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Why benefits and perks are so important

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Matt Darvill Work Life, Work, Work Life Balance...

As the job market becomes more competitive, and therefore more in favour of the candidate, it’s becoming more and more important to offer benefits and perks to attract and retain top talent. Corporate culture and rewards are every bit as valued as financial incentives, and can be wide-ranging in their impact on health and wellbeing.

Top benefits

The theme amongst the most requested benefits and perks is lifestyle and work-life balance. Aspects of working life such as flexible working, healthcare schemes and even gym memberships are the most requested things according to the Harvard Business Review. We’re written extensively about the importance of work-life balance in the past, and anything that can have a real impact in this area will be well received. Other popular benefits include subsidising car parking or rail fares, an increase in the amount of annual leave, and meals/catered food at the office.

Why are they important?

Not only do good benefits packages help to attract talented people, they can also help them to stay. According to the US Chamber of Commerce Foundation, 78% of employees believe that benefits are a ‘very important’ reason to accept or reject a job. With the increasing emphasis on health and wellbeing, these benefits can also help productivity whilst at work. Here at Ambitions, we offer staff Perkbox. Everyone can access all kinds of discounts for a little extra off on various purchases, which at this time of year can be very well received!

In addition to their influence on accepting or rejecting a position, benefits and perks can really help to retain existing staff and make them feel valued. 60% of staff members felt that a poor benefits policy would be a reason to leave an existing position; underlining their importance to employees.

Easy perks to introduce

Reimbursement towards tuition and learning opportunities make financial sense for the business. By promoting the possibility of your existing staff upskilling themselves, and making it affordable; you can create an environment where talented staff members can learn and develop easily whilst with the business.

In line with the theme of health and wellbeing, subsidised or free gym memberships are a small cost but valued very highly by employees. Some large companies now have dedicated gyms on-site for employees to use, recognising the positive effect of healthy staff on productivity and morale.

Lunches are always popular. Again, a subsidised canteen is something that a few companies can offer. The occasional free lunch is a universally well-liked offer; just make sure everyone knows in advance so they’re not wasting food they’ve brought in!

Finally, dress-down Fridays are commonplace in offices up and down the country. This is a completely free way of improving morale, helping staff members to feel comfortable and motivated throughout the day.

If you’re looking at your current benefits package, hopefully this has given you some pointers of things that can be easily introduced. Let us know any popular benefits or perks from your experience in the comments.