Work Perks – What Teams want from Employee Benefits

Salary isn’t everything. These days, when employees are considering which company they want to work for, beyond remuneration they consider what the company offers as a whole. Is health insurance provided? What’s the paid time off like? Is there an opportunity for remote work or personal growth?

These non-monetary benefits make a big difference, not only to recruiting employees but also to engaging and retaining them. A study done by Qualtrics shows that 64% of millennials believe benefits to be highly important to company retention!

Your employees spend most of their week working, so it makes sense that they’d prefer this to be a rewarding and enjoyable experience. So, what can you offer beyond salary, to keep your team happy and your employees engaged? Let’s explore.

The ability to work remotely

Telecommuting, WFH, remote work… whatever you choose to call it, employees tend to love it, or at least having the option to do it! 

A 2017 report from FlexJobs highlighted just that, with 76% of surveyors saying that a flexible schedule was more valuable than salary. 70% added that they had considered leaving a job because it didn’t offer the amount of flexibility they desired.

Why do employees value flexibility in the workplace? It’s simple; flexibility increases their standard of living. They can save time and costs on commuting and instead, reinvest that time on personal priorities.

During the last year, many of us have experienced remote work, using virtual meeting platforms such as Zoom and Skype and messaging mediums like Slack to connect with our colleagues and teams. Moving forward, you can choose to keep flexibility in the workplace by allowing employees to work several days at home.

The opportunity to develop

When employees join a company, they often pick one where they believe they can grow. This was demonstrated in a recent Gallup poll, where 87% of millennials noted that development opportunities are important to them when selecting roles.

This is especially relevant when it comes to women. As explored in an article by the Center for Creative Leadership, women in the workplace are just as interested as men in raises, promotions, and leadership development opportunities. When offered a role, however, the genders expressed different concerns. Men often turn down positions because they feel the position doesn’t align with them on a personal level, such as not wanting to relocate or work longer hours. Women, however, often noted that they felt that the position would be a failure and that they wouldn’t receive support.

A study by Forbes supported this belief, showing that women are more likely to be offered leadership positions where the stakes are higher and failure is more likely to occur.

This, paired with the fact that a lack of employee development is often the main reason why companies experience disengagement and turnover, makes it an important field for employers to address when considering benefits to offer.

To decrease turnover rates and increase employee satisfaction, a business should encourage development and show employees how to develop and grow within the company. You can do this by providing training, education assistance and equal opportunities for all genders to develop their skills. Development experiences should be engaging, achievable and measured, so employees can feel rewarded for their efforts and successes.

In doing so, they will feel more supported, and better able to envision their future trajectory in the company.

Paid time off

In a 2016 study, the Harvard Business Review found that 94% of planned vacations increased employee energy, job satisfaction, and overall happiness… all great things for retention and productivity!

Paid time off isn’t exclusively linked to vacations, however. Employees may have other things they need paid time off to respond to, such as sickness, family responsibilities or even jury duty.

By providing paid time off, you provide your employees with security and a safe space for honesty.

Don’t forget to consider the role of parental leave in your workplace. 43% of mothers take a significant break from work, pausing their career progress which can make it feel difficult to return to the workplace. By providing paid parental leave for both parents, you can encourage equality in both the home and workplace, and increase retention of your talented female employees.

Final Say

As job hunters and employees look beyond salary when considering their next work opportunity, make sure you’re a business they want to join.

It is important for companies to acknowledge the power of perks, and provide strong benefits for their teams. Not only will this increase employee satisfaction and productivity, but it is also more likely to retain and engage them too. 

By providing good work benefits, your team will stick around longer, be happier and work perkier!

Written for Empowering a Billion Women, 16 July 2021