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Trends in Employee Benefits and Perks
How important are they to your overall compensation package?
Employee benefits and perks have come a long way since the advent of company cars and casual Fridays. A review of emerging benefits and perks in today’s business world yields such novelties as “pet leave” for new pet owners, nap pods for sleeping breaks, and beer on tap. These kinds of offerings are certainly a testament to what appeals to millennial workers, who comprise an increasingly large share of the labor force. But it’s not just millennials who are driving this demand.
The volume and diversity of benefits and perks now available to workers at companies bespeaks the growing value that employees place on them in the workplace — a value that sometimes rivals hard cash. According to a 2015 survey by company review website, Glassdoor, nearly 80% of employees would prefer new or additional job benefits to a pay raise. They also play a significant role in the job search process. Three in five people report that benefits and perks are among their top considerations in accepting a new job.
In an employment market as tight as the current one, employers need to pay attention because those that don’t will risk squandering an opportunity to attract the best talent.
