Standing out in today’s hiring market can be tough.
Job seekers have more options than ever before.
So now, the best candidates are looking for more than just a salary. They’re looking for “above and beyond.”
Gen Z and Millenials are shifting the paradigm. They value their work-life balance more, so we have to adapt to the changes.
That means you need to show our employees you care about them as people. And one of the most effective ways companies have achieved this is by offering unique employee perks.
Employee perks are additional benefits outside of salary and health insurance. Things like flexible hours, unlimited PTO, childcare help, free meals, gym memberships, and even discounts at stores they care about.
Potential employees are starting to expect these unique perks and you have to take your benefits package to the next level.
But you might be asking: “What’s in it for my company?”
Well, a lot, actually.
And in this article, we’ll show you how powerful it can be for you.
Here are 5 competitive advantages that employee perks can bring to your company:
5 Competitive Advantages Employee Perks Give You
1. You’ll Attract Better Talent
Attracting top talent can be the difference between success and failure for many companies.
Because talented and skilled employees are valuable assets to any organization.
And we all know how devastating bad hires can be to your bottom line.
But imagine if your pool to choose from was just bigger.
That’s where employee perks come in handy. By offering unique and attractive employee perks, your company will stand out from your competitors and appeal to top talent in your industries.
People tend to go where they are cared for. And when people recognize that your company genuinely cares—it will become a magnet for talented and driven people.
2. Boost in Morale and Productivity
Appreciated employees are happy employees. And happy employees will have better performance.
And if your employees are performing well, it will improve your business long-term.
To be successful, you have to take care of your most valuable assets—your employees. When they are inspired, excited, and motivated…they work much harder, and they will fight for you.
Always make them feel valued and appreciated. And in return, they will appreciate you and be more likely to be engaged and motivated at work. This can lead to increased productivity and better business results.
The fact is, it’s dreadfully uncommon for an employee to feel valued at work. So it’s likely they have friends who have negative experiences at work. Imagine your employees hearing about those experiences and thinking, Wow, I’m so glad I work at a company that values me.
That’s the culture that makes top talent stick to you like fly paper.
Some examples of employee perks that can help increase productivity and performance include:
- Professional development programs, such as leadership training or certification courses
- Mentorship opportunities or coaching sessions
- Performance bonuses or incentive programs
- Recognition programs, such as employee of the month awards or peer-nominated recognition
- Employee empowerment programs, such as allowing employees to take ownership of projects or offering autonomy in decision-making
Perks like professional development programs or mentorship opportunities can help employees develop new skills and knowledge, while recognition programs or performance bonuses can incentivize high-quality work.
And when extraordinary work is noticed and rewarded, it will motivate your employees to strive for better performance.
3. Improved Health and Well-Being
Employee health and well-being are critical for both your employees themselves and your company.
Here’s why:
Mental health has become a huge factor in employees’ performance. And if you take care of their mental well-being, you’ll have healthy and happy employees.
Healthy and happy employees are more productive, engaged, and loyal to their employers—leading to better business outcomes and higher customer satisfaction.
Some examples of employee perks that can help improve employee health and well-being include:
- On-site gyms or fitness classes
- Healthy food options or nutritional counseling
- Mental health support, such as counseling or therapy services
- Stress-management programs, such as mindfulness training or meditation sessions
- Ergonomic workstations or standing desks
Perks like wellness programs, gym memberships, or healthy food options can encourage employees to prioritize their physical health, while mental health support or stress-management programs can help employees manage their emotional well-being.
By allowing employees to take care of their health and well-being—they will be in a better headspace to diligently work for your company. And they’ll appreciate you for it.
4. Higher Retention
Companies that offer perks are more likely to retain their existing employees. This can lead to lower turnover rates and a more motivated workforce.
High turnover rates are costly, plain and simple—they suck away both time and money. Recruiting, hiring, and training new employees can be a lengthy and expensive process.
Employee perks can help reduce turnover rates by creating a positive workplace culture and improving employee satisfaction. Perks like paid time off, flexible schedules, or remote work options can help employees maintain a healthy work-life balance, reducing stress and burnout.
By offering employee perks, you can retain great employees, save money, and maintain a stable and productive workforce.
5. Better Employer Branding
With so many companies competing for the same talent pool, a strong employer brand can differentiate your company from competitors and attract talented people who share the same values and goals.
Candidates are more likely to apply for a job with a company that has a positive reputation, and they are more likely to accept an offer if they feel that the company is a good fit for them.
When you provide competitive benefits, perks, and a positive work environment—your company becomes more attractive to potential employees and customers.
This can help you stand out in a crowded marketplace and build a strong brand reputation.
Value Your Employees, and They will Value Your Company
If you had all the competitive advantages listed above, how would it impact your company? I’m guessing it would change the game.
Talented and motivated workers often brings exponential growth. And by offering unique and attractive employee perks, you’ll be able to help them sustain that drive.
Because let’s face it, today’s marketplace is crowded and it can be difficult to attract talented employees. Due to the rise of the internet, it is easier to find employees—but this also means that you have more competition for the good ones.
So if there’s an advantage that will help you surpass your competition, either you can use it, or someone else will.
By investing in your employees with the right mix of benefits and perks packages—your company can create a positive workplace culture—a workplace culture that attracts top talent and fosters long-term success for your company.
Be the company that top talent talks about on the weekends—and recommends to all their savvy friends.
BIO
Travis Gravette, CEO of Abenity—an employee perks program that offers real savings for the people counting on you.
