Employee perks - two words that you don't often hear together when corporate coffers are tightly locked. While it is true that the first benefits to be placed on the chopping block when the economy heads for the deep end are tertiary benefits, making the effort to offer low-cost perks can reap considerable rewards for a company. Certainly, the retention of talented employees can offer a competitive advantage in any economic climate. Lower turnover relates to less spent on new-hire training. Employees in a company that offers perks are more apt to stay loyal to the company once the economy gets above water. The 9th Annual Study of Employee Benefit Trends puts it best:
This year’s findings reveal a workforce that has grown more dissatisfied and disloyal, to the point where one in three employees hopes to be working elsewhere in the next twelve months. Yet employers do not appear to be tuned in to this potential flight risk. Focused on the challenging business environment, employers remain confident of strong levels of employee job satisfaction and loyalty. A loyal and satisfied workforce is part of the foundation of business growth. Widening cracks in this foundation may force employers to pay a price in reduced retention and productivity when the job market improves.
Perks can be lofty, such as those offered by Clif Bar: generous merchandise discounts, on-site gym, concierge service, reimbursement for "going green" via up to $500 in reimbursement for purchasing a commuter bicycle, and an on-site restaurant. Perks can also run toward the frugal end such as those that are low to no-cost; a sampling includes:
- relaxing the dress code (e,g, allowing business casual everyday)
- free snacks
- allowing employees to bring a pet to work (designated "dog days")
- job sharing/flexible scheduling
- a wellness program
- education plan (lower cost professional development courses, integrated with a succession plan)
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