Many of today’s companies provide their employees with a comprehensive benefit package including health insurance and 401(k) plans, meaning companies that want to keep a competitive edge need something more— employee perks programs. In addition to the general benefits offered to employee, employers should be taking the initiation to offer bonus benefits as well. These perks programs often are discounted offers on various entertainment, shopping and travel products or services available to all payroll workers within a company.
Employee perks programs can include a wide variety of discount offers so that each employee has a chance to save. They include discounts on tickets for museums, tourist attractions, Broadway, movies, sport games, and special events, as well as reduced rates on hotels, merchant gift certificates, and specified online stores.
Having an employee perks program can affection several aspects of your business. Here are 5 major benefits of having an employee perks program for your company.
What Employee Perks Programs Can Do For Your Business
1. Attract and retain employees
Employee perks programs can help maintain a low turnover rate by giving companies an advantage in retaining talented workers. Holding on to talent and good employees is necessary in order for you company to grow and stay competitive.
2. Increase employee loyalty and satisfaction
Offering perks and rewards to employees can show an employer’s appreciation. By keeping workers engaged and happy, they are more likely to be motivated to work at optimal productivity.
3. Help employees maintain a balance between work and personal life
Discounts on entertainment, shopping and more give employees opportunities to experience and buy things outside of work for a reduced price. Employees are thus more likely to keep a healthy balance between inside and outside the workplace, and an overall happier lifestyle, which will be reflected in their work.
4. Ease of program administration and usage
Joining an employee perks program is generally easily affordable or even free of charge for the company. Many programs are easy to sign up for and use, with assistance available for all members. A company doesn’t need to worry about administrative questions or expenses, and an employee has full access to a user-friendly service.
5. Provide a Valuable Tool During Economic Recession
In times of economic slumps, people regularly try to save as much as they can. Providing employees with
shopping and other discounts can help their expenses and lessen financial strains.
Employee perks programs are usually offered only to large corporate businesses and have a minimum employee size requirement due to their vendor contracts. This means that for many businesses, especially small businesses, employee perks programs are not accessible. Employing a Professional Employer Organization (PEO) to outsource benefits can open the doors to these rewards programs for companies with only several employees. Because PEOs have a co-employment relationship with their client companies, all of their client companies’ employees are hired under one umbrella company—the PEO, and thus can qualify for participation in corporate employee perk programs. Outsourcing your company’s HR management and administration can provide your employees with perks and reward opportunities not previously available, and in the long run, greatly improve your business.