Unemployment in the UK has dropped to its lowest level since 1975 and people seem to be busier than ever, with an increasing amount of time being spent at the office. It, therefore, comes as no surprise that career site, Glassdoor, is reporting that 57 per cent of all workers state perks and benefits are a huge consideration when deciding whether to accept a job offer. So what rewards should your company offer, to ensure candidates not only join your company but employees stay with your business in the future?
With 80 per cent of employees stating they would prefer new benefits over a pay increase, it is worth investing a lot of thought into the benefits packages your company should offer. Think about the age of your employees, their marital status and whether they have children. Your employees’ personal circumstances will determine what motivates them to want to join your company and ultimately invest their time and career there.
- Facebook – Free Healthcare and Housing for Interns
Facebook is well known for providing a very comprehensive and competitive benefits package for their staff and as such, is generally regarded as an excellent place to work. In the US, they provide free healthcare and housing to all their interns, which demonstrates they are investing in the future workers of their company. Being an intern also usually means minimal pay, but that is certainly not the case at Facebook! Interns have reported earning anything between £2-5,000 per month!
- Starbucks – Full Tuition Reimbursement
Starbucks in the US has responded to the fact that many American students cannot afford college tuition fees and are offering full tuition reimbursement for those students working more than 20 hours a week. Personal development is a huge motivator for many people and having the stress of training/tuition costs removed seems a big win for many potential employees.
- Airbnb – Annual Travel Credit
Airbnb has been operating since 2008 and offers a whole host of great employee benefits. As well as paid time off to complete voluntary work, each employee is also offered £1,400 annually, to travel and see the world.
- Netflix – Paid Parental Leave
Parents-to-be are faced with a tough decision with regards to how long to take off once the new addition arrives, so Netflix offers their employees one paid year of maternity and paternity leave. They also allow parents to return part-time or full-time and they can take as much time off as they need throughout the year.
- Goldman Sachs – Gender Reassignment Benefits
Goldman Sachs has been offering gender reassignment as part of their health care package since 2008. Since then, Netflix, Facebook and the Lloyds Banking Group have also started offering this benefit, and they are not alone: 1 in 10 companies with over 500 employees are now offering this as part of their health care package in the US.
It is worth bearing in mind that big and quirky isn’t always best. Although employees rank rewards as a leading consideration before accepting a new role, flashy benefits such as concierge services, treehouses and free gym packages do not ensure an employee will stay indefinitely. The Glassdoor Economic Research Blog details the core benefits that make the biggest impact on employee satisfaction, with the top 3 being:
- Health insurance
- Holiday and paid time off
- Pension plan
Ultimately, it is important to align the benefits you want your company to offer with your overall business strategy and company culture. Thinking about what will make your employees tick, coupled with a structured performance management system that encourages communication, constructive feedback, continuous development opportunities will ensure a happy workforce. After all, a person who feels appreciated will always do more than what is expected.
Elizabeth Harmon is a writer for Open Colleges, one of Australia’s leading online education providers. She discusses various subjects, including careers, business, and online marketing. Elizabeth is a Social Media Consultant with several years’ experience in the field. She has worked with a growing list of clients around the world, helping to build successful social