Company perks are no longer a nice-to-have. They are significantly impactful on employee retention and engagement, speak volumes of how vested companies are in people’s success and have the potential to solve problems for people and businesses. Workplace perks can become the defining factor in career progression.
In 2020, employees are looking for something unique to their needs that makes them feel valued in the workplace. In any modern workplace, people want a strong sense of autonomy, meaningful and fulfilling work. Work perks do not need to break the bank; however, the company must determine what will work for their people and business.
Not every company can implement unlimited leave like Richard Branson does with Virgin Group; however, sometimes small things can make a significant impact and incentivize people to come to work. Whether it be a morning tea or weekly meditation classes, companies can benefit from a healthier and more focused workforce.
Every workplace perk counts to stay competitive. Paycor reports that companies can reduce turnover by nearly 140% with the right mix of benefits. Why wouldn’t you want to work for a company that provides excellent growth opportunities, workplace benefits and perks that become the object of envy for everyone?
Company perks can often sound like frivolous behaviours and whistles. However, when done right, they can go much further.
Here are 12 of the top workplace perks to consider offering your employees in 2020 and beyond:
1. Flexibility When it Comes to Pay
Fast payments have become relatively accessible to most people today. The pay experience has reached new levels of personalization, offering more convenient ways for workers to be paid the way they want at any given time. ATM transactions or money transfers through PayPal has increased in terms of popularity, requiring companies to step up. CNN reported that Walmart and Uber support workers to access earnings as soon as their hours are logged, irrespective of whether it is a payday or not.
2. Customized Perks
Before investing in any significant initiatives, it is critical to talk to your people about what they want. If there are clear trends in the workforce, consider what would add value and work best for employees in their stage of life.
Most people love company perks; however, when companies take it to the next level and tailor-make the perk based on the interests of the staff, the company reaches new heights in terms of employee engagement. Companies must invest spending time with their people to understand what perks will benefit the employee. Managers must sit with staff and explore the type of perks such as lifestyle solutions, charity work or continued education interest them.
Another option is to send out feedback surveys to gauge employee needs and making leaders accessible to field ideas, concerns and questions about employee perks are worth the investment. Once the company has established the type of perks to be implemented, highlight the benefits on your website, promote through social media accounts. Celebrating and publicizing them is a brilliant way to attract top talent.
3. Remote Working Options
The Society for Human Resources Management (SHRM) reported that 69% of organizations in 2019 supported employees to work from home. They also said that 27% of organizations offered full-time telecommuting arrangements. When companies support flexible remote work policies, they will attract more extensive talent pools.
4. Diversify Health Coverage
SHRM data described how health care is still the top number one benefit people care about most. The difference today is what encapsulates health care. The definition has broadened and includes mental, behavioural and emotional health. Companies have challenged what health coverage represents by engaging online health care. Telemedicine or telehealth creates a space for people with minor illnesses to consult with a physician or nurse over the phone or through a video chat to conduct a diagnosis and order prescription within a few hours. SHRM reported that in 2019, 72% of organizations offered telemedicine.
5. Individualized Development Plans
Career development is essential for many employees. CNBC/Survey Monkey Workplace Happiness Index in 2019 reported that outside of increases of pay, workers who have been provided with opportunities to advance their careers are linked to improving employee satisfaction. In 2020, continual learning across all industries is expected to invest in more employee resources to upskill and reskill their workforce. Amazon in 2019 announced $700 million to retrain one-third of its workforce to fill advanced positions. People want career paths, and when companies invest in providing those opportunities, they will become a competitive edge in the marketplace.
6. Financial Wellness Has Made its Mark
Companies are expanding their coverage of health benefits to include financial wellness. Forward-thinking companies are helping employees to manage their pay, savings and improve their economic well-being. Bank of America reported that 53% of companies offer financial wellness programs to their people. The programs include online business tools and strategies to help workers find financial stability through budgeting, debt resources, and retirement plans.
7. Ageing Population
SHRM data described in 2019, approximately 10% of organizations offer an eldercare benefit for workers. America is an aging population requiring companies to shift their thinking and consider how they can support their people to care for aging parents and family members rather than leave the workforce. When companies embrace a more holistic family leave benefit, paid family leave can apply to all life stages and levels of caregiving.
8. Keep Your Leadership Team Rested
While most leaders are taught to “hustle, hustle, hustle”, adopting this mindset does not always bring out the best in people. The critical distinction is to work smarter, not harder. Research informs that when your leadership team is well-rested in conjunction with work-life balance programs, leaders will perform at higher levels.
9. Do Something Outrageous
Have you ever thought about paying for your employees to take a month off to explore life? When employees have worked for over five years, reward them for their hard work. People can use this time how they see fit, whether it means travelling, spending time with family or exploring professional development. In return, your people can write about their time off through your internal communication channels or use a hashtag to highlight their adventures. When employees are given the option to take a sabbatical, it often feels like a significant investment to an employee and one where the company will reap the rewards as a brand.
10. Hottest Employee Benefit for Younger Employees
Over 44 million Americans have student loans. The average debt hovers around $33,000. One-way companies can make a significant difference to attract and retain recent graduates is to help them reduce student loan debt for their talent. Many employees highly value tuition reimbursement as it reduces both the real and opportunity costs. Employees can simultaneously work and go to school, saving tuition fees.
11. Review All Benefits to Ensure They are Relevant and Add Value
Ongoing evaluation of perks on offer, including how often employees take up the opportunities will assist in determining if the company is hitting the mark when it comes to workplace perks. By engaging employees to ascertain the value or not, allows the company to recalibrate what is on offer.
12. Say What You Mean and Mean What You Say
Companies must follow through on promises. Publicizing workplace perks will be meaningless unless people can benefit from them. There is nothing worse than a tokenistic perk, and when a company promises one work culture and delivers another. Invest time and energy into getting to know your employees and their needs to build a culture that supports them in a meaningful way.
One-Size-Fits-All Company Perks Will Not Satisfy Everyone
People are your most valuable asset. Companies must seek to understand what matters most to their people and how the perks improve their time at work. Workplace perks must add value by providing a platform for companies to connect, engage and inspire their teams. Not all perks will work for your company; however aligning company values and perks will create opportunities to attract, develop and retain top talent.