Corporate culture has changed a lot when it comes to employee retention and perks. Gone are the days of Christmas bonuses and gold watches. Now, the competitive climate of recruitment is rethinking the way businesses handle corporate perks.
There are 20 corporate perks that are essential for 2020. Creating a strategy for corporate recognition that includes most of, if not all, of these options gives you a head start on the competition. Check out these must have perks before you delve into the talent pool of applicants again.
Health and Medical Perks
One of the biggest concerns employees face is the health of both themselves and their families. When those needs are not met, it can be a major distraction that takes away from their productivity. That’s why now is the time to set up perks that take that burden off their shoulders.
A sick employee usually performs under your expectations, yet they almost always seem to show up. A good reason for this is fear that they may be punished for taking care of their health first. What companies that refuse these days fail to understand is the effects on both business and morale may be greatly improved with a policy of sick days. More than just sick employees, not having a virus or possible contagion get loose in the office space also saves time, as well as money for everyone involved.
In somewhat of the same vein as sick days, unlimited PTO offers a broader approach to company care. The expectations of limiting time off has long been a thorn in the side of officials, but it pays to learn more and achieve a better plan towards the issue. In many cases, the best way to use it is in conjunction with goals or conditions met. For example, if an employee completes a major project and receives client approval, they could reasonably ask for a week off to recharge their batteries—at the very least an extra day of the weekend. Unlimited employee has been shown to strengthen employee loyalty.
3.Free Medical Clinics
Company health is a proactive endeavor that has a profound preventive effect. Company sponsored free medical clinics and health fairs are a great way to teach employees about good health, while also giving them a chance to check blood pressure and similar concerns. The events can also be a way for your employees to extend a healthy lifestyle to friends and family; by inviting them to bring guests, the benefits outweigh any additional costs.
At certain points in the year, a flu shot clinic also makes sense. First and foremost, it keeps your employees healthy. It also ensures that the entire workforce is ready to withstand anything the flu season brings as other companies struggle with a lack of productivity.
4.Reliable Health Insurance
Every employee has worried about health insurance at some point in their career. For employees without any insurance, the possibility of being one bill away from bankruptcy absolutely shakes a person to their core. You can help them lose this fear and be healthy with a reliable health insurance plan. Not all plans are equal when it comes to health care concerns. Arguably one of the biggest concerns is a plan that doesn’t cover any prescription drugs. While hospital stays are crucial to coverage, it is often the medication that keeps an employee healthy and avoids those expensive stays.
5.Maternity and Paternity Leave
Having a child is one of the most life changing moments for anyone, but when work concerns linger it might just be stress inducing as well. When considering expectant fathers and mothers, there should be some clear plans in place for leave. Don’t forget the fathers when you plan out leave guidelines because they need some time with the new addition to the family as well. Although it is a fairly new concept among baby related leave policies, these additions matter to everyone.
One of the aspects of health care that really deserves consideration is living a healthy lifestyle. Perks available to employees should cover or include gym memberships. This exciting idea gives employees a place to get out those stressful feelings, improve elements such as heart rate, and build a wellness regimen that reaps rewards over time. While gym plans and amenities vary, even the basic choices can provide a better level of health.
Fitness plans can also include a nutritionist or dietitian to help improve eating habits. Everyone knows that unhealthy heating habits contribute to a lot of health issues. In addition to obesity, some of the other concerns are diabetes and heart disease. You would be surprised at how many employees actually want something like this to help them learn better eating options and new ways to control weight. When it comes to those employees involved in weight loss, this becomes even more of a bonus that keeps them motivated as they reach goals.
7.Substance Abuse Treatment And Rehab
Substance abuse and similar issues previously were outside the bounds of employer assistance, but there is a growing movement to extend those benefits to employees. Losing a valuable member of the team over something that could be treated in rehab is something that not only seems irrational, but unethical for companies seeking to create a home for their best workers. While some services are inpatient, others are outpatient and allow employees to continue working. For many employees, having the steady work and continuing in the environment with co-workers for support does wonders for their pursuit of a healthy lifestyle.
8.Mental Health Counseling And Care
Another aspect of healthcare that employees often ask for, yet until now, have found little success with in company plans is mental health counseling as well as care. Work can be a stressful proposition, even among the harmonious offices, so mental health care extends far beyond the outdated perceptions of what it means to address mental health. Sometimes all it takes is time for employees to focus on meditation or calming pursuits during the day, other times it entails a full course of treatment under licensed professionals.
How we view the office is changing every day and the results are bringing better productivity to the employers who take a chance on it. While it can be treated as a reward, remote work can also be more than that. In fact, many potential employees looks for work that is completely remote. Companies that refuse to discuss the idea of working remote options lose out on top talent that is embracing the culture.
Remote work, also known as telecommuting, allows the employee a chance to set up their own office and work on-the-go in conditions that fit their lifestyle. When an employee is comfortable they become excited about the work they’re doing; that leads to more work completed with better results in terms of quality. If you’re worried about communication with the employees who choose working remote options, don’t be. Smartphones, text, video chats, etc. make it impossible to miss a conversation or lose out on the level of communication you expect for each worker. It also gives employees a way to connect with other employees as well as those in charge of their selected divisions.
A common issue that robs good workers of their potential and keeps you from meeting company goals is a lack of childcare services. When an employee worries about where their child will be or thinks about issues such as cost of quality daycare, the fear alone can take over a mind that should be concerned about work related projects.
Having a reliable and safe daycare option is something that many employees cite when searching for incentives. Be it full time daycare or after school programs, the benefits in terms of employee success and happiness are easy to spot. While you might choose to restrict this option to only certain workers, it actually provides a better work environment when extended to everyone. In most cases, costs remain fairly similar whether some children participate or a larger group engages in activities. If costs are a concern, another incentive would be to ask each participating employee to pay a small fee that is easily within their budget to cover costs.
Incentive Based Rewards
Incentives have long been revered in the corporate world as a way to build loyalty in the workplace as well as productivity among clients. While this is nothing new to you, the increasing interest in creating entire incentive programs with various levels of rewards is changing the way companies do business. Some of the most popular incentives carry with it a world of culture, excitement, and unlimited opportunities.
11. Incentive Travel
Nothing has grown among the sales incentive concept more than the idea of travel based rewards. Incentive travel gives employees a chance to experience destinations they might otherwise have not seen if left to their own planning. It also takes out the headache of booking and paying for complete trips that can break a budget under normal conditions.
Some companies choose to pick a specific destination for their travel rewards. In certain situations, this prospective destination is used as a motivational tool that is hyped up at every reasonable occasion. The approach also removes the mystery out of what is required of the worker to achieve the goal.
Another approach is to set incentives not based on a particular destination, instead leaving it open ended to the employee’s preference. Only the goals or conditions are set before announcing the incentive to the entire company. In certain cases, you might be more restrictive about this approach as it can become more costly and less of a boost over time. If you choose to address this, make it clear to employees that their are some restrictions. This simple communication with employees might just help avoid any misunderstanding that could make an otherwise great program complicated.
There’s nothing better than providing items that carry the company logo wherever an employee goes. Giving out gear to employees, either as incentives or for everyday reasons is also a convenient choice. From shirts to cups and everything in between, it’s not a hard option to put into play either. When searching for ways to do this that don’t break the bank, look for quotes on the exact items you’ll be purchasing. It’s actually a large market for items that carry company logos and slogans, so there’s no shortage of potential choices.
Discounts have usually been relegated to clubs or subscription based services, but their potential as an incentive is finally being realized. There are several ways you can set up discounts that your employees will use. The first is to approach business to create a discount plan for all current employees and their families. Another approach is to get coupons from a company and distribute them to workers. Under any special deals, unique coupons can identify which employees are becoming regular customers.
A different option is to create a discount plan that can be used online for a variety of products. Each employee is given an unique code or card that can be used at the site you’ve created. Yet another option is to give employees a one size fits all approach that relies on just basic codes and details. You can still keep up with who purchases products and what items sells the best. Of course, the program can be adjusted to meet employee needs or to better reflect their favorite things.
Classes can help improve an employee performance by offering updates on current issues facing the business, they may also cover fun topics outside of company policies. Either way, having access to free learning experiences only adds up to more well rounded individuals. You can also plan to have entire departments take classes together as they create more camaraderie.
15. Group Outings
Speaking of bringing groups together, group outings have become the go-to choice for bonding. You can choose from numerous group events from hour long adventures to full vacations to specialty destinations. Either way, having the company finance these excursions shows a determination towards building a better relationship between workers.
16. Equipment Allowance
Equipment is at the heart of many offices, but not all companies furnish their employees with the tools they need to make a successful environment. An equipment allowance is one way for you to create an even field for all workers in the company. Another way to do this option involves providing staff with certain essentials such as tablets and laptops they need to get the job done.
The Little Things
17. Coffee and Tea
Coffee seems to be the worker’s best friend when it comes to heading into those busy work days. Having coffee constantly brewing and on hard for your employees makes it just a little bit easier to get those important assignments done on time and under budget. Don’t forget that hot tea options go over well. With so many people choosing healthy drinks, teas make a great substitute. If keeping a coffeemaker on site doesn’t seem to coincide with company plans, consider giving out gift cards or setting up an account with the nearest retailer.
Another inventive that pays off for your employees is by providing food to the office. Mroe than snacks in the break room, your company can provide delicious as well as exciting options that are no cost to the people working so hard from day to day. Catering is one of the top incentives put to use and restaurant companies are taking notice. A large number of well known brands in the food industry are even creating catering divisions that provide meals to match even the biggest companies. One of the better aspects is all meals can be adjusted to employees with dietary needs or special considerations without causing a problem for the entire meal.
Money is always on the mind of employees, so it pays off when you can provide something that helps them gain a foothold on those issues. Vesting is basically described as inventing, and it gives employees a sense of control with the help of your company to back them up. A well maintained 401k program is another financial incentive centered around vesting that may help workers feel a sense of comfort about their related concerns they might have. Adding programs that educate as well as inform also helps those in the company make the best choices about their financial decisions. Either way, it’s important to have an open line of communication to make this inventive work.
20. Flexible Hours
Not all employees are comfortable working on a 9 to 5 basis. Flexible hours is one way to approach the issues of employee satisfaction. One of the most common reason to seek flexible hours involves family issues. When acting as a caregiver for adults or provider for children, the normal hours may not be as convenient. Setting up these types of hours is an excellent way to show those employees that they matter as both a worker and a person. Another option for this incentive is to use them from time to time based on changing conditions. For example, a worker may need more time to travel or to reach a client’s goals for any project.
Incentives can make a difference in the relationship between employees and employer. With a range of options available, there’s an incentive that seems tailor-made for the goals you’re trying to achieve. Consider setting up a plan that works with every employee and you’ll reap the benefits in every way.
While you’re here, check out our latest article on corporate team building activities.