We all want them but do we all need them? Employee perks and benefits are clearly an influential factor of any job specification, but are they essential to get people into the office on a Monday morning or to sway a potential employee between two positions?
A survey, carried out by Jobvite, showed that 90% of the job seekers thought perks were important. They can range from casual dress codes to gym memberships, swanky company cars to free lunches but what power do these benefits really have?
Entice potential employees
Every company wants to hire the top talent; however, the competition to secure the right candidates can be tough. To make your company more attractive and allow it to stand out from the crowd, it is essential to offer some tangible benefits that can sway potential employees. Obviously, perks alone will not be enough to guarantee you the hire; however, they can make a noticeable difference.
Create a positive workplace
By offering perks and benefits that your employees want, you are more likely to create an environment that will motivate them to work harder. Companies that show consideration towards their employees’ wellbeing are more likely to be rewarded with a loyal and positive team, who will strive to produce the best results for the company. Additionally, in-office perks, such as a drinks fridge or free lunches, will encourage staff, thereby creating a more collaborative office. Happy employees and a good office environment equal higher productivity levels and a better standard of work.
Help to retain existing employees 
In order for a business to grow and be successful, employee retention must be prioritised; an established team, that has strong relationships with clients and is full of industry experts, is a must. So how can you persuade your staff to stay? Well, unless you opt for drastic measures like Yahoo’s CEO Marissa Mayer, who recently made all her executives pledge their allegiance to the company for the next three years, offering perks and benefits are your best bet. If you invest in your employees they will feel valued and consequently, are more likely to be loyal to your company. Keeping staff driven and engaged is important for employee retention. Perks help as they are complimentary to the corporate environment and are key extrinsic motivators, however, to be effective they have to be meaningful and relevant to your employees.
It is evident that offering employee benefits is a worthwhile strategy, which can benefit a company’s growth and success. You will not only be able to attract top talent, but your chances of retaining employees will also improve, increasing the sustainability of your business and enable you to become a market leader.