During this period of time when employees are quitting their jobs in record numbers, companies are looking for ways to differentiate themselves by attracting new talent and retaining existing employees. Corporate perks and benefits have long been looked at as a way to stand out.
But as organizations implement these modern office perks, the question remains: What benefits do employees value most?
It is becoming increasingly important for business leaders and HR professionals to optimize perks and the best company benefits, zeroing in on what it is that leads to satisfied employees. Using data from our recent Talent Retention Report, we’ll look at five modern office perks employees want and those they don’t.
For our 2021 Talent Retention Report, we surveyed 3,948 U.S. workers from 57 industries about what perks could convince them to stay with their current employer if they considered taking another job. Let’s dive into how you can leverage these perks for your organization.
A pay raise will always be appreciated, however, of the top seven perks rated by employees, five have nothing to do with earning more money. In fact, ranking in second place is the ability to grow or to see career advancement opportunities.
For HR professionals, it is critical to assess what paths for growth currently exist within your organization. Implementing mentorships, building an internal job board, and putting together advancement paths are all ways of helping employees see a long-term trajectory of growth with your business.
The modern-day employee is extremely busy, and with an increasing number of family households being run by two income earners, flexible scheduling can be a game-changer. Allowing employees the ability to pick up their kids from school, attend a doctor’s visit, or even set their hours based on their personal preferences can go a long way in keeping employee morale high.
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Along with flexible scheduling is a desire to have remote work options. These two go hand in hand, demonstrating that employees want to be trusted to get their work done while still navigating their daily lives.
Similar to growth and advancement opportunities, employees see training and professional development as a perk worth sticking around for. Investing in training courses, allowing employees to attend industry conferences, and implementing measurable development goals can create a sense of growth and belonging.
For many employees, it isn’t just about making more money in their role; it is about being rewarded based on performance metrics. A cash bonus is an effective tool for highlighting your top performers.
Along a similar vein, employees are looking for meaningful recognition in the workplace. However, don’t confuse this for a simple “Employee of the Month” plaque on the wall. Recognition needs to be specific and consistent in order to be meaningful, and you should recognize employees based on their individual preferences. Some may like the spotlight, while others may not.
On the flip side, these perceived benefits are often seen as a band-aid approach to fixing larger employee satisfaction problems.
Retaining your employees is critical to the success of your business. Check out more articles on retention strategies in our Employer Resource Center.