it meant more perks.
- A quarter would turn down a job offer if the perks were unsatisfactory
While wages still matter, perks promoting a better quality of life – such as flexibility around hours and location, wellness offerings or extra leave days – may be more desirable to many employees.
In some cases, perks offered by one employer might be more appealing than a higher paid position from another potential employer.
Work perks are an important element within a company’s recruitment strategy. Their inclusion provides competitive advantages to help attract and retain quality candidates and helps to differentiate them from competitors. Creating and promoting the right perk program can reinforce a positive company culture, and promote a more committed, productive and engaged workforce.
So, what is a work perk?
Perks are added extras that aren’t generally monetary-based and are designed to offer an extra incentive, motivation or all-round feel-good factor in the workplace.
Traditional work perks include extras like company cars, free meals or complimentary activities. They can be described as ‘icing on the cake’ of an employee’s salary package.
Take note though, according to SEEK’s research, the perception of perks are changing. Sixty-nine per cent of candidates regarded support for mental health as a standard practice and not a perk.
Similarly, ‘active learning and development programs are also viewed by 68 per cent as offerings that should be standard practice.
Putting together a perk package needs to be carefully planned to ensure delivery and relevancy. Businesses should identify specific objectives and tracking tools to measure value.
Here are six key considerations to ensure a responsive, dynamic and relevant work perk program for your employees:
1. Define your objectives for the program
What results do you want from your perk program? For example, you might want to attract top talent or boost employee productivity or reduce absenteeism. Whatever workplace perk you decide to implement should work to achieve these objectives.
2. Review your core values and business strategy
Any perks you decide to offer should align with what your company considers important and values most. For example, does your business encourage work-life balance? Enabling more scheduling flexibility will support this value.
3. Survey employees
Ask what perks and benefits they would like to be offered and measure employee uptake and satisfaction with any current offerings.
4. What perks work for your company
Evaluate the perks you’d like to offer and determine what is feasible by considering cost, delivery, benefits and the likely return on investment.
5. Create a communication strategy
Perks should be highlighted in all job advertising and discussed in interviews to maximize their value to your recruitment strategy. Highlight them regularly to existing employees and any new additions should be effectively communicated.
6. Track the success of perks
Plan ongoing reviews into your program to ensure it is meeting your business objectives and adding value for employees and your business.
Corporate Child Care Program
The best work perks offer tangible enhancements to an employee’s life particularly away from work. With working parents representing a large proportion of the workforce it is not surprising that flexibility and child care support are valued perks.
Providing employees with support through access to child care programs like that offered by Care Corporate can improve staff retention, support a positive company culture and contribute to reducing employee absences related to any unexpected child care issues.
Also, Care Corporate has negotiated a range of special offers with high quality child care services, making it easier and more affordable for employees to access the child care they need and increasing the likelihood of them returning to work at the end of parental leave.
In addition, the Care Corporate Child Care and Emergency Care Program enables parents to tap into a unique suite of web-based tools and resources created to assist them to find and secure high quality child care when and where they need it. Supportive resources include an online library of child care and parenting articles plus access to an informative webinar series tailored to the needs of working parents.
Women especially benefit from child care programs as they are usually the primary carer and generally shoulder the caring responsibility if a child care issue arises.
However, all working parents suffer from stress and disruption when child care falls through and employers face the possibility of a loss of productivity from increased absenteeism. Businesses providing solutions such as Corporate Emergency Care Program, means their employees have a streamlined option as they have exclusive access to a network of quality and security screened carers at short notice.
Wok perks don’t need to be costly and even small companies can get creative with the perks they offer:
Allow pets to come to work:
Studies consistently show that pets in the workplace can result in happier and more productive employees, just be sure to weigh up the pros and cons of having furry friends around.
Research has shown that workers, especially those in the millennial generation, value brands and employers that emphasize doing good in the world. Trends such as Volunteer Time Off (VTO) means paying employees to volunteer in the community. Some larger companies are including matched donations up to a capped amount.
A day off for birthdays:
Give the gift of non-attendance. This perk is personal and can help employees to feel valued plus it ticks the box for a company culture offering work-life balance.
Create a relaxing space and stock a library for leisure reading, education on relevant business skills and magazines. Encouraging reading and promoting a relaxing activity can create some serious benefits to employee health and happiness which has flow on effects for employers.
Classes: From wellness webinars, through to gym classes, zoom fitness tuition or cooking classes there’s a range of options to offer to employees.
Proving employees with a choice around the work perks on offer can have a very positive influence on a company’s ability attracting and retaining employees. Perks can help your business stand out from the competition while supporting and engage your workforce for better workplace outcomes.