Perks Of The Job: What Are They?
Have you heard the expression, “perks of the job” before? You might be wondering what that might mean. Well, a perk is an advantage or something extra you are given for doing your job. Importantly, it is over and above your salary.
So, what kinds of things count as perks? While not absolutely comprehensive, here are some examples.
Paid subscriptions (e.g. English lessons or gym memberships)
Medical insurance
Performance-based bonuses
Travel incentives
Generous amount of paid time off
Flexible working hours
Option to work remotely
Free meals, such as work lunches
Our short list here just shows a small number of examples of perks. For an extended list, Indeed lists 25 perks that top tier companies offer.
But which perks do most people desire? Gartner, a research and advisory company, surveyed 10,055 employees to find out. Responses showed that 55% suffer significant financial anxiety. Also, 57% feel pessimistic about how financial pressures will progress. As a result, many people value perks that are related to greater financial stability. They also want upskilling opportunities as perks.
Medical benefits are also important as it means less cash in pocket for people as they don’t have to pay for medical bills and doctor’s visits from their earnings.
So, while free lunches can be lovely, they are much less favoured than long term financial perks. For example, offering a clear and achievable path to promotion and the option to buy stocks.
Perks of the job that are popular have changed a lot over the past few decades. In the 90’s, having a big office with scenic city views was aspired to. Nowadays, many of us are happy to hot-desk in the office and then have a few days each week in our home office. No need for a view!
A pot plant on each desk would be great, though. Greenery soothes the soul.
Free coffee should be an absolute. A company that cannot afford coffee very likely cannot be a functioning business.
At the end of the day, perks can help keep employees happy, valued and motivated. Especially if they align with current research into what staff actually want and value. While a company may feel that staff will want wellness apps, research shows they presently value financial perks and medical insurance.
Discussion
Which perk do you like the most?
What perks does your company offer?
How much annual leave is usual where you live?
If you could change something about your job, what would it be?
How much do perks of the job affect an employee’s motivation?
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