09 Nov 21 Best Perks for Employees To Retain Talent

In today’s profit-driven world, it comes as no surprise that the success of businesses hinges on their workforce.

Offering enough incentives to attract the best talent on the job market is a challenge, but retaining it is an even more complex matter. Of course, competitive salaries are always appealing, but they aren’t what will make some employers stand out from others.

Perks for employees have become an effective and attractive secret weapon to wield to ensure your employees happiness.

These non-monetary advantages are a great way for companies to explore what else they can offer employees to keep them engaged with the business.

Extended studies by Glassdoorhave shown 63% of job applicants frequently base the decision on what job to apply for based on the perks it offers.

Over 80% of employees participating in these studies stated they even prefer getting more job perks instead of wage increases.

Perks are now an essential part of employee satisfaction that attracts talent and keeps it invested long-term in the company. 63% of millennials participating in a study conducted by the US Chamber of Commerce have said that perks can help them make up their mind about whether to remain at a company long-term.

Employees have given a wide array of answers when asked what perks they would like to be offered. Some of them may seem unexpected but should be taken into consideration. Understanding what employees truly want is the best way to decide which perks to include.

Let’s take a look at the perks that feature highly on the lists of employees.

Wellness Benefits

After insurance plans, wellness programs are some of the most sought-after perks for employees. Stats show that companies currently lose over $30 billion a year on employee absenteeism and sick days.

Many of the issues causing absenteeism are derived from stress. Introducing solid wellness programs as one of the company’s perks will help minimize stress-related sick days and absenteeism. Investing in wellness is becoming increasingly necessary in today’s workplaces.

Across businesses, there is a drive to take care of both mental and physical health. Prospective employees are looking for workplaces that are willing to go the extra mile in taking care of their needs. Most companies now offer various wellness perks, including those that help employees practice mindfulness, like yoga classes and meditation sessions.

Offering assistance programs like confidential support and access to therapy will show that companies are taking mental health seriously.

Providing coping methods to deal with stress are great incentives, but wellness can go even further. Companies can instill programs to support employees with various transportation alternatives like public transport cards or bike-sharing.

There are also wellness programs that can help employees to quit smoking in efficient ways. This is usually achieved by providing coaching support along with any medical help. Smoking is another main cause of employee illness, and the workforce should be given the tools to combat this addiction.

Investing in wellness programs for employees shows that companies understand the needs of the workforce. It is beneficial for keeping talent at the company long-term and in good health, which helps with productivity and engagement.

Some companies like Eventbrite include a monthly wellness stipend for each employee. This can then be spent on health-boosting add-ons like fitness classes, smoothies, or cleanses. Other companies have increased the lunch hour allowances up to 90 minutes. This allows employees enough time to get a proper nutritious meal and perhaps even take a walk or go to the gym.

Recognition Tools

Employees work hard and deserve to have that effort recognized. Employers that offer the right tools to facilitate this recognition are very popular. This is a great perk to offer because it easily boosts productivity and enables teamwork and communication.

Positive reinforcement is necessary for any work environment, and the demand for platforms that help with employee recognition has grown by 50% since the beginning of the COVID-19 pandemic.

There are various software options that can be easily implemented into company platforms to recognize employees. Kazoo is one of the most consistently top-rated choices. It fosters a culture of employee appreciation. Feedback for the platform shows that over 80% of employees feel more motivated after having the effort recognized.

With platforms like Kazoo, Kudos, or Bonusly, rewarding employees for their hard work is easily done through points systems, gift cards, thank you cards, and integrated support for charities.

Providing the right employee incentives can make the whole company thrive while improving the work culture. This will help attract new talent while retaining current hires long-term.

Companies can reward their team members for reaching set targets and goals. Employees can reward each other for their performance and support, which can boost interrelations that benefit the team as a whole.

Recognizing employees for their performance is a fun and easy way of improving motivation and productivity. It makes the company show that they care about employees beyond asking them to achieve business targets and take those triumphs for granted.

This gives employees further incentives to fight harder to collectively achieve goals. These rewards can be offered for achieving personal targets, as well as team and company-wide ones.

Insurance Plans

Surveys have shown that employees want insurance plan perks above all other benefits. Health insurance, in particular, is a huge employment perk, especially in the United States, but employees are seeking to get further options.

Out of 88% of employees participating in a Harvard Business study, 54% say they heavily consider the insurance options when choosing a new job. Health, dental, and vision plans are at the top of what employees want their jobs to offer, but these options need to expand to keep people happy.

Employees are also looking for plans for pet insurance, for example, as well as coverage for long-term needs, accidents, or chronic illnesses. Health insurance is usually the perk that requires the biggest expense from employers, but it can be mutually beneficial through reducing employee absenteeism.

Companies should consider how best to cover all employee insurance needs beyond health plans when choosing the right perks to offer employees.By not limiting options, employees will feel supported in all areas.

Pet insurance, especially for dogs and cats, is quickly rising to the top of preferred employee perks. It gives people increased peace of mind by covering their health needs and those of their furry friends.

Health insurance should also have comprehensive options that include family plans. Despite the expense involved in providing these plans to employees, they are the ones that will ensure you give employees what weighs most heavily on their minds when selecting jobs.

Retaining talent will be a much easier endeavor for companies that include several insurance plans in their employee perks. Employees will be able to select the ones that best suit them, and then they will feel protected, which will increase their long-term engagement.

Fitness Schemes

Working full-time and maintaining an active lifestyle can be a huge challenge. Health-conscious employees are very interested in getting work perks that make it easier to balance a career with a regular workout routine.

When asked what fitness perks they wanted to see included within their companies, employees mentioned free yoga classes and free gym memberships at the top of their lists. Demand for fitness perks is increasing at a steady rate in workforces everywhere, and prospective employees are very likely to make decisions based on what is on offer. Fitness classes and memberships are sought-after perks, but there are many other ways to appeal to employees in this category. Seasonal farmers’ markets can be organized, as well as team marathons.

If yoga classes seem insufficient, yoga clubs are another option that can be included as a fitness perk. Companies can also offer regular chair massages for employees spending long hours at the office. Others include sessions with personal trainers as fitness perks or free access to swimming pools.

Organizing conferences and workshops about living a healthy lifestyle can be another great perk. This would empower employees to make even better choices while getting more insight into nutrition and how an active life can benefit them.

Some companies, like Microsoft, include fitness reimbursement plans as perks. These can go up to $1200 per year and help sustain the costs of gym memberships or fitness classes. This benefit is a great motivator forkeeping up an active lifestyle.

Other companies take an active role in ensuring that employees meet their fitness goals by providing them with the necessary tools to do so. These can include fitness trackers and access to on-site workout gear.

Flexible Schedules

Offering flexible hours to employees is one of the most sought benefits. It can have a significant impact on a healthy work-life balance that allows employees to comfortably create schedules that take into account other criteria in their lives.

Notably, while women are generally the most interested in having employee perks, this one is at the top of their priorities. Flexible schedules can help reduce the gender gap when it comes to wages while boosting a company’s productivity and output.

The majority of women will have to juggle full-time jobs with full-time parenting. This has an impact on their well-being and on their performance. It is in a company’s interest to retain and attract talent of all genders, so allowing parents to have more freedom in how to organize their working hours will go a long way in assisting both employees and businesses.

It’s not just parenting that will make employees want flexibility in their schedules. Most employees have other variables to make space for in their daily routines that go beyond work or dependents.

Some employees will study at the same time as having a full-time job, or they will require flexible hours to accommodate other time-consuming activities. Allowing them to have a say over how to work their allocated hours will help their performance and well-being.

It will also improve the statistic of how many employees will remain at a company long-term. This is one of the most demanded perks for employees by employees, which shows its impact.

AnIWG survey shows that 80% of workers won’t even consider accepting an offer for a job that offers no flexible scheduling. This can be seen in changes that have been implemented in companies in the past ten years.

Over 83% of surveyed companies in the US now offer flexibility, with many others joining this model. Businesses have seen that offering the right perks to employees will help all sides on a long-term basis.

Telecommuting Options

There has been a huge upheaval to the workplace in this current global context, especially regarding its location. While it has become a necessity, telecommuting as an employee perk has proven efficiency in any context.

Extensive research conducted by GWA has shown the numerous benefits of offering telecommuting to employees.

Among the most impactful statistics are those showing that over 80% of employees think of telecommuting as a perk, while 36% of them would even consider picking telecommuting over a salary raise.

This is also the most appealing employee perk for millennials. Members of this generation tend to be the hardest to retain long-term at the same company, so making sure to offer them the right perks will ensure their commitment.

There are many benefits to including telecommuting as a perk. These advantages are profitable to both employees and employers. Schedules are managed more efficiently, with less time wasted on unnecessary meetings that take team members away from their schedules.

Workplace stress is also significantly reduced, as is the potential for accidents at work or during commutes. This is a great incentive for insurance-related considerations, with the added advantage of keeping your employees safe.

Employees with other commitments benefit from telecommuting, which boosts their performance and allows them the flexibility to do their job. It also keeps absenteeism down by eliminating the need to force employees to come into the office when they can have emergencies other related to physical or mental health or parenting and family emergencies.

Giving employees the freedom to work from home will help with their schedules and give them the space to be connected to the workplace even when recovering from surgeries or having to juggle other parts of their lives.

Sick days are generally reduced when allowing telecommuting options because it allows people to recover at home without spreading viruses. In general, telecommuting can save employers significant amounts of money.

Absenteeism can cost up to $1800 per employee per year, and this can quickly add up to stratospheric figures per company. Businesses that offer telecommuting options have been proven to have a 63% reduction in employee absenteeism.

Development Programs

When joining a new company, employees consider the long-term overview of where their job can take them. Providing development opportunities in-house can also help retain talent.

Progression is an aspect that has the most influence over long-term employee satisfaction. Offering the option of training within the company will keep employees engaged and invested, but it will also allow the business to ensure that it has the best available talent for the positions it needs to be filled.

Including development programs as an employee perk is particularly useful for enterprises operating in various locations and even in different fields. Employees can be trained to climb up the ladder but also to perform various roles with comprehensive experience.

Employees can receive training in management or corporate positions, depending on demand and interest. This helps the workforce feel like there is an opportunity for progression, better pay, and not feeling like they are stuck in the same role.

The boost this can give both employees and companies is significant for productivity. In addition, in-house development has numerous advantages, from retaining the best talent to enhancing their engagement.

There are various ways to offer in-house development programs. For example, companies can implement training courses to help employees to learn new skills. They can also attend conferences, seminars, or workshops related to their current role or ones they would look to pursue.

On-site training sustains a constant improvement and learning culture that can be hugely beneficial to every role, from entry-level to corporate. Even for employees happy in their current positions, it can be very helpful to provide them with the necessary tools to have a more well-rounded experience.

Companies like SAS offer a continuous learning experience for employees. To achieve this, it uses an on-site career resource center and various career mentorship programs.

Employee Spaces

Unless they’re working remotely, most employees will be working in the same location for the duration of their role within the company. As a result, office space can be very generic and void of personality. They can also be lacking in comfort and features.

Companies have been noticing that employees don’t perform consistently at their peak in traditional office environments. This has caused a surge in office design that is pushing toward innovation and a different understanding of what the workplace should be.

Workspace designs should be an extension of the people-first policy that most companies are adopting. Offices no longer need to fulfill only one purpose. This is why employees are looking for employee spaces that help them unwind during breaks and between work sessions.

The best way to achieve this is to provide employees with a lounge area where they can socialize and disconnect from work when they are able to. They can also make use of these spaces to work in fresh spaces so that they can get more mobility and variety out of their workday.

This is especially useful for companies that provide employees with laptops or tablets. They can perform tasks away from the rigidity of desks and even attend meetings. They can also bond with their coworkers.

More businesses are including spaces specifically designed as recharge rooms, where employees can meditate or even nap. They can use this time to leave behind the stress of the workday, which will help them return to it with renewed energy.

Employee spaces can also include a shared equipped kitchenette. They can have a coffee or tea while chatting with other people and getting charged up from social contact. This helps establish good connections between employees working at the same location.

Other companies opt for a more active version of lounge areas, offering game and entertainment rooms that can include consoles, board games, and darts or foosball. Ping-pong is another popular choice.

This option combines getting the most out of break times with added social and fitness benefits.

Sabbatical Opportunities

Sabbaticals are emerging employee perks that are becoming increasingly popular with the workforce. Over 17% of companies in the US are now including sabbaticals as perks, with both paid (5%) and unpaid (12%) options.

Sabbaticals are offered in addition to time off, and they vary depending on the company involved. They have been proven to be beneficial to both employees and employers. This type of time off is specifically designed to be a complete break from work and meant to fuel the employee either with new experiences or new learning opportunities.

Sabbaticals enhance employees’ work performance, either because they have focused on training new skills that can help them in their role or because they have been able to fully disconnect from work.

Companies like Adobe include sabbatical programs with lengths determined by the amount of time an employee has spent at the company. In this case, Adobe employees become eligible for a sabbatical after five years of continuous work at the company on a contract of a minimum of 24 hours per week.

Five years of employment grant four weeks of sabbatical leave, while ten grant five weeks. Thus, the maximum amount ofleave is six weeks, which becomes available after fifteen years and every five years following that milestone.

In comparison, Intel includes eligibility for full-time employees to take eight weeks of sabbatical leave off after seven years. This highlights how convinced the company is of the advantages sabbaticals can offer.

The proven benefits of sabbaticals include in-depth recharge time for employees that give them increased performance. This time allows them to focus on their existing new hobbies or develop new ones. They can travel the world, write, or spend time with their families.

For companies, sabbaticals are the perfect time to test the workforce structure. Employees can be trained in various roles on the go while others are away, interns can cover temporary positions, and the business can thrive through this movement, especially at the top.

Even executives are told to fully disconnect from work for the duration of the sabbatical. This includes email communication and in-person visits to the office. The hierarchy structure can be rotated, which allows different employees to gain experience in different roles.

Retirement Plans

Retirement support is one of the main perks sought by employees. Surveys have shown that only 48% of employees feel that they will be able to one day retire comfortably. In this current climate, it is very hard for employees to put money toward retirement savings without additional backing from employers.

Statistics change significantly for employees working for companies offering retirement support perks. Of those offered retirement plans by their employers, 82% chose to participate in them. This resulted in 54% being confident that they would have enough from these plans to retire when the time comes.

Employers offering retirement plans are investing in employee satisfaction. Those with retirement plans included in their perks are 71% more likely to be satisfied with their full benefits package than those who don’t.

Employees are most likely to stay with a company that offers them retirement plans. This shows that the business is willing to invest in its future and not just the present. Employees who don’t have retirement plans are likely to look for new jobs within a year because of the lack of long-term investment.

In comparison, only 21% of employees will consider looking for a new job if they have a retirement plan included in their benefits package. This research indicates that retirement plans are a straightforward way for companies to ensure retaining employees long-term.

When offering retirement plans, companies should do their due research to give employees the right kind of support. While 401(k) plans are very popular with the workforce, they also include a lot of fees, so they may not always be the most relevant.

Free Outings and Retreats

It is important for a company to foster a culture that supports a healthy work-life balance. This will keep the well-being of employees at the forefront and will help them feel encouraged to pursue activities outside the office.

It can be hard for full-time employees in demanding jobs to include disconnecting from work and a consistent social life on the schedule. Companies that offer perks like free outings and work retreats for their employees will make it far easier to navigate this complexity.

Employees are increasingly aware of the toll stress, and a lack of balance between work and living can take on them. They are looking for companies that understand their needs as human beings, not just as members of the workforce.

Companies that include free events for their employees, like outings or retreats, will stand out from the competition. This will attract new talent while retaining current employees, and above all, it will encourage a healthy lifestyle that will boost productivity.

Weekly free events can be organized for employees, like bar nights or pub crawls, taste menus at restaurants, or cinema evenings. Annual events can include work retreats to resorts favored by the company, like spa and wellness centers.

The company can even fund team weekend trips out of the city and away from work. These can include technology-free events, where employees can fully disconnect and turn their phones off to enjoy their free time.

Employee Discounts

Access to employee discounts is a very popular perk and an easy one to offer for companies. There are numerous platforms that make this perk very practical. They also usually only require a log-in with work credentials to activate, and some can even be integrated into workforce software.

Employee discounts can range from employee-specific pricing for products and also a points rewards system that can be used as currency. Companies can provide their employees with comprehensive savings programs through platforms like Perks at Work and Access Perks.

These platforms give access to discounted classes and services, trips, clothes, cinema tickets, electronics, car maintenance, theme park, and museum visits. Even weekly grocery shopping can get a discount through this perk, which can make it even easier to save.

Employees can also get great discounts on gym membership and wellness options. Employers only have to collaborate with these platforms to start the service. They won’t have to put in any extra effort or deal with calculations. Employees will then have the freedom to customize this perk whenever they wish.

Offering a discount scheme to employees will make them get more out of their experience while working at the company.It will boost employee engagement and make them feel like the company is looking out for their interests and their needs.

Employee discounts can also boost morale while promoting the need for a work-life balance. It allows employees to invest in activities that usually happen outside of work, which will help them disconnect and regroup.

Loan Assistance

Most employees have some sort of debt, particularly student loans. Increasingly, job seekers have been looking for companies that offer loan support as an employee perk. Student debt has grown at a huge pace in the past decade, with a considerable percentage of the population affected by it.

In most cases, it is impossible to get a degree without getting into significant student debt. This makes employees begin their careers with extensive financial stress. While wages are the primary consideration when it comes to empowering employees to pay off their debts, companies can go the extra mile to support their people.

Loan assistance provided by companies can help ease the financial burden of employees, which can be huge while ensuring that they feel supported by the business. This will make employees more likely to remain at the company long-term.

Companies can opt to include programs that help optimize student loan debt. These programs will assist employees with powerful tools such as a centralized loan tracker that is ideal for those juggling various loans at once.

This loan dashboard will also show employees whether they have access to assistance programs or repayment options that are better suited to their needs. Providing loan assistance will help keep your employees stress-free and in control of their debt.

An employee perk like this one will improve morale and employee retainment. It will also help create a positive work culture. As debt continues to grow, financial and loan assistance is becoming a huge asset to include on a benefits program.

When companies are looking to employ new talent, this is one of the best ways to create an attractive offer. Knowing what prospective employees need will always keep a job offer relevant and appealing. It will also encourage talent to remain there.

Free Daycare

Parents have to balance a full-time schedule with the full-time lifestyle of raising children. This can be a hugely complicated balance to achieve, especially when the children are small. In addition, workforces can be significantly impacted by the reduced hours of new parents.

Companies should endeavor to be flexible with parents’ needs and offer as many amenities on-site as possible. This will help reduce parental stress while enabling them to continue working as normal without wasting time on seeking appropriate childcare.

Big companies like Google are offering on-site daycare, and while this isn’t always possible with smaller businesses, other childcare options should be made available.

According to a Fractl study, 38% of employees would give some consideration to free daycare facilities offered as perks. While women are more likely to want this perk, all parents would benefit from it, especially those with toddlers.

An on-site daycare would help parents work knowing that their child is in good hands, and they can even go spend time with them during breaks. It allows for extra parent-child time during commutes, which can be hard to achieve when working full-time.

This perk also helps employees transition from maternity or paternity leave to being in the workforce full-time again. It reduces separation anxiety and keeps both the child and the parents supported through the process.

A perk like on-site daycare or further childcare support will show that companies care about the well-being of their employees at any stage of their lives. This will reduce the need for parents to look for jobs with a more convenient schedule while making sure they are not missing out on the joys of parenthood.

On-Site Benefits

Employee perks are in high demand, but what makes them even better is having access to them on-site. This can save employees a lot of time, especially if they have long commutes to factor into their schedule.

Employees can rarely fit in a full-time job with a commute, potential parenting duties, and social and fitness activities in one day. Making some benefits available at the workplace will help them manage the complexities of their schedules.

When possible, companies should try to include access to a gym or fitness area on the premises. This should be accompanied by an on-site shower and changing room area. While it may seem like a lot of effort, including such amenities will help both the employees and the employers.

Employees will be able to take advantage of access to fitness sessions during breaks or before and after shifts. This will boost their performance while making their work-life balance far easier to handle.

Beyond boosting the physical health of employees, employers can help manage the stress levels of the workforce with on-site facilities. They can provide free massage sessions, access to personal trainers, and even yoga classes or group meditation.

Employers will get to benefit from the high productivity of happy and calm employees who get to feel supported by the company. If the business has the available space to do so, including on-site facilities that give easy access to employee perks is a great way to boost productivity and morale.

Free Snacks or Meals

Employees stay at companies that look after them. A simple perk like offering free snacks during the workday or free hot meals at an in-house cafeteria can enormously impact hiring and retaining talent.

According to a USA Today study, over 48% of the workforce looks at perks like free food when considering companies that would offer good employment. 67% of employees report high satisfaction with their benefits package when food is included as one of their perks.

Millennials, in particular, are the generation most likely to seek food perks from their employers. Free food at work removes a considerable amount of financial stress, even if it’s just offered in the shape of snacks.

Having free food or nutritious snacks available at the workplace without bringing meals in or spending most lunch breaks seeking the right solution helps promote a healthy lifestyle.

This can also boost productivity and engagement, especially for employees working non-traditional shifts. Access to snack options during the night shift, for example, can make the experience much more enjoyable.

It may come as a surprise, but offering free snacks or meals to employees can make them much more excited to come to work. Recently, it has become almost a requirement to offer at least one of these options. Employees now expect to have access to this perk.

Many companies go beyond simply providing access to vending machines. They arrange organic fruit deliveries regularly, as well as weekly sandwich deliveries. Access to coffee machines is usually the norm, and there can be additional perks like popcorn makers.

Soda options should be included, as well as access to chips and cookies. For the health-promoting companies, juice bars have become a regular offer, as have smoothies, granola, and even kombucha.

There are numerous benefits to treating employees to treats. Companies everywhere should consider how easy it is to make such a positive impact through the use of free food.

Volunteering Options

Employees are concerned with giving back. Including volunteering options as one of the perks offered by the company can have huge benefits for all the parties involved. The employee will get to have some time away from work, experiencing different things and learning new skills while making a difference where it counts.

The advantages for employers are derived from the new skills that employees gain from their volunteering time. They also get happier employees in the process and boost the positive work culture.

Volunteering can easily show the leadership qualities present in employees who have not yet climbed the full hierarchy ladder. This can help managers see how to develop those employees and what progress opportunities they should be advised to pursue.

Including volunteering hours as a perk also empowers employees. They can organize volunteering events, fundraisers, and bake sales or marathons for charity. This gives them more control and helps them bring on change.

Volunteering events are a great time to bring teams together in making contributions for charity, which can boost relations between employees. Above all, the workforce will take pride in representing a company that is involved in fighting for good causes.

A study has found that 53% of employees under 35 are looking to participate in more volunteering opportunities, and of these, 43% have already volunteered. 60% of younger employees want to make a bigger difference when it comes to social good.

Millennials and Gen Z employees consider volunteering hours an important perk offered as part of their benefits package. Many of them will decide whether or not to accept a job based on how well-rounded that package will be, so companies should keep that in mind.

Unlimited PTO

Companies offering unlimited paid time off or vacation time are a huge draw for employees. This doesn’t mean that they have access to taking all the time off in the world, but rather that they have the chance to choose what best suits them.

Giving employees access to unlimited paid vacation time is a great way of combating the underuse of this employee perk. Many workers don’t take full advantage of the PTO schemes on offer at their companies because they are not flexible enough to take into account their needs.

This is why unlimited PTO is one of the main priorities for employees and job seekers. New talent may even consider a lower-paying job that includes such benefits over a higher-paying one that doesn’t.

A study by FlexJobs has shown that 80% of employees responding to the survey look for more vacation time. Companies should keep this perk on their priority list too. Mismanagement and non-use of PTO can lose businesses over $200 billion a year.

In comparison, offering unlimited PTO is a profitable solution. It allows employees to feel more empowered and like they have the company’s trust to manage their own time off.

Team Building Events

Excellent teamwork is behind the success of most companies, and there are ways for businesses to facilitate these great relations. Employees can build networks and support systems at team bonding events.

Companies can offer these activities and then reap the benefits, which include morale and productivity boosts. This can also increase motivation levels in the workforce while helping the business easily identify the employees with the most apparent leadership abilities.

Team building events are a great way to provide a social encounter that can be entertaining and creative. There are infinite choices for these events, from escape rooms to pottery classes.

Paid Parental Leave

The United States offers no state-mandated parental leave. This makes companies that offer this perk appealing to jobseekers and employees wondering whether to remain there.

Paid family or parental leave is quickly climbing to the top of priorities for employees seeking to start their families while also having careers. Companies have noticed the benefits of putting this perk on the table, and an increasing number include it now.

This helps companies thrive by retaining their employees. New parents won’t have to sacrifice their careers for the sake of their families. The talent developed or hired by the company will be able to remain there with full support during the leave and after it.

When companies don’t offer this perk, women, in particular, tend to have to leave their roles, usually for an extended period. This is not usually in the interest of the business, so it is more cost-effective in the long run to offer parental leave.

This also helps keep morale at high levels while improving the trust between the company and employees. In turn, this helps the levels of employee loyalty that ensure a long-term relationship.

Bonuses and Financial Incentives

Financial perks are always a great way to attract new hires’ attention or retain current talent. An effective rewards system can go a long way to boost productivity and morale within the company.

There are various types of bonus schemes that companies can implement to reward employees. These can be profit-sharing or gain-sharing, but even referrals can be given a bonus.

Employees can refer their friends to fill vacant positions within the company, which is a very cost-effective way to hire someone. With profit-sharing, the performance of the workforce is rewarded with a bonus from the company’s profit during the year.

Profit bonuses are usually awarded once or twice a year to every employee, and it is included on top of wages. There are many ways for a company to reward its workforce financially that will stimulate it to constantly aim for the highest performance.

These bonuses help employees see exactly why they are putting all the hard work into their roles. It is a tangible way of seeing how they can benefit the company, and it is a very attractive long-term perk.