In today’s competitive global market, companies need to make offers that speak to more than just the financial needs of potential hires. For that reason, employers are now exploring alternative strategies to help create a positive work environment that not only attracts candidates but retains current employees — and evolving company perks has proven to be a major tipping point.
Employee perks refer to any monetary and nonmonetary contributions employers grant employees in addition to their salary. A perk can be anything from private health insurance to stipends for home office equipment or extra time off.
The evolution of employee perks
In recent years, particularly since 2020, many companies have started leaning on perks and fringe benefits to retain workers. The pandemic’s global economic disruption caused many employers to shift their focus from salary increases to employee perks.
Today, company perks play an important role in talent retention, which is a key driver of company success. Organizations with higher retention rates tend to have fewer business disruptions and less expenses overall.
Recent surveys from multiple sources have shed light on the importance of offering attractive perks to retain employees. Some of the surveys’ findings include:
- Sixty percent of people think perks and benefits play a vital role in deciding whether to apply for a role.
- Sixty-nine percent of workers would be more loyal to their employer if they were offered a wider range of perks and benefits.
- Seventy-two percent of employees would be more satisfied with their jobs if they were offered better perks.
Noting the high percentage of employees that prioritize company perks has left many wondering what types of benefits employers should offer to attract and retain today’s workers. To help answer this complex question, here are five examples of the highest-ranking perks among global employees.
1. Remote work and flexibility
Arguably, one of the most popular offerings companies can provide to attract and retain employees is flexible working hours and remote work options.
The 2021 State of Remote Work report released by Buffer revealed that a staggering 97.6 percent of employees wish to work remotely at least part of the time. Additionally, 97 percent of employees would recommend remote and flexible work to those around them, and 32 percent ranked flexible work conditions as their top priority when looking for jobs.
With remote work generating higher productivity rates and lower company costs, company leaders should consider implementing flexible employment models to attract and retain talent.
2. Access to health and wellness resources
Health and wellness are high on the priority list for global workers. Since 2020, candidates have been requesting more commitment from their workplaces to implement programs around health, emotional wellness, and overall wellbeing. Recent research revealing which perks employees value the most in 2022 found that job seekers pay special attention to companies that offer 100 percent health coverage.
When updating your company’s health and wellness programs, there are innovative ways you can enhance your current offerings to keep up with existing trends, such as:
- Dedicate a budget to physical fitness: Gym memberships, yoga classes, swimming lessons, or access to other forms of physical activity is a great way to promote wellness, especially for employees who work from home.
- Promote a clean and ergonomic home workspace: Similar to a health budget, companies can dedicate additional resources for employees to purchase ergonomic work equipment. Having a channel on Slack, or on any other instant messaging platform, devoted to home office and wellness tips is also a good way to promote a pleasant workspace.
3. Family-orientated initiatives
Aside from providing flexible work conditions and year-end bonuses, companies should also look into updating parental leave policies.
Tech giant Apple made headlines when it announced that its female workers would be offered free egg freezing services as an additional perk. The company also strayed from traditional work norms in 2019 by dramatically increasing the maternity and paternity leave to 16 weeks. Similarly, Microsoft also extended their parental leave for all its employees.
Thinking outside of the box when looking at your company’s current perks can be extremely rewarding to you and your employees.
4. Pet insurance
The popularity of this perk may seem surprising to some, but companies are now acknowledging just how important pets are to today’s workforce. In the United States alone, 68 percent of the nation’s households own a pet.
Many employees are working from home for long periods of time, and adopting new pets to provide companionship, so companies can take advantage of the circumstances and offer pet insurance as an additional perk.
Senior Vice President of the NY-based insurance firm SterlingRisk, Steve Jasinski, noted that pet insurance is the number-one trending perk employees are looking for. Veterinary bills can be costly and must be paid on the spot — offering this perk gives workers a chance to skip the upfront out-of-pocket expense when seeking medical care for their pets.
5. Professional learning and development opportunities
Offering employees access to Udemy, LinkedIn Learning, or similar learning platforms is a great perk companies can offer. Online learning allows workers to increase their professional competencies while they work. When employees acquire new knowledge or perfect existing skills, they can apply this valuable expertise to their current role.
Another way companies can offer support and express commitment to their employees’ professional growth and upskilling is by providing tuition assistance or reimbursement programs. For example, companies in the healthcare industry can implement reimbursement programs for nursing school tuition.
If companies want to attract and retain candidates, they must consider professional learning and development opportunities as well as financial assistance for ongoing education as an additional perk.
In the end, it’s all about the perks that support employee wellbeing!
Global employees value perks that will positively impact their overall wellbeing and long-term happiness. However, company leaders also benefit from a well-rounded benefits program as it increases retention, boosts productivity, and improves overall job satisfaction ratings.
It pays to review and evaluate your company’s offering to stay abreast of current and future trends. In order to attract future talent, a competitive salary is no longer enough — it’s vital to nurture and uplift your workers’ morale to create a healthy workplace experience.
Behind every hire is a human being. From sourcing to onboarding, Globalization Partners (G-P) delivers a supportive and connected experience for all by taking the pain out of managing global HR, payroll, benefits, and more. Our Global Growth Platform™ reduces the friction and hassle of international expansion, making it easier than ever to smartly and swiftly diversify your talent base, build your international team, and support the rise of talented humans everywhere, regardless of location.
To learn more about our global hiring solution, contact us or request a proposal.