Glossary of Human Resources Management and Employee Benefit Terms
Employee perks are additional benefits or incentives employers offer employees on top of their regular compensation package. These perks are designed to help attract, retain, and motivate employees by providing additional value and rewards beyond their base salary.
Employee perks are additional benefits or rewards companies provide their employees beyond their basic salary, wages, or standard benefits such as health insurance, retirement plans, and paid time off. Employee perks can come in various forms, such as free meals, gym memberships, childcare assistance, tuition reimbursement, and more.
Companies offer employee perks to attract and retain top talent, improve employee morale and motivation, and increase job satisfaction and productivity. By offering additional benefits beyond the standard ones, companies can differentiate themselves from competitors and create a positive work environment.
Some examples of employee perks include:
Employee perks can significantly affect employee satisfaction by:
Employee perks should not be considered a substitute for a competitive salary. While employee perks can enhance job satisfaction and motivation, a competitive salary is still the primary factor that employees consider when evaluating job offers. Companies should strive to provide a balance of competitive salaries and benefits to attract and retain top talent.
Running an employee perks program requires careful planning and execution to ensure its success. Here are some steps you can follow to run an effective employee perks program:
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.