A monthly compensation or salary is the prime motivation for an individual to work for an organization. But surely it isn’t the only one. There are several reasons which enable employees to stay and work in a company for longer periods. A major part of this includes the benefits and perks offered by an organization. The benefits generally include the Non – Wage compensation that adds on to the salary like insurance cover, extended stock options, tax assistance etc while perks are the Non - Monetary rewards or add on or facilities that the employer provides to an employee so that their offer seems better than others plus so as to enable an employee to work better. Under the current scenario, perks seem to be an awesome way for employee motivation and employee engagement.
Do you have an idea that well planned perks can be beneficial not only to the employee but to the employer or the company as a whole? Lets elaborate on this one starting with a conversation.
Boss to the HR: What would people prefer – Cash In Hand or Perks?
HR: Cash In Hand
Boss: Then why do we offer perks?
HR: People can't showcase their salary in public
But, they can flaunt the perks openly
Perks have the power to build our Employer Brand
Here are few examples of Interesting Perks that employers could offer?
- Electronic devices like laptops, mobile phones, watches
- Movie Tickets, Show Coupons
- Food and Meal coupons
- Home based work setup options like tables, chairs
- Travel trips and hotel stays
- Living spaces
- Shopping Vouchers & more…
Perks help you Power Up the Employer Brand
The above conversation showcases the importance of perks in a progressive organization. A HR manager more or less spends a lot of time building the company culture and a well defined employer brand. Other than time, money is spent here too on various social media adverts, conferences, seminars, meetups and a lot more. Interesting perks if offered to the employees, it’s the employees who become your brand ambassadors and start promoting your company on their network. A majority work done, isn’t it? Now you could also be the employer of choice for newer entrants in the market.
Perks help you enhance employee productivity
Perks if linked with performance can create a sense of competition amongst various employees allowing them to push boundaries, enhance their employee productivity and deliver great results. It’s a nice idea to conceptualize an employee recognition program, keep the employee monitoring meter on to evaluate your team’s performance and offer perks accordingly. To track the work frequency of your team we360.ai helps being a time tracking, task management and leave management tool.
Perks help you save on taxes
This one seems a bit tricky but offering more in kind rather than in cash can help a company save up on its taxes as well. The finance team can show a lot more expenses now thereby reducing the tax burden. Laptops for staff, mobile recharges, food coupons can be a few examples. Read more on saving taxes HERE.
Perks help you build a glossy work culture
Imagine employees liking to stay in office for longer hours, communicate with peers more and more and so on. This is only possible when your work culture has adequate gloss to attract them towards work. As per a research conducted in Britain, quite a few of the working professionals tend to stay longer in office courtesy the office coffee and snacks; you heard it right, that’s a motivation too. Playing snooker or TT in office, movies, team lunches, gymnasium and yoga activities are other examples of the good work culture.
Perks helps you in building associations
Companies nowadays offer gym memberships, sodexo coupons, cashback cards at specific stores, movie tickets, cars & bikes and a lot more. This is done via proper brand tie ups which are trigger points to long term associations. These associations are like barter in nature where you promote them and they promote you. It’s a win win situation for all stakeholders. The same touch points might go around in some other companies at positions of value and might help you or your organization to crack a sound deal in future
We360.ai is a progressive organization and we offer perks to our employees too. Perks have surely assisted big time in improving employee productivity plus breaking communication barriers at work.