The Importance of Employee Perks in Job Satisfaction
When it comes to job satisfaction, employees consider several factors before accepting a job offer. While salary is one of the main focuses, employee perks can have a significant impact on whether an employee is satisfied with their job or not. In fact, research shows that employees who are very satisfied with their benefits are more than twice as likely to be very satisfied with their job.
Employee benefits go beyond the basic health and retirement packages; they include various perks and incentives that companies offer their employees. These perks can range from free coffee and snacks to paid vacations and wellness programs. Companies that offer employee perks that go above and beyond expectations can significantly increase employee loyalty and retention rates.
Large corporations have the resources to offer an extensive range of employee perks, and the infographic below shows how they use their stature to ensure their employees are as happy as possible. However, small businesses can also offer employee perks if they manage their perks to be relative to their business size.
The Importance of Employee Perks
Employee perks can contribute significantly to employee satisfaction levels. In fact, employee perks can influence whether employees stay or leave their job. According to the Society for Human Resource Management (SHRM), employee turnover costs can range from 50% to 200% of the departing employee’s salary.
To help sustain their businesses over the long term, companies must retain their top talent. Offering employee perks is an excellent way to keep these employees happy and help them stay long enough to become valuable contributors to the company. Providing employee perks can also attract new talent to the company, making it easier to recruit candidates.
Employers that invest in employee perks and benefits help their employees feel valued and appreciated. It can show that the company cares about its employees beyond their work contributions, which can build a more positive and productive working culture.
Types of Employee Perks
Employee perks can come in different forms and can range from the simple to the more complex. Some of the most common types of employee perks include:
1. Financial perks
These perks include bonuses, stock options, and profit-sharing plans. They are designed to motivate employees by providing them with a financial benefit for achieving specific targets or objectives.
2. Health and wellness perks
These perks help employees stay healthy and productive. Examples of these perks include gym memberships, health screenings, and wellness programs.
3. Work environment perks
These perks involve creating a pleasant and enjoyable work environment. They may include the provision of free coffee, snacks, and meals, comfortable furniture, and ergonomic equipment.
4. Professional development perks
These perks help employees grow and develop professionally. Examples include tuition reimbursement, training programs, and mentorship opportunities.
5. Time-off perks
These are perks that allow employees to take breaks from work to rest and recharge. They may include vacation time, personal days, holidays, and flexible schedules.
Employee perks can have a massive impact on employee satisfaction and retention rates. They help employees feel valued and appreciated and contribute to the overall working culture. While large corporations have the resources to offer extensive employee benefits, small businesses can learn from them and offer relative perks.
As a business owner, it’s essential to recognize the importance of investing in employee perks and benefits continually. They pay dividends in the form of employee loyalty, retention rates, and overall business profitability.