You want to give your employees a reason to stay with your company. You also want to attract new applicants and position your business as a favorable place to work and establish a career. But you’re also not sure whether it’s possible to achieve these goals without dedicating a significant amount of money to major incentives like much-higher-than-standard salaries, hefty signing bonuses, or long-term profit sharing plans. You find yourself revisiting the same question again and again: “Is it possible to offer effective workforce benefits without breaking the bank?”
While there’s no disputing how beneficial major financial incentives like bonuses and salaries can be, they aren’t the only way to bolster employee satisfaction and reduce turnover rates. You can achieve these outcomes with great work perks at a fraction of the cost.
The key determinant of how successful your work perks will be is how well they align with the values, interests, and priorities your team members deem to be most important. The greatest results always come from workforce perks that align with the foremost concerns of those who stand to benefit from them.
Let’s take a closer look at how great work perks can benefit your business and explore a few of the most celebrated perks companies have offered.
The Importance of Office Perks
The importance of employee benefits cannot be understated. And while there are many arguments to made in favor of work perks, but we consider these to be among the most convincing:
- Work-Life Balance – Offering perks at work allows employees to take advantage of activities, experiences, and services they otherwise might not have been able to access — making it possible to enjoy a better overall work-life balance. And since 72 percent of employees consider work-life balance to be very important when looking for a new job, employers also benefit from this improvement in work-life balance.
- Productivity – Did you know that workplaces with discontented and disengaged employees experience an 18 percent drop in productivity? Or that team incentives can increase performance by as much as 44 percent? When discussing motives for companies to invest in the best benefits for their employees, it’s difficult to come up with a more compelling reason than this. Productivity is the lifeblood of any business venture and since inefficiencies cost employers 20-30 percent in annual revenue, investing in office perks is — quite literally — a decision many businesses can’t afford not to make.
- Cost Savings – We all know that disengaged and unhappy employees are a financial strain to the organizations they work for, but do you know exactly how much your company stands to lose? Consider for a moment that the average disgruntled employee costs their company about 34 percent of his or her salary annually. So, if you’re paying a team member $80,000, that equates to $27,200 in lost revenue. Even more concerning is the fact that employee disengagement costs the American economy between $450-$550 billion annually.
- Employee Retention – In one study, 26 percent of employees said special workplace perks are an effective way to improve employee retention. And since a higher retention rate can maximize a company’s profits up to 4X, the value of having your employees think “I love my perks at work!” isn’t exactly a mystery. But if you aren’t yet convinced, we encourage you to consider the fact it takes two years for a replacement employee to reach the same productivity level as their predecessor. If you don’t have that kind of time to waste, coming up with some great work perks is a smart and highly effective solution.
- Positive Company Culture – Your entire workplace culture benefits when your employees are happy. To start, 46 percent of job seekers say company culture is a deciding factor when it comes to accepting a new role, so if establishing your business as an ideal place to work matters to you, investing in new employee benefits is a no-brainer. Additionally, 72 percent of employees say having more work benefits would increase job satisfaction — and satisfied employees raise team morale.
10 Top Employee Benefits: 2022 Edition
For some serious office perks, check out these ideas for inspiration!
- Standing Desks – Standing desks improve posture, allow for better blood circulation, and lower the risk of weight gain and obesity. Many companies have added standing desks to their list of innovative employee perks after learning about their far-reaching benefits. But that’s not the only thing worth celebrating — standing desks are also advantageous for employers, since workers who use them are approximately 45 percent more productive than those who sit all day. Talk about a win/win situation!
- Family Passes for Parks, Museums, Etc. – There really is no replacement for quality time spent with family. If you have employees with young children (and even for those who don’t), family passes to local entertainment venues, community centers, water parks, and more are an excellent way to support a healthy work-life balance. Your team members will return to work feeling rejuvenated, grateful, and ready to give you their best.
- Charity Donation Matching – This is one of our favorite holiday perks for employees. The holiday season is all about giving back, and what better way to ensure your employees contribute to their communities than to match their charitable donations? Your team members will be proud to represent a company that not only cares about the people they employ, but the non-profit organizations and humanitarian causes that are dear to their hearts.
- Cell Phone Reimbursement – We couldn’t complete a list of great work perks without mentioning help paying for cell phones. At this point, we’ve all become dependent upon them in our everyday lives, and they’re also a requirement for an endless range of professional roles. Offering to compensate employees for all, or a portion of, their cell phone bill is a simple yet highly impactful way to demonstrate your commitment to your team.
- Upskilling Programs – Upskilling programs are a fantastic way to empower your employees and support them in their professional development goals. Companies can offer their teams free access to online learning platforms and even dedicate a set number of hours per month towards gaining new skills and competencies. Employees are much more likely to engage in continuous learning when their employer also views it as a top priority.
- Birthdays Off – This one is pretty self-explanatory. Giving employees their special day off (with pay) is such a simple yet meaningful way to show your appreciation for all they do. They work hard, so give them the birthday gift of free PTO.
- Mental Health Allowance – There’s no disputing that assisting with the cost of seeing a psychologist via employee benefits is a must. But there are other ways to improve mental health — and many of them aren’t covered by group benefit plans. Dedicating a mental health allowance for each employee makes it possible for them to pay for things like spa days, fitness equipment, natural health products (vitamins, homeopathic medicines, etc.) or personal interest courses.
- Employee Discount Programs – Your employees could save thousands of dollars per year with an employee discount program. There are many providers to choose from and they all allow employees to save on everyday essentials like groceries, electronics, gas, and even banking services from the best brands in America.
- Financial Literacy Training – Did you know that only 57 percent of US adults are fully financially literate? Despite all their schooling to enter the professional world, most of us aren’t taught the basics of finances. Providing the opportunity for their team to develop their financial literacy skills is one of the most thoughtful and life-changing things an employer can do. Remember, employees who are confident in their financial planning abilities are less stressed and therefore more likely to be productive within their roles. They’re also more likely to understand the value of their group benefit plans, RRSPs, and other perks provided by their employers, which improves retention.
- Performance Bonuses – Bonuses are a classic and always a good option. Offering performance-based cash incentives to employees is an excellent way to achieve productivity goals and ensure projects are completed effectively. It’s also the best way to identify your most motivated team members. The secret to making these bonus structures successful is to have clear guidelines about how performance will be evaluated, when payouts will be made, and what limitations exist within your program.
Offer Great Work Perks with Eden Health
Offering perks at work that employees will actually use is the best way to keep them healthy and happy. Eden Health can provide each of your employees with their very own team of medical and mental health providers, physical therapists, and insurance experts. Additionally, we can ensure they can reach their team of providers anytime via our mobile app. If you’re ready to elevate the health and well-being of your employees, get in touch to learn more about our healthcare solutions for employers today.