September 6, 2022
5 min.
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When your company is pulling together a competitive total rewards package, base pay, equity, and benefits all play a role — but perks are just as important as ever.
Competitive tech companies have shown the value of those extra incentives that are a cherry on top of a great compensation package, and help employees feel that they can live a more rounded and quality lifestyle.
Sometimes the cost of the perk doesn't matter as much as the perceived value of it. Offering a variety of perks that appeal to different people increases the likelihood that every employee will use company perks to their full advantage.
We've pulled together a list of some of the most popular employee perks within a competitive total rewards package, complete with original data and insights.
For employees increasingly working off-campus, flexible incentives are the perfect way to encourage a healthy lifestyle based on an employee's specific needs. Data from Agora shows that companies spend up to $1,000 a year per employee on average for wellness initiatives.
For example:
Offering mental health benefits has become an increasingly important factor in the workplace, and is a top concern for Millennial and Gen Z employees. In fact, one recent study found that 73% of employees and 81% of managers would more likely stay at a company that offered high-quality mental health resources.
Here are some perks your company can offer:
Working remotely versus in the office is still a contentious and ever-changing goal post for many companies. 63% of employers in 2022 offer most of their employees a hybrid work model. Increasingly, many employees don't want to return to the office at all — but some still miss the camaraderie and mentorship opportunities it offers.
Whichever way your company decides to go, offering some degree of flexibility can satisfy all parties and make your company one people want to stay with.
Some ideas include:
Developing employee talent is a great way to help team members grow within their own personal skill set and within the organization. In fact, as of 2022, 65% of employers offer some kind of professional and career development perks.
Some ideas include:
Branded swag like mugs, t-shirts, and notepads are a perfect welcoming gift to onboard employees and help them feel like they’re a part of the greater team. Check out places like Design Like Whoa, Creative MC, Swag.com, USImprints, and Brandvia for a variety of options.
Just like with other comp components, putting together a package of great perks is just the beginning — conveying the value and availability of all those perks is equally important when closing candidates and retaining employees.
Most candidates and employees never get to see — much less understand — the full value of their total rewards packages. Many companies are now turning to compensation software tools like Agora to communicate total rewards and boost employee hiring and retention.
From demystifying compensation to showcasing top perks, we’ve got you covered. Want to see how it works? Schedule a demo with our team.
Simplify your compensation practices and effectively communicate total rewards to your people.