How effective are corporate perks?

How effective are corporate perks?

  • 20th Feb, 2017

Corporate perks (originated from a work perquisite, which means allowance in any form) have become one of the tools for the corporate world that can be used to attract prospective candidates and retain existing employees. It is a way to entice them with attractive perks. But do these corporate perks help the companies in the long run? Do the prospective as well as existing employees get enticed with this sweet candy?

Perks can be offered in many ways or forms. For example, providing a free meal to employees, free pick-up and drop facility, giving paid leaves, and offering interest free loans.

Ideally, a company’s perks should fit into its cultural framework. Since organizational cultures may not be the same, offering a perk found to be popular in one company may not have the same result in another company.

Give employees what they expect

While companies believe that perks are a great way to attract talent, do employees also reciprocate the same belief? If you ask current or prospective employees about what attracts them towards a company, the foremost would be their believing and agreeing with the company’s cultural values, vision and mission. Surprisingly, few companies realize how important it is for employees to relate to this. Obviously, the next most important factor becomes opportunities to grow and a satisfying compensation.

Employees treat perks as secondary things and do not think about them when talked about their expectations.

What Sandwich Generation wants?

The Sandwich generation considers work-life balance as their top-priority. They are sandwiched because they take care of their parents along with their kids. Therefore, they look for workplaces where they get flexible working hours that allow them to fulfill their personal responsibilities also.

This generation has built a rapport of being result oriented and problem solvers looking for work opportunities where their feedback and opinions are welcomed.

What Generation Y wants?

Gen Y or millennials want to work with great leaders and love challenging tasks along with their opportunity to grow in their career. This results in job-hopping when their expectations are not met.

Millennials are not attracted to fun environments. They value good compensation and work that motivates them. Like the Sandwich Generation, they too want work-life balance.

Conclusion

Perks are offered to attract the top talent into the organization. Companies would be better off reviewing their workplace culture and ensuring it matches the expectations expressed by the employees. Offer work-life balance, work that is interesting, growth opportunity and not the least – good compensation.

Leave a Reply

Be the First to Comment!

avatar

wpDiscuz