Do you want to motivate and engage your staff? Beyond paying them a reliable salary and treating them with respect and gratitude, there are perks for employees that can attract new talent and can make current employees feel more valued. In fact, according to career tool Glassdoor, 57 percent of workers say benefits and perks for employees factor heavily into whether they take a job. Another research report from the same site that lets current and former staff members rank their employers found that a staggering four out of five employees would prefer an increase in benefits over an increase in raise.
By finding the right employee rewards program that works for you, you will be in good position to increase productivity, motivation, productivity, and retention. Today we will break down the common kinds of perks for employees and how to best manage it all.
What is an employee perk? It can be anything outside of the guaranteed salary that sweetens the deal. First let’s start with the most common ones, which are often the most expensive.
There’s no doubt that healthcare and family leave have the most strived for company perks. In countries without regulated maternity leave and healthcare like the United States, these are almost mandatory in order to attract the right talent. Facebook made news when Mark Zuckerberg took his four months paternity leave as an example that his employees should take also the advantage of the company’s perks, while Netflix covers up to a year of family leave. In countries around the world, companies often offer extra leave and supplemented healthcare to public options. Again, this is a sought after, but expensive series of perks. They need to be policies made transparent and tracked by human resources software.
There are other perks for employees in this area that are important ways to attract women to your office, without risking huge amounts of capital. Across the board, in an effort to seem mommy-friendly, global companies are not only building the required (but not always complied with) pumping rooms, and companies are allowing women to ship their breast milk when traveling for work, a perk that Zillow estate agent website first got noticed for.
And, of course, a lot of companies offer matching retirement funds and life insurance, something that for many employees are making or break.
Beyond the traditional benefits that often have come to be expected almost as much as the salary itself, you have a further opportunity to engage employees with experiences and activities-based rewards that are catered to each unique and beautiful culture represented in your human resource pool. With thousands of local experiences available at Xoxoday, you can offer exciting memories that dive into the flavor of each place instead of cash, gift cards, or bonuses that just come to be expected.
Since we all have too much stuff already, experiences are a great way to create memories with your employees. You can even offer perks that give employees a sense of empowerment through unique philanthropic and volunteer experiences.
Like with all things, getting to know your current employees and the top talent you want to attract are the best ways to know which perks are right for your organization — and when benchmarked against other organizations within your industry. This is a logical part of your annual employee feedback survey. Never be afraid to ask what’s important to your staff.
And once you know what to offer, it can be a whole other thing to organize all your perks for employees. Sure, when you’re still a fledgling startup, a spreadsheet is fine. But, like all things with a growing team, perks become more complicated to manage, the more employees you have to manage.
Leverage perks for employees tool like Xoxoday to manage it all in three easy steps:
More than 800 enterprises use Xoxoday with good reason, not only does it offer a wide array of options, it’s easy to use and manage each company’s unique perk program. SKF, the world’s largest manufacturer of bearings and seals, employs 44,000 people running the largest industrial distribution network in the world with 17,000 distributor locations in 130 countries. Instead of the traditional (but a bit boring especially in a company of this size) cake and song, SKF decided to go for an alternative way to mark work anniversaries. They decided to go with a tree plantation experience that gave them a sense of giving back to the environment and getting a chance to honor loved ones by giving trees in their names.
SPI Cinemas has about 20 multi-screen movie theatres across the south of India, run by 1,200 employees. It wanted to reward its aspirational employees for achievements like ticket sales, time at company, and referrals. SPI looked around and around at different voucher programs but found the whole tracking process tedious and time-consuming. They now leverage Xoxoday’s enterprise version to allow employees to log onto the portal and exchange their points for perks of their choice.
Xoxoday is an automated and seamless way to incentivize and reward with perks for employees. Companies like SKF and SPI have an opportunity to not only offer perks that their employees will actually want, but also to manage it easily with a simple human resources business software that also makes it very easy for employees to redeem their perks!