Gone are the days of a competitive salary being enough to satisfy employees and entice prospects. In today’s job market, attracting and retaining the best talent requires more than just being paid well — offering amazing perks and benefits is essential for creating an appealing hiring package and a desirable work environment that meets the high standards of modern employees. A recent survey found that approximately 62% of employees would accept a lower salary in exchange for better workplace benefits.
Traditional employee perks like paid time off (PTO), 401(k) matching, and comprehensive health insurance packages have long been staples of benefits packages. However, as the workforce (and the state of the world) evolves year after year, so too must the employee perks offered by employers. Having unique and innovative benefits is paramount to standing out in a crowded job market and keeping employees motivated, engaged, and loyal to their places of work.
To understand the true impact of having great employee perks, it's important to explore the numerous options that can significantly impact employees’ lives. There are distinct advantages — both big and small — that different benefits can offer, all contributing to a happier and more supportive work environment.
Flexible working arrangements
One of the most sought-after perk in the modern workplace is flexibility. Employees value the balance between their work and personal lives tremendously, and flexible working arrangements have been shown to significantly enhance job satisfaction and productivity. Employees with flexible work arrangements are 35-40% more productive than those who work in traditional office settings.
Flexible work arrangements might mean offering remote work options or hybrid models where employees can split their time between the office and home, reducing commuting time and costs. It might also mean flexible hours, where employees can start or finish their workday at a time that makes the most sense for their personal schedules. Another option some organizations have adopted is compressed schedules, where employees work longer hours over fewer days. Arrangements like these have been shown to increase productivity and job satisfaction.
Another great employee perk to consider is unlimited PTO. Unlimited PTO policies empower employees to take the time off that they need without the constraints of a fixed number of days per year. This trust-based approach has been shown to lead to higher morale and a greater sense of autonomy and responsibility among employees who feel more in control of their time.
Health and wellness benefits
Health and wellness benefits are an essential component of supporting employees’ physical and mental wellbeing. Through comprehensive wellness programs, employers can help their employees maintain a healthy work-life balance and lifestyle.
Mental health support, such as counseling services, access to mindfulness apps, and mental health days are crucial in today’s high-stress and fast-paced work environment. Access to resources like these can help employees manage their stress, anxiety, and other mental health challenges, helping them lead more resilient and productive lives both in and outside of work.
Virtual or in-person fitness classes can help encourage employees to stay active and healthy. This might include yoga, meditation, or other activities that promote a combination of physical and mental wellbeing. Reimbursements for gym memberships or group classes can also help motivate employees to be more active — especially if their jobs are primarily done from a desk.
Another option that some employers may consider providing is access to healthy meal plans or food delivery services. Offering services like these can make it easier for employees to maintain a balanced diet and support their overall physical health while saving them valuable time and effort.
Unique lifestyle perks
Offering unique lifestyle perks can really set an organization apart. Not only does it improve employee morale and culture, but it can also enhance an organization's reputation as a desirable place to work — attracting employees, customers, and other stakeholders who value a forward-thinking, people-first organization.
Pet-friendly offices and pet insurance are employee perks that resonate with any pet owner. Allowing employees to bring their pets to work can be a form of therapy — spending time with pets has been shown to lower cortisol (a stress-related hormone), reduce blood pressure, boost overall mood, and provide a sense of support. Offering pet insurance is also a way of caring for employees by showing them that their pets are family members, too.
Generous parental leave is another significant benefit that organizations can offer to support their employees during a crucial period of their lives. This time allows for parents to bond with their newborn or newly adopted child, promoting emotional and psychological wellbeing for everyone involved. By offering this perk to employees, employers demonstrate their support and genuine care during major life events, increasing the odds of these employees being more engaged and productive when they return to work.
On-site amenities such as childcare, dry cleaning, car washing, and concierge services (like booking travel or running personal errands) can also make employees’ lives easier. From basic conveniences to luxurious perks, services like these can greatly enhance the overall employee experience by creating a more convenient, supportive, and satisfying work environment, ultimately benefitting both employee and employer.
Financial wellness programs
One of the biggest stressors in peoples’ lives is finances. 73% of Americans ranked their finances as their number one cause of stress, surpassing politics, work, and family. Offering financial wellness and education programs can help employees feel empowered when it comes to managing and making informed decisions about their finances.
Student loan repayment assistance is an extremely valuable perk for employees burdened by their student debt. Offering student loan repayment assistance can make an organization incredibly attractive to potential employees — especially younger workers and recent college grads who often carry significant student debt.
Financial planning services and seminars that cover the topics of budgeting, investing, debt management, tax strategy, and retirement planning are another great way to support employees’ financial wellbeing. These resources can be tailored to meet the diverse needs of employees at different stages of their financial journeys. Some organizations even offer personalized financial guidance, allowing employees to work one-on-one with financial advisors. This can help employees create customized financial plans that align with their personal goals.
Other desirable employee perks are stock options or equity in the organization. This gives employees a sense of ownership and a direct stake in the organization’s success — leading to increased motivation as employees are more likely to feel invested in the organization’s performance.
Employee experience enhancements
Creating a positive and engaging work environment is essential for fostering greater employee satisfaction and productivity. By enhancing the overall employee experience through things like community-building and recognition programs, employers can build a culture where employees feel valued, motivated, and aligned with the organization’s goals.
Organizing social and community-building events, either virtual or in-person, can help create a sense of camaraderie and connection among teams and employees. Events like these might include team-building activities, social gatherings, or community service projects.
Implementing recognition programs and meaningful rewards is another way to boost morale and motivation. It feels good to have hard work be acknowledged! Showing employees that their efforts and achievements don’t go unnoticed goes a long way.
Organization-sponsored volunteer days and philanthropy projects provide employees with opportunities to give back to their communities. These initiatives can enhance employee engagement while providing a wonderful sense of purpose and fulfillment.
Perks and benefits help make your organization unique
Offering robust and innovative perks is essential in today’s competitive job market, where benefits can be a deciding factor for whether an employee will join or stay at an organization. By providing flexible working arrangements, comprehensive health and wellness benefits, unique lifestyle perks, financial wellness programs, and employee experience enhancements, organizations have an opportunity to show their employees that they truly support them — not just at work, but at home too. Thinking creatively and exploring new ways to enhance the employee experience through benefits and perks not only builds a strong reputation but leads to a more motivated, loyal, engaged, and happier workforce.
Check out the 10 Proven Ways to Boost Employee Engagement white paper to explore 10 areas of your business that present opportunities for employee engagement.
