The biggest challenge for most companies is increasing the productivity of their employees. When team members are not productive, it means they lack motivation, and they can easily leave for places where they will feel more fulfilled or taken care of. Hence, to make your staff more productive and increase their retention as you boost profits, consider these latest corporate perk trends.
1. On-site Services
One of the fastest-spreading perks that companies are beginning to offer more of are on-site perks. Companies will invite vendors to come to the office and perform services for their employees including car detailing, dental care, haircuts, massages, wellness screenings and more. Most of these services are employee-paid meaning they come at no cost to the employer - a win-win perk that makes the company look good. Employees love this type of benefit because it helps them save tons of time on chores they’d usually have to get done on their free-time or leave the office do. By catering to these needs, companies that offer this benefit can reduce stress and increase productivity across their workforce. The downside to this type of perk is that someone in HR is put in charge of coordinating the logistics with multiple vendors. PerkNow’s platform can help automate the logistics involved in administering on-site perks.
2. Volunteer Days
Volunteering offers individuals a life’s purpose and greater fulfillment. Volunteer time off refers to paid time off, particularly for volunteering. It lets the staff do greater than just donating cash to their causes by showing up personally to offer support. Some firms offer their staff a few hours every week to volunteer with their preferred cause. Other firms have a limit on the annual total volunteer hours. This benefit could attract a talent that has genuine, powerful values to your firm. This corporate perk will assist you in retaining talent and increasing their productivity by offering the staff a purpose as you assist the community. If you are looking to attract talent that cares for the world, this is the perk you need to be providing.
3. Fertility Treatments & Egg Freezing
According to research, over 6.1 million females in the US have a hard time getting pregnant. But the good thing is that these women and/or their partners can undertake fertility treatments to increase their chances of becoming pregnant. However, these treatments are costly, and the stress and anxiety of the uncertainty may cause depression and helplessness. But employers have recognized this problem and are offering fertility-related benefits including fertility treatments and egg freezing. Even though it is a perk no one would ever want to exploit, it can change the lives of the women in need of it. This interesting corporate perk is also beneficial to companies. Research by FertilityIQ showed that staff members who had benefited from their employer’s vitro fertilization coverage had a 62 percent likelihood of sticking to their existing job for an extended period and had a 22 percent likelihood of working harder. Popular companies such as Starbucks, Snapchat, and Spotify are providing it.
4. Free Snacks & Drinks
Companies have begun offering free snacks and soda to their employees as a corporate perk. This benefit makes a job offer look more attractive - who doesn’t love access to free food? Providing free snacks in the office can result in happier employees who take productive breaks to hang out and snack or enjoy a Coke with colleagues. This perk can be offered in the form of cereal bars, candy, chocolate and soda machines. Some companies like Qualtrics reportedly have the coveted Coca-Cola Freestyle - a touch screen soda fountain that features 165 different Coca-Cola drink products.
5. Pet Insurance
Pets are a significant member of many families. Therefore, many people invest a lot of money in ensuring that they eat special meals, have unique beddings, and even visit the veterinary regularly. Hence, companies are offering pet insurance as a benefit to lure and retain top talent that loves pets. Silicon Valley’s best companies like Yahoo and Microsoft provide coverage for Fido to remain a competitive employer. This works because about 60 percent of Americans have a pet. Veterinary bills are usually high, and many of these veterinary costs arise from challenging emergencies. Therefore, having pet insurance will prevent animal lovers from having to decide between their pets and their bank accounts. While some companies cover part of the insurance premium or offer a discount, others pay the complete pet insurance.
Staff members are increasingly searching for flexibility where they work. According to research, 70 percent of companies are offering a telecommuting alternative. Inc.com stated that remotely working from home is the smartest management strategy in the world. This is because flexible work opportunities such as telecommuting can make teams more successful and productive. For instance, a Chinese travel website called Ctrip offered their call center staff the choice to operate from home for about nine months. The staff members who operated from home completed 13.5 percent more calls than those who operated from the office.
Whether it is a cereal bar, telecommuting, on-site haircut, or any other perk, you can offer the ones that fit your budget and be sure of a productive workforce. You will not only increase your revenues, but your employee turnover cost will be on the low.