Blog

08 Nov 2023

The Best Perks Employees Cherish And Increase Their Work Commitment

The Importance Of Employee Perks

Employeesknow that their skills are in high demand and seek employers that acknowledgeand appreciate their contributions beyond a paycheck. Perks signal to employeesthat the company cares about their well-being and wants to support themprofessionally and personally. It creates a feeling of being valued, which, inturn, strengthens emotional ties to the organization. Perks can also offsetwork stress and make demanding jobs more sustainable in the long term. Whenemployees feel their needs are met and their lives enhanced through bonuses,they are far more likely to remain engaged and committed to the company's goalsand mission.

Additionally,robust perk packages allow companies to attract top candidates who may haveoptions elsewhere. In today's competitive job market, perks are often adeciding factor for candidates choosing between comparable roles. Offeringdesired perks can give employers an advantage in recruiting against othercompanies. Substantial perks also motivate current employees to stay ratherthan pursue new opportunities with competitors that tout better benefits.Overall, strategic use of perks helps companies build highly engaged and loyalworkforces.

Connection Between Employee Perks And Work Commitment

Studiesshow a positive correlation between desirable employee perks and increasedorganizational dedication. When employees feel appreciated through meaningfulperks, they feel inclined to reciprocate that appreciation with extra effort,willingness to take on additional responsibilities, and loyalty to thecompany's mission. Some key ways perks boost engagement and commitment include:

• Employees work harder knowing they are reaping ancillary rewards for their work beyond just a paycheck. It strengthens their ties to achieving organizational goals.
• Perks signal the company is looking out for employee wellness and satisfaction, building trust in leadership and the organization on a deeper level.
• Flexible perks help employees balance their professional and personal lives, reducing stress that could otherwise lead to dissatisfaction or burnout.
• Recognition through perks fulfills the basic human need for appreciation and makes employees feel optimistic about their contributions.
• Fair, competitive pay coupled with desired perks reassures employees their skills are adequately compensated at their current employer.
• Continually improving perks encourages employees to remain with the company to keep enjoying the new/enhanced benefits over time.

Overall,the right combination of valued perks satisfies multiple employee needs,strengthening their bonds to the organization and willingness to devotediscretionary effort to its success.

Monetary Benefits- Competitive Salaries And Raises

Acompetitive base salary that meets or exceeds industry standards is tablestakes for any employer. However, periodic salary increases that outpaceinflation ensure employees feel their compensation keeps up with the marketvalue of their skills. Annual raises communicate an employer's commitment tomaintaining a fair balance without employees needing to consider changing jobs.Studies show most employees remain satisfied when annual increases match orexceed 3%. Factor-based raises tied to revenue growth, billable hours, or othertangible metrics help employees understand how their efforts directly lead tohigher pay. Promptly addressing salary equity issues also reassures topperformers their contributions are appropriately valued. Keeping raises ongoingis a powerful monetary perk and little sacrifice to retaining high-caliberemployees.

Monetary Benefits - Performance-Based Bonuses

Bonusesprovide employees with lucrative incentives to deliver outstanding results forthe company. Strategically structured rewards motivate employees to achieveteam and individual goals that further business priorities. Examples include:

• Annual performance bonuses are based on achieving annual OKRs/KPIs and individual review ratings. Bonus % are communicated upfront.
• Variable commission/bonus plans that tie significant portions of pay to metrics like sales numbers, project milestones, client retention, etc.
• Spot bonuses for exceptional effort and outcomes outside of usual job duties and deadlines.
• Signing or retention bonuses for critical roles or during competitive hiring markets.

Thoughtfulbonus schemes boost intrinsic motivation beyond just the bonus amounts. Theycommunicate a company's dedication to closely linking compensation with theactual business impact employees facilitate.

Non-Monetary Benefits- Flexible Work Arrangements

Oneof the most valued modern perks is flexibility, allowing employees to balanceresponsibilities outside work more seamlessly. Flexible scheduling helpsemployees avoid unnecessary stressors that could hamper productivity andsatisfaction. Examples of flexible arrangements include:

• Flexible hours/shifts that let employees choose start/end times as long as work gets done.
• Compressedwork weeks that condense standard hours over fewer days for more extendedweekends.
• Part-timeoptions for specific roles or life stages like parenting to attract top diversetalent.
• UnlimitedPTO encourages employees to recharge without limiting time accruals.
• Job-sharing,where two employees effectively fill one role and split responsibilities andschedules.
• Flexiblearrangements benefit employees and employers by improving satisfaction,well-being, diversity, and overall engagement while often maintaining orincreasing productivity.

Non-Monetary Benefits -Remote Work Options

Thepandemic accelerated remote work's acceptance, and it has now become a mainstreamperk employees strongly desire post-pandemic as well. Ongoing remote optionsprovide flexibility for employees living farther from offices or withcaregiving responsibilities. It also allows companies to recruit top talentregardless of location. Win-win remote policies include:

• A mix of remote and in-office options allows employees flexibility based on team/project needs.
• Employer-supplied technology equipment to facilitate seamless remote productivity.
• Ensuring remote employees feel included in team communications and collaboration opportunities.
• Clear remote job expectations and accountability to integrate remote roles successfully.

Thoughtfulremote policies are proven engagement and retention boosters that accessbroader, diverse talent pools at a lower real estate cost for companies as avalued flexibility perk.

Non-Monetary Benefits -Flextime And Compressed Workweeks

Flextimeschedules the ability to adjust daily start and end times while still working astandard number of hours per week within core business availability is highlyvalued. Compressed workweeks also allow full-time work over fewer days byextending workdays for regular longer weekends. It supports better work-lifeintegration through the following:

• Flexibility to handle personal errands or medical appointments without using limited PTO.
• More extended weekends to recharge, spend time with family, and relax without feeling rushed.
• Reduce daycare/commuting costs for employees with children by reducing weekly commutes/hours.

Appropriatelystructured with clear guidelines, flextime, and compressed workweeks ensureavailability during core hours while enhancing employee satisfaction andretention.

Employee Recognition And Awards

Publicacknowledgment of work achievements is a basic human need. Formal and informalrecognition like:

• Spot awards for exemplary projects, initiatives, or going above and beyond regularly.
• Peer recognition awards voted by coworkers for team players and collaborative colleagues.
• Service awards celebrating longevity and loyalty milestones with the company.
• Top performer and top team awards highlighting annual star employees and groups.
• Educational/training sponsorship as an investment in employees' career growth.

·       Networkingevents and networking opportunities.

Thoughtfulrecognition fulfills the need for validation while motivating others andfostering a culture where outstanding work is noticed and rewarded regardlessof title or tenure. Tangible reinforces the impact recognition has on employeesatisfaction.

Inclusive Workplace Culture

Whileoften intangible, culture significantly impacts commitment, productivity, andretention. An inclusive culture where all voices are heard creates a sense ofbelonging. Implementing programs like:

• Flexible family leave exceeding minimums, like subsidized backup childcare while on leave.
• Employee resource groups within diversity domains to share experiences and mentorship.
• Commitment to continuous culture training, including anti-bias and anti-racist programming.
• Open door policy with leaders and employee surveys to address issues respectfully.
• Volunteer/community service activities supported by the company.

Aninclusive culture nurtures loyalty by fulfilling the basic need to feelrespected and able to contribute talents with support for diverse experiences. Investments in these programs create a significant impact on employeededication.

Conclusion

Employeeperks serve vital strategic purposes in today's competitive landscape forattracting top talent and increasing employee commitment, engagement, andretention. Thoughtfully implemented perks address both the financial andnon-financial needs of a diverse workforce across generations. When the rightmix of monetary and non-monetary bonuses are offered, employees feel genuinelycared for and fulfilled through their work, driving higher productivity, fewerdistractions, and stronger bonds to the organization's goals over the long run.Strategic perks should remain a key consideration for companies wanting fullyengaged teams dedicated to sustainable business success.