Attracting Talent: Employee Perks Programs
Posted January 22, 2018 by
Industries are facing a shortage of talent. To a certain extent, this statement seems to apply at all times, but it’s especially relevant now. Research from ManpowerGroup found that the talent shortage across industries is at its highest — 40 percent of employers globally say they’re experiencing difficulty filling jobs — since 2007, according to TechRepublic. The demand for IT personnel particularly has skyrocketed.
However, it would be a mistake to think that white-collar, degree-demanding jobs typify the current talent shortage, according to an article from HR Dive.
Employment experts say the skills gap may be even more pressing for decent-paying jobs that don’t require any college at all. The National Association of Manufacturers (NAM) predicts that U.S. companies will face 2 million job vacancies by 2025. And the American Welding Society contends that manufacturing industries will need 300,000 welders and welding instructors by 2020. Technology has replaced some jobs and made others obsolete.
Employee perks programs represent one way that companies can attract talent and build recruitment strategies. Employee perks programs will not only bring talented workers to organizations, but these programs can reinforce performance and retention. Business Insider reported that more than half (57 percent) of all workers say perks and benefits are among the top things they consider when examining a job, and nearly 80 percent of employees would prefer new benefits over a pay raise.
Popular Employee Perks and Benefits
- Profit Sharing: “Whether this is a quarterly bonus or it’s doled out at the end of the year, profit sharing will get your employees invested in your company’s success,” according to Forbes. “When people feel a direct benefit from your company’s profitability, they work harder and more efficient.”
- Gym Membership: Free or discounted gym memberships can help employees stay healthy and motivated. Also, “healthy employees cost you less, and they work harder,” Forbesreports. Reebok connects their brand with this benefit by offering an on-site gym with Crossfit classes, according to Glassdoor.
- Holiday PTO: Additional time off during a busy time of year can boost morale and help employees begin the new year with more energy.
- Off-Site Events: “While it’s a great way to build team unity and show your employees that you care, it’s also a great recruiting tool,” according to Forbes. “Let’s say you go go-karting, shoot a round of golf, or host a summer barbecue — you’ve got that many people taking pictures and posting it to social media, showing all of their friends and relatives just how great your company is.”
- Education Subsidy: Educational perks like tuition reimbursement programs can help employees pursue growth opportunities, and they can add value to the company. Verizon offers employees up to $8,000 in tuition reimbursement every year for classes that are related to the business. At Proctor & Gamble, up to 80 percent of tuition and fees are reimbursed (up to $40,000), according to The Balance.
- Company-Sponsored Sports Teams: “Another potential team-building and wellness program: Having a group of employees form a city league team is a no-brainer as a perk,” according to Forbes. “When the company sponsors the team (jerseys are a good idea), you get the advertising along with all the other benefits.”
- Free Food: Google employees get healthy food for breakfast, lunch and dinner (if they stay late) for free, according to Inc. Coffee and juice bars are located throughout the campuses as well.
- PTO for Community Service: Salesforce employees receive six days of paid volunteer time off annually, as well as $1,000 a year to donate to a charity of their choice, according to Business Insider.
- Extended Maternity/Paternity Leave: At Google, new dads receive six weeks of paid time off, moms can take 18 weeks off and employees’ stock continues to vest (and they continue to receive bonuses) while they are on leave, Inc. reports. At American Express, mothers and fathers receive up to five months of fully paid leave, and birthing mothers receive an additional six to eight weeks off for paid medical leave, Business Insider reports.
Pursuing a Career in HR or Business
Employee perks programs can help with attracting and keeping talented employees. An online bachelor’s in business administration (available with a concentration in human resource management), online applied business degree and online MBA from Concordia University Texas can give you the skills you need to succeed in helping organizations thrive. Learn in a flexible, convenient online environment with a schedule that fits your life.