{"id":911,"date":"2024-04-23T15:56:31","date_gmt":"2024-04-23T15:56:31","guid":{"rendered":"https:\/\/mo.work\/uncategorized\/what-company-perks-and-benefits-should-you-offer\/"},"modified":"2025-02-03T14:38:21","modified_gmt":"2025-02-03T14:38:21","slug":"company-benefits-perks","status":"publish","type":"post","link":"https:\/\/mo.work\/insights\/company-benefits-perks\/","title":{"rendered":"What Company Perks and Benefits Should You Offer?"},"content":{"rendered":"\n

Are you struggling to attract and retain talent? It might be time to focus on your company benefits and perks package. <\/p>\n\n\n\n

With the power of choice shifting from employer to employee, a lacklustre perks offering might be the last straw for a worker who spies greener grass elsewhere. Standing out from the crowd isn\u2019t always easy. We know just how important it is to align company values with your culture \u2013 including the benefits you offer loyal employees.<\/p>\n\n\n\n

Employees Are Expecting More<\/h3>\n\n\n\n

Since the pandemic, the best talent is willing to shop around for the best company culture. Stock options and a big compensation package are no longer enough to ensure loyalty and employee satisfaction. That\u2019s why recognition and engagement should be receiving maximum investment.<\/p>\n\n\n\n

As experts in employee recognition, we\u2019re here to help you create a distinctive offering for your team. From creating daily habits of recognition to incentivising through large bonuses, perks and benefits must be working for everyone.<\/p>\n\n\n\n

Are they cost-effective? Do they motivate your team? Are distributed through equal opportunity? In this article, we break down the basics of employee benefits packages. Then we\u2019ll explain how to utilise them to improve engagement.<\/p>\n\n\n

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What is a Benefits Package?<\/h2>\n\n\n\n

A benefits package is a bolt-on offering presented to new hires in addition to their salary. Benefits include flexible working hours, free gym memberships and healthcare coverage. A competitive benefits package helps companies differentiate themselves in a tough market while incentivising employees to reach for success.<\/p>\n\n\n\n

Benefits and perks are an essential part of your employee value proposition<\/a> (EVP). An EVP is a unique set of offerings you provide for your employees in return for the skills, experience and qualities they bring to the position.<\/p>\n\n\n\n

The last thing a busy HR leader needs is wasting time and money on initiatives no one wants. Instead, pay attention to your business sector. Current trends and cultural differences will also contribute to your company\u2019s unique perks and benefits package.<\/p>\n\n\n\n

Your efforts will be rewarded. With the right package, you\u2019ll soon see the impact on your employee turnover, as well as increased employee motivation<\/a> and engagement.<\/p>\n\n\n\n

What is the Difference Between Perks and Benefits?<\/h2>\n\n\n\n

Put simply, benefits are things that employees need, like healthcare and flexible hours. On the other hand, perks are often novel and luxurious. Perks include fancy dinners, club memberships and a monthly coffee budget.<\/p>\n\n\n\n

If you are still struggling to understand the difference, use this metaphor: Imagine a nutritious breakfast vs an afternoon treat. Each has value, but one is more essential to overall health and well-being. In an ideal world, HR should offer employees a blend of both.<\/p>\n\n\n\n

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Company Benefits Are Changing<\/h2>\n\n\n\n

A company car is no longer every employee\u2019s priority. Today\u2019s workforce is more diversified, with many working parents choosing to work flexibly from home, forgoing the typical perks of the white-collar class.<\/p>\n\n\n\n

As Forbes reports<\/a>, not only are benefits closely tied to a job\u2019s perceived value, but those benefits tend to centre around flexibility and well-being initiatives. Their research found that this trend extended across generations, with Gen Z, Millennials, Gen X and Baby Boomers all putting flexibility<\/strong> at the top of the list.<\/p>\n\n\n\n

It\u2019s not just flexibility in their working patterns that employees value. Evidence suggests that flexibility in benefits and reward packages is popular. A recent report by MetLife UK found that 74% of employees claimed they would work harder if they knew their needs were supported<\/a>. 73% said they\u2019d do the same if they knew their well-being was prioritised.<\/p>\n\n\n\n

Perhaps most interestingly, 50% of the workers questioned said they\u2019d be prepared to accept a reduction in pay in return for more tailored perks. This just goes to show that a comprehensive benefits package is worth its weight in gold.<\/p>\n\n\n\n

Personalisation is Key<\/h2>\n\n\n\n

Did you know that 27% of employers attribute missed talent acquisition opportunities to their inability to raise salaries? 43% pinpoint failure to offer accessible and comprehensive benefits packages as the critical contributing factor.<\/p>\n\n\n\n

That\u2019s according to the latest research by leading employee benefits technology provider Zest<\/a>. As our trusted partner, Zest helps deliver personalised benefits packages by communicating your benefits offering. They show the value of the full package \u2013 beyond salary.<\/p>\n\n\n\n

Businesses Can Win Top Talent From Competitors By:<\/h3>\n\n\n\n