Everyone loves a Perk right?
But what happens when you have your feet under the table and the vouchers and discounted gym membership (that you don’t use nearly enough) is just accepted as the norm?
Perks are often perceived as an indicator of a company’s culture. Get it right, being thoughtful, relevant and useful - they can have an impact on employee satisfaction.
However, get it wrong; not easy to use, not appealing, exclusive or have a need to remove them - and not only have you wasted precious budget you can also damage morale in the process.
As Gallups Workplace report concluded, perks have less effect on employees’ wellbeing than you’d assume. You can throw all the discounts, beanbags and ping-pong tables at people your budget can afford, but ultimately if colleagues feel their work is not valued or they are not appreciated then they will not be engaged with the organisation.
At the end of the day, an intrinsic connection to one’s work and one’s company is what truly drives performance, inspires discretionary effort and improves wellbeing.
If these basic needs are not fulfilled, then even the most extravagant perks will be little more than window dressing.
Understand the Landscape
Before you start ticking boxes and adding perks, you first need to understand what your employees really want. Listen to them, whether that means using employee surveys, focus groups or in-person interviews. Find out their needs and prioritise the investments of time and money you can make.
If for example your workforce is made up of working parents, discounted cinema tickets might not that valuable alternatively early finish might be much more useful. Likewise if you’re hiring millennials, research shows developing their skills is a much better alternative perk than a free coffee.
We offer an ‘Under the Bonnet’ service to review your current and future activity and involve your people in the process to capture what motivates them.
Contact Us for more information
In today’s war for talent, organisations are looking for strategies to attract and retain their top performers but in their search for new ideas and approaches, organisations could be overlooking one of the most easily executed strategies: employee recognition.
More than anything, today’s employees want to see the difference they make in their organization and be recognized for it. In fact, a study conducted by the Gallup Organization of more than eighty thousand employees found that 82% of employees surveyed said that recognition motivates them to improve their job performance. It found that one of the top twelve key factors in securing employee engagement is regular praise and recognition.
See our Social Recognition Platform and how it makes recognition quick and easy
Leaders have a strong role to play in highlighting the importance of someone’s contribution.
In a recent Gallup workplace survey, employees were asked to recall who gave them their most meaningful and memorable recognition. Nearly one quarter (24%) said the most memorable recognition comes from a high-level Leader or CEO.
Employees will remember personal feedback from a Senior Leader – even a small amount of time a Leader takes to show appreciation can have a real impact positive on an employee. In fact, acknowledgment from a CEO could become a career highlight.
But who teaches us how to recognise? In the whole gambit of Leadership education very little is covered on the impact, importance, ease and most importantly the barriers to showing appreciation.
Check out our Leadership Recognition Training
Whilst discounted cinema tickets and a free coffee are a nice touch, they can be quickly taken for granted, particularly when they are on offer to everyone in the organisation. What people really value is well… different depending on the individual.
Giving your employees the opportunity to consider and choose the perks that they would most like to receive is initially empowering and ultimately rewarding when they receive that perk. For some a perk is time to have a lie in, for others it’s company support of their charitable endeavours.
Making it meaningful to the individual is how to get the most out of perks. And the best thing it can be totally cost neutral.
Click here to see how Fanclub Perks work