What are employee “perks,” and why do they matter? What do your employees feel are the perks – the fringe benefits – of working for your company? Those companies that choose to offer more than just basic employee benefits certainly stand out in the job marketplace.
Perks don’t always come in the form of ping pong tables, nap pods and work-from-home programs. However, any type of extra benefits that add value for your team can help with recruiting and reduce turnover, as it is a way to show you value your employees.
Some popular “perks programs” are web-based marketplaces where employees can enjoy access to discounted products and services, as well as employee pricing on big-ticket items like computers, travel and vehicles. Some programs also allow participants to earn redeemable points for using the online marketplace, similar to accruing “miles” on credit card purchases. It is a great addition to your benefits package.
How does this benefit employees?
- Has the potential to increase monthly disposable income (e.g. cheaper cell phone bill or savings on a vehicle means a lower car payment, etc.)
- Overall savings on everyday items and activities (e.g. apparel, car insurance, etc.)
- Employees can take advantage of a Fortune-500 level program, regardless of company size
Professional Employer Organizations (PEOs) can set up these programs at a cost-effective rate due to their size and buying power. They are then able to offer the program to their clients at a discounted rate, or even free of charge. Working with a PEO gives you the ability to cost- effectively provide benefits that you might not otherwise be able to, and that makes a big difference for your employees.
Contact the author directly at firstname.lastname@example.org. This is the thirteenth post in our 30 Days of HR Outsourcing series. Visit us each day in November for information on HR, payroll, benefits, workers’ comp and risk management topics, or subscribe to be notified instantly when a new post is published.