There is a reason I write for FOT and not for Benefits Buzz. Personally…I find benefits to be ridiculously boring. I’m glad I have them and God bless the people that secure them for me. But, you will never find me sitting with the Benefits department.
However, I was recently discussing with someone what should be considered an honest to goodness “perk” and what is stretching it a bit in order to find something that makes you sound better.
For example…I once talked to a company that listed “Free Parking” as one of their benefits. Now, if this company were located in downtown Seattle or another urban location, that perk might be appealing. But, this company wasn’t located downtown. It was located in Auburn, Washington, about 20 minutes South of Seattle…population just under 50,000. There are no parking problems and there are no paid parking spaces or parking lots. All parking is free, not just the on-site parking.
There is no doubt that benefits are a big part of the compensation package and should be discussed when rolling out the offer. Key benefits are medical, 401k, and time off. Here are some real benefits I have seen that I feel are better left off of the pitch:
Free Parking – I mentioned this earlier, but personally, I think if an employer isn’t either letting you park for free or offering you some kind of parking stipend, this should count against them more than Free Parking should count for them.
Free Soda – My company will often list this one, as well. While I love my free soda benefit and I would miss it if it were gone, I’m not weighing this as a reason to take or decline a job offer. Plus…it rots your teeth, so don’t forget to plug the dental plan.
Free Coffee – Okay, really?
Birthday Celebrations – Hopefully this company has a Party Planning Committee.
Companies often do have benefits that are unique or “above and beyond.” Free coffee is not one of them, but here are some I have seen that are:
Tuition Assistance – Many people are interested in furthering their education and not all companies assist with this. If yours does, sell it.
Matching Gifts – Socially conscious people love to know that any contribution they make is doubled by the company. Twice the effect without any further hit to your time or pocketbook.
Paid Parental Leave – The government mandates unpaid time off. If your company wants to pay someone to make babies, you should flaunt that.
If you are stretching for things to list on your website or flier, and you decide to add things like Halloween Party or your Birthday Off, I think it’s time to loop in your favorite benefits person to start looking for some new perks. While I think all of these are hunky-dory, if I am hearing them in an offer or a sales pitch, my immediate thought is, “That’s all you’ve got?” It’s great that you offer these benefits. But, if you need to use them in order to make the close, it’s time to improve your perks.
For us, we like to highlight our vacation policy-we offer more time for less tenure earned than most companies within our industry. For example, after 4 years of service I now earn the maximum amount. Compare this to my sister in-law, who has to work for 10 years at her company only to receive 1 less week than myself. Also, this doesn’t include rollover vacation (up to 5 days). Retail’s a small world so most candidates realize how unusual a benefit this is.
Flexible hours is one of the greatest benefits I can think of to offer to employees. It allows the freedom to shorten commutes by traveling when less cars are on the road, schedule appointments (can you say preventative care?), run to the DMV, see a child’s school performance, etc., that can’t otherwise be done during a normal work day without using hard-earned PTO. With teams now spanning many time zones anyway, it is more reasonable that someone can step out for 2 hours and finish up later. It doesn’t cost the company much to implement a flexible hours policy, but it provides a lot in the way of morale and work life balance–and can energize someone just enough to really nail those afternoon tasks.
Back in my CRM days I watched tech companies go crazy with free this and that. It always reminded me of banks who gave away toasters. I began to notice however that even then, the companies who were winning the talent wars had something in common. They focused on challenging work, a respectful, creative environment and a leadership style that treated people like capable adults. Cultures like that squeeze out slackers pretty quickly, but they also attract (and keep) talent. And- when money gets tight, those principals still apply.
Attitudes have definitely changed re. perks. We are almost done with bubble 2.0 in just under 10 years, so professionals are getting smarter about what really matters.
I run business operations for startups (I also advise several) and, in my experience, those smaller perks have absolutely zero ROI, when it comes to recruiting and retention. Depending on who you are recruiting, laptop allowance (which BTW is my favorite perk that actually saves money) or great health insurance are the top ones.
Great corporate culture is top perk for me. I can move mountains, if founders and C-suite are on the same page with me. You move mountains and you can get any perk you want.
Over a year ago, my company started offering a benefit that helps our employees save between 50-70% on their vacations. Although we offer up to 4 weeks of PTO, we found that many of our employees are not taking vacations with the main reason being that it is too expensive. We have seen an increase in morale and this benefit has really connected with our employee population.
The great thing is that it did not cost us a dime to offer this program and we do not have to administer anything – the program runs itself. Employees just log onto the website, pick their destinations, and sign up for the service. At the beginning of every month, an EFT hits their personal bank account and pays for their vacation.
It is a great service. This is the website.
http://www.GrandVacationsOnline.com/ETV
This corner jazz club may sport a quiet exterior, but looks can be misleading. Beyond the apartment-like façade and awning, musicians like organists Seleno Clarke and Nathan Lucas perform, while on the weekends a D.J. spins a mix of hip-hop and jazz a floor below. The extensive jukebox on the first floor is loaded with classic and modern R&B. As patrons at the bar are often called up to perform a song or two with the band,
Read more: Perk’s – - Harlem – New York Magazine Bar Guide http://nymag.com/listings/bar/Perks/#ixzz0hsFfGpvi
Various people in all countries take the personal loans from various creditors, because it is comfortable.
The great thing is that it did not cost us a dime to offer this program and we do not have to administer anything – the program runs itself. Employees just log onto the website, pick their destinations, and sign up for the service. At the beginning of every month, an EFT hits their personal bank account and pays for their vacation.