When it comes to the annual performance review, every employee anticipates a handsome pay rise, given the employee’s impressive performance. However, in most companies, the pay rise is often less than desired, creating unpleasant situations. The situation can be remedied and even turned around if the company offers alternative benefits that are more than just a pay rise.
Difference Between Employee Perks and Benefits
Employee benefits are essentially monetary benefits that are part of their income; this includes health insurance, savings for retirement and transportation costs. On the other hand, employee perks are mostly non-monetary rewards or incentives on top of the salary.
This blog seeks to engage readers in how companies can offer employee perks or job benefits to employees not restricted to paying alone. It is meant for decision-makers and employers who want to create an amicable scenario where both parties have a win-win situation. Here we look at ways in which companies can offer such benefits or corporate perks for employees:
Employee Perks Not Restricted to Pay Alone
- Wellness Programs
An employer should seek to provide their workforce with employee healthcare benefits that are holistic in nature. It calls for providing benefits that affect their physical, emotional, and psychological well-being. Companies must take the initiative in broadening the range of options available to the employees. It need not be gym memberships alone but a whole lot of options like spiritual retreats, yoga, counselling sessions, and a whole lot more. These need not be provided as cash allowances but rather offered as reimbursements to the employees after opting for such avenues.
- Flexible Work Schedule
Any employee working hard for the company needs to be given the flexibility of choosing their work schedule. It needs to be a combination of remote working and office put together. If the employees are feeling overworked then the company should take approriate steps to help them. The employee needs to be empowered enough to choose their working environment, depending on the workload. For instance, if there are client visits, employees must ensure they are present. Alternatively, if there are internal meetings, there needs to be flexibility on the company’s part.
- Professional Development
Every motivated employee seeks to grow while remaining in the company. The company needs to identify this and create a nurturing environment where career growth is actively facilitated. A company must be able to create a learning culture within the company. Also, whenever an employee takes the personal initiative in taking professional courses from outside the company to improve their repertoire of skills in their current role. The company must acknowledge such actions and reimburse course fees for such employees. It will improve the level of trust and confidence the employee has towards the company.
- Volunteer Time
While working for a company provides financial incentives. But some employees look for more emotionally rewarding experiences in their lives. Keeping such employees in view, the company should actively enrol employees to take part in social and environmental causes by partnering with organisations working in such domains. Through regular participation, the employee not only experiences emotional enrichment; they also start believing they are part of a philanthropic community and not a company. Moreover, the company is also able to fulfil its share of CSR activities.
- Alternate Designation
At times, an employee may be fulfilling a multitude of responsibilities and still getting designated as just an “executive. In other words, they are not getting the necessary attention or acknowledgement from the organisation. It may create a sense of discontent within the employee. In such cases, a monetary intervention is not the solution. The employees need to be given the attention they deserve by giving them an alternate designation that fits their assigned role well. Instead of just being called an ‘executive’, they could be reassigned as ‘specialist’ or “domain expert” depending on the role’s responsibilities. It can go a long way in ensuring the employee has established credentials to show in their resume improving their career prospects along the way.
- Childcare Facilities
When it comes to working parents, they find it tough managing their kids in their absence. A company can note the problem and create space within the organisation or extend a helping hand. The company can create creche facilities within the premises of the organisation. Alternatively, if there is a substantial number of working parents, they can tie up with a privately-run childcare facility to subsidise the existing fee. Establishing such mechanisms can help create deep emotional bonds with the employees where they are likely to stay back for long with the company.
Conclusion
An organisation must always be a step ahead in gauging the sensitivities and concerns of their employees. When an organisation starts behaving in this manner, they are likely to be rewarded with increased trust and confidence from their employees. Above all, employers must understand that employees are not always looking for a pay rise. They are often looking out for a compassionate and understanding friend who can help them out when they need it the most.
