There’s no doubt many employers have upped their benefits game in recent years. With everything from dogs in the office to catered lunches and corporate shuttles, unique and surprising benefits have become the norm.
We recently released the Top 20 Employee Benefits & Perks, showcasing 20 companies that provide perks and benefits that go beyond the basics, with life coaching services, egg freezing, free amusement park passes and more. Check out the full results, according to Benefits Reviews on Glassdoor, shared by employees.**
How much do these benefits matter?
Besides these benefits just being fun (improv classes, anyone?), what’s the real draw for companies to implement similar programs and benefits at their companies?
With nearly 3 in 5 (57%) people reporting benefits and perks being among their top considerations before accepting a job, it’s clear that benefits help companies initially attract talent and get them in the door. Adding to this, 4 in 5 employees also say they would prefer new benefits over a pay raise.
But do benefits help you retain?
There’s no doubt about it, employee benefits and perks do matter when it comes to recruiting and retaining talent, but the impact benefits have in the recruiting game versus the employee retention game differs.
According to Glassdoor Economic Research, culture and values, career opportunities and senior leadership are the most important factors in cultivating employee satisfaction, which can directly impact employee retention. Thus, while benefits and perks are a great way to get employees in the door and interested in a company, they’re not among the leading factors that keep employees satisfied on the job and with a company long-term.
So what does help employers retain?
While flashy new benefits may not help you retain your employees in the long run, we took a look at the benefits and perks that actually encourage employees to stick around -- and we’ve found the top five include:
- Healthcare insurance (e.g., medical, dental): 40%
- Vacation/Paid time off: 37%
- Performance bonus: 35%
- Paid sick days: 32%
- 401(k) plan, retirement plan and/or pension: 31%
Moral of the story: ensure the benefits you’re offering at your organization are closely aligned with your company’s mission and values, and with what your employees are actually asking for. While flashy perks may be an initial attractor, benefits that demonstrate you are investing in your employees and their well-being that will make you a great company to work for long term.
**This list was determined by identifying some of the more unique benefits employees are enjoying at companies, based on the hundreds of thousands of benefits reviews shared by employees on Glassdoor since August 2014, when the Benefits Reviews feature launched. Each company’s Benefits Rating is based on at least 20 benefits reviews shared on Glassdoor by employees as of January 28, 2016. *Indicates a Benefits Rating based on less than 20 benefits reviews.The intent of this report is to highlight companies with some of the more unique employee benefits and perks. This is a sample list of benefits and perks, as reported by employees themselves. Some of these benefits are also employer verified on Glassdoor.
