We’ve all heard the phrase that there’s more to compensation than our paychecks. Meaning that perks and benefits play a huge role in total compensation. Benefits are usually defined as non-wage compensation. In some places, they are mandated by law (examples include health insurance, sick pay, vacation, etc.) Perks are typically non-standard benefits that might be unusual in nature or limited to certain positions. Examples of a perk might be an auto allowance, dry cleaning expense reimbursement, or flexible work schedules.
Both perks and benefits can vary greatly by job, industry and even region. I once worked at a hotel that was allowed to break dress code during the summer months. It was a perk of working in a sub-tropical climate.
Today’s infographic, courtesy of Jobvite, explores the perks and benefits that employees are looking for. I must admit that I was a bit surprised at the results. Check out where free food and gym memberships are on the list.
But the real gem in this infographic is the general trends in tenure section. This will give organizations some insight into how long employees are staying with companies. And if employers want to change this trend, some strategies for doing it (i.e. connecting perks with tenure).
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Jason Cavness says
One way I believe companies should provide benefits is to let the employees select. For example, come up with a benefits budget that applies equally to all employees. We will say that amount is $12,000 per year. Each employee would then choose what benefits they wanted. Whatever is selected is fine as long as the total cost does not go over $12,000 per year.
Sharlyn Lauby says
Hi Jason. Thanks for the comment. I remember years ago the concept of letting employees choose their own benefits package being very popular (cafeteria plans.) Maybe it will make a comeback.
Emily says
I think perks are crucial for attracting people entering into the workforce in order to remain competitive. In addition to perks its important to have a productive company culture, too. While a gym membership might be great, communicating effectively with your team is vital. Here’s a blog on what millennials expect out of their workplace: http://vingapp.com/2-communication-skills-in-the-workplace-millennials-expect/
Sharlyn Lauby says
Thanks for sharing!