In today’s hyper-competitive hiring market, CEOs and hiring managers are struggling to keep up with the latest trends in employee perks in order to attract and retain top talent.
What perks really matter to employees?
I’ve outlined the nine best company perks that offer employers the biggest bang for the buck, contributing to a stellar culture while benefitting the bottom line.
- Good Ol’ Profit Sharing: Whether paid as a quarterly bonus or a lump at the end of the year, profit sharing will get your employees invested in your company’s success. When people have an ownership interest, they typically work both smarter and harder.
- Maternity and Paternity leave beyond that required by law: A great way to show your employees that work-life balance is a high priority at your company is to give extended maternity and paternity leaves. Netflix offers one paid year of maternity and paternity leave to new parents (born or adopted). They also allow parents to return part-time or full-time and take time off as needed throughout the year. Pinterest provides a unique take on the parental leave policy by providing four paid months off, plus an additional month of part-time hours, as well as two counseling sessions to create a plan to re-enter the workplace. Lastly, Facebook provides $4,000 in “Baby Cash” to employees with a newborn. These are all highly sought after perks.
- Gym Membership: According to the Harvard Business Review, employee wellness programs should be seen as a strategic move and not just a benefit. Healthy employees cost you less, and they work harder. Not only that, they’re happier, and they’re more likely to form bonds with co-workers. If you want your employees to stick around, here’s a great way to do it.
- Extra time off around the holidays: Let’s face it, the holidays are an extremely stress-filled time for everyone. If you’re business slows down around the holidays, you might as well give your employees time off. They’re going to like working there more, and they’re going to have more energy to start the New Year off right.
- Education subsidizing: Whether it be informal training or a college education, investing in your employees is a great win for you. They can bring in a lot of new ideas from their classes, and they’ll appreciate you for helping them reach their educational goals. For example, PwCoffers its employees $1,200 per year for student loan debt reimbursement.
- Paid day off for birthdays: Everybody likes feeling special, and getting a day off for your birthday makes you feel special.
- Paid time off for community service: Giving back to the community makes people happy. Salesforce employees receive six days of paid volunteer time off a year, and if they use all six, they receive a $1,000 grant to donate to a charity of their choice.
- Onsite childcare: This is one you need space for, but if you can get a licensed daycare to operate on your company property, it takes a lot of strain off of parents. When a parent can run downstairs and see their child during their break, they’re going to be a lot happier at work.
- Spousal Death Benefits: Google provides the surviving spouse or partner of a deceased employee 50% of their salary for the next ten years. No one wants to talk about it but it sure is nice to know its there.
Employees have become accustomed to being catered to, and high-end perks are increasingly expected among workers with the most in-demand skill sets. And while it might seem hard to keep up with the Joneses, there are ways to create an environment that even the most jaded workers will appreciate.