An organization needs to be up to date when it comes to trends concerning their employees. Today employees need more than just remuneration to stay in an organization for a long period.
Now there is a need for an efficient employee perks and benefits program that can keep the employees motivated to keep on working with dedication. Different companies opt for different employee benefits packages to ensure that the employees do not undervalue.
So, to answer the question of whether providing perks guarantees employee retention or not - yes, it can. It is one of the best ways to retain employees for the long term. Let's break it down to see how it works.
Types Of Perks
To understand how perks help to retain employees in inclusion with employee retention platforms, let's look at the two types of perks that are provided as employee benefits in the company.
● Monetary
Monetary perks directly or indirectly include the use of money to provide some benefit to the employees apart from their salaries. Getting cash in hand or being able to use a service without paying a dime helps an employee to feel good about the organization.
The prime examples of monetary perks as part of employee benefits in the company include festive bonuses, gift cards, vouchers, and coupons. It also includes movie tickets or reimbursement for dinner or another form of entertainment.
● Non-monetary
Other form perks that are provided to the employees are things that might not increase their wealth or get them paid services, but they can be in some way beneficial to them. These perks are very helpful as they can make an employee feel appreciated.
Some of the best examples of non-monetary perks include awards, sick leaves, paid leaves, access to employee development plans, etc.
How Does Providing Perks Help Retain Employees?
Employee perks and benefits are a great way to make the employees feel good about the hard work they put in. As they are rewarded with something, irrespective it is big or small can help in increasing the feeling of being a part of the organization.
Since almost all companies now offer perks, an employee looks at the employee benefits program in an organization before joining it.
Does Providing Perks Help In Employee Retention In Work-From-Home Scenarios?
Working from home comes with its pros and cons. While a person can work from the comfort of their home, getting them motivated can be tricky via engagement activities. In these times, work-from-home employee benefits are what can be a sure-shot way to retain employees and stop them from joining other organizations.
The Need For New And Improved Perk Programs
Employees are an asset to a company and hence are precious to the organization. Moreover, as new businesses emerge so frequently, companies often compete to get the best employees for themselves. Hence by having a good employee benefits program, organizations can ensure to get the best employees on board. However, due to the competition, it is important to come up with more creative and improved perk programs for the employees.
Conclusion
It might not seem like it, but extra benefit is something that every individual loves. When an employee gets extra perks from their organizations, they are much more likely to stay back and work for the same organization for years.