Gone are days when employees consider the pay cheque as the only factor to remain intact with their employers. In one of our earlier studies on Employee Satisfaction, we had highlighted that only 22% of employees are extremely happy despite having high pay and the percentage in IT companies is even more disappointing. Consequently, companies, these days, consider many other factors to attract employees and offering perks is one of it. But, do employers thought about the benefits that really favour their employees? Are perks helping in hiring and retaining employees?
A recent study by Jobvite, titled “Employees with Benefits” illustrates the influence and effects of perks and how well it help employees to gain satisfaction with their jobs. 71.6% companies offer some kind of perks to their employees while 28.4% companies absolutely have no provision for any perks. However, Perks can be relevant only if the employees finds it effective. For that, the companies need to listen to the requests of the employees, understand what they want.
Choice of Perks
According to the study done by Jobvite, most of the perks enjoyed by the employees are apparently irrelevant to them. Certain perks are common across the companies. However, the ratio between the perks that they ‘want’ and what they ‘have’ is not proportionate. Casual dressing code is the most common perks that half of the companies have already offered to their employees, albeit only 11.8% employees seek this as an important perk to offer. Flexible timing to work and work from home is the best perks that are offered and desired by both employers and employees. Free food and free gymnasium facility are the other most desired perks employees are seeking from their employers these days.
The Importance of Perks to Job Hunters
The study was not limited to the employed ones. It also tried to understand how job hunters are giving importance to such perks while accepting a job offer from a company. A majority of job hunters, 33.8%, consider these perks somewhat important while accepting a job offer. Only 25.2% job hunters consider perks as a very important factor while, for 9.8% of job hunters, perks add absolute no value in making their decision to join a company. It shows that the perks play only a meagre role to attract a talented employee to be the part of any company.
Tenure of Employees with their Employers
In spite of 75% companies offering perks, it is still not a lucrative enough for nearly half of employees in a company. 44% of employees who participated in the survey claimed that they would prefer salary hike over workplace perks. Interestingly, the study also highlights the facts that perks are more exciting to young age employees compared to employees aged 34 years or more.
Jobvite also tried to understand the changing equation of employees’ stability at their company. In the last ten years, between 2004 and 2014, employees are showing more signs of stability at one company, albeit the increment is marginal. Most of the people, belong to the age group of 25 – 64, spend 5.5 years in a company, on an average.
Some Interesting Perks
Companies have started thinking out of the box when to comes to offer unique perks to make their employees satisfied. They have gone beyond expectations in being unusual by giving perks for egg-freezing, concierge services and free tuition to their employees.
In a nutshell, perks always play an important role when it comes to employees satisfaction. However, how lucrative these perks are and what role does it play when it comes to retaining their employees, could be a matter of deep discussion.