What are company perks?

Company perks are getting something extra apart from your salary in exchange for working. For example, the primary perk of a job at an advertising agency is getting free photoshoots, free food from food photography, and free travel to places for pitch decks when your client lives in other cities.

Some companies offer free health insurance, gym memberships, and company cars as perks to their employees. However, most companies consider these standard benefits, so they don’t count as special perks.

Those are more like the ones Google offers: Google’s offices have everything from gyms and swimming pools to haircuts and car wash services. They also give every employee a free day off on their birthday.

Google is on the end of being generous with its employees. It’s rare to find a company that will give you free dinners, $400 a month for lunches, and access to on-site doctors, dry cleaning, massages, and laundry services. But some places come close. Netflix gives new parents paid time off when their children are born or adopted; Genentech has an on-site concierge service. Facebook has “hackathons” where employees try to solve problems using creativity and technology while enjoying food catered by celebrity chefs.

Importance of company perks

High salaries are not the only way to attract top talent; there are other well-rounded benefits that you can offer your employees to retain them. Offering better perks can be just as effective as raises in promoting employee satisfaction. Companies that offer better perk packages have higher employee satisfaction and happiness. This, in turn, not only boosts retention but also leads to a boomerang effect, wherein old employees return to the company.

What type of company perks should you be offering?

There are some primary benefits that you must be offering your employees because every other employer provides that, like –

  • Health insurance
  • Paid time off
  • Retirement benefits
  • Family leave
  • Life insurance

You can include all these benefits in the package you offer the candidate. But there are also some additional benefits you can offer to attract high-quality candidates

  • Student loan assistance
  • Mental health leaves/ assistance
  • Remote work flexibility
  • Team lunch
  • Wellness programs and many more.

FAQs

What is the difference between employee benefits and perks?

While employee benefits like health insurance and retirement funds are part of the employee’s package, perks are secondary benefits that are not officially included in the package. Regardless, employees are allowed to enjoy the work perks.

Why should leaders care about company perks?

Company perks attract candidates and create a sense of happiness in employees. They also show employees that you care about them and their experience. They improve the employee-employer relationship, making employees feel valued and appreciated.

Can work perks improve company culture?

Work perks can increase engagement, work performance, productivity, and employee retention.

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