85% of CEOs believe a diverse workforce improves company performance and profitability. Additionally, they report benefits…
When it comes to hiring and retaining top talent, perks play an important role. The most successful companies not only offer benefits that help secure candidates during the hiring phase, but also keep employees engaged and satisfied within the organization over time. From mid-day surfing at Patagonia to receiving free house-cleaning from Weebly, companies are becoming more creative (and competitive) when it comes to offering employee perks.
But which perks actually work? And how well do they work?
Here are 3 things to keep in mind when you’re evaluating the benefits that your organization offers:
1. Fun is Good but Basic is Better
These days, finding a start-up that doesn’t have a ping pong table is like trying to find a needle in a haystack. But there’s evidence to show that even though employees enjoy fun office perks, they are most interested in the boring (but oh so important) basics. According to a survey by Glassdoor, the top five benefits that matter most to employees are:
– Healthcare insurance (e.g., medical, dental): 40%
– Vacation/Paid time off: 37%
– Performance bonus: 35%
– Paid sick days: 32%
– 401(k) plan, retirement plan and/or pension: 31%
It’s fun to invest in your employees’ entertainment, but if you aren’t offering benefits that employees expect, you’ll miss out on hiring talented and dedicated employees.
2. Don’t Just Invest in the Organization, Invest in the Person
Too often, employee perks are decided with the emphasis on the organization. That’s why many companies will pay to give their employees advanced training but only if it directly relates to their current role. But what about their next role? What about helping your team achieve their dreams? Think about perks that will help your staff be successful in the long-term. When you invest in the person rather than the organization, you’ll be rewarded with an engaged, happy and devoted team that cares about your company.
3.Don’t Forget About Games!
We know what you’re thinking: “but what about the ping pong table?”
We get it, having entertainment or team bonding exercises in the office is becoming almost expected—and that’s not necessarily a bad thing. Make sure that the games your employees are playing are ones that will actually help them succeed at work or burn off some stress. Focus on organizing team events or activities that foster bonding and empower employees to work together towards a common goal.
If you’re not quite ready to join Netflix and jump on the unlimited PTO bandwagon, that’s okay. Even small improvements to employee benefits can help you secure candidates and increase employee satisfaction. Want help analyzing the impact of your employee benefit package on hiring? The VanderHouwen staffing team is experienced at helping organizations improve their recruiting and retention rates through comparing what benefits and perks the competition is offering, strategic staffing processes and extensive fair market research.
Ready to build your team? Contact us today for a consultation!