Workplace perks are a massively beneficial addition to businesses and, if chosen and executed correctly, it can help retain employees, attract new employees, make you an employer of choice and boost morale and productivity – especially if perks are awarded in return for strong performance.
But how do you know which perks will have the best impact and which are just throwing money down the drain?
A recent study by Perkbox of over 2,000 workers has revealed the workplace benefits that are most popular amongst the UK workforce.
The top choices came out as:
Extracurricular activities with 97%
A pool table with 92%
Games console and in-office video games with 87%
A day off on your birthday with 85%
These may not all be suitable for your workplace, for example, you may not have enough office space to set up a pool table or you may find that a games console is a huge distraction to employees.
But setting up extracurricular activities such as after-work drinks on a Friday or a team-building activity every other month, isn’t a massive inconvenience or cost (just budget wisely and shop around for offers i.e. happy hour).
It’s a good idea to ask your employees directly instead of assuming what perks they will appreciate or even utilise. You could provide them with a few options and ask them to place a vote and go with the majority.
It was also revealed that employees prefer money saving benefits such as discounts on holidays and free coffee, and deductions at certain restaurants also proved very popular.
This may come at an expense for businesses but it’s up to you to work out whether the benefits outweigh the costs.
Chieu Cao, CMO & Co-Founder at Perkbox, said: “It’s interesting to see the list of the most popular perks. This list highlights that there is no one-size-fits-all solution when deciding which benefits make the most sense for your company.
In fact, deciding which benefits to implement can often depend on the type of culture and industry the business operates in. Wherever possible, employers should listen to what their employees have to say, what they like and want. That’s why tools such as our recently launched Perkbox Insights, can prove very useful to help break down silos between management and staff and really get to understand your people.”
Once you choose a few company benefits, the first step in implementing them is to decide on how it will all be managed. For example, you may choose to provide a 10% discount on some local restaurants that you partner with, but employees may only gain access to this once they have been with the company for two years, or the discount may only be applicable Mon – Thurs.
You should set out all these terms and conditions in your company handbooks so that employees are fully aware of the rules surrounding company perks.
Next, you should closely monitor the performance of the workplace perks. Is everyone participating in the team-building activities? Is the pool table causing too much of a distraction?
After trialling the company benefit for a couple of months, you should be able to determine whether is it worth continuing forward with it – you could even ask for feedback from your employees as it may be a case of making some adjustments or improvements.
If you need some support in implementing workplace benefits or you would like some more information on how it could benefit your business, then our HR consultants can provide you with all the help you need. Call us today on 0845 2626 260 for more information.