Employee perks beneficial to companies
THE economic recovery means more opportunities and options for career growth. But companies may be faced with the challenge of trying to keep their top performers.
As the economy improves, these workers may look to other positions with better perks and pay.
What can employers do to retain their top talent? According to a survey by Challenger, Gray & Christmas Inc, a global outplacement consultancy, managers may be looking to bring back certain perks or develop new incentives to keep the best employees.
Forty-two per cent of managers are becoming more concerned about other businesses snatching their top performers, while almost 49 per cent of respondents say that “poaching of talent” is a concern all the time.
“Even in a downturn with widespread layoffs, companies still need talent,” says John A Challenger, chief executive officer of Challenger, Gray & Christmas. “In fact, this may be the most important time for employers to hold on tight to their highest skilled workers. However, as the economy improves, companies could be worried not only about other employers poaching their best workers, but also about their top talent actively seeking new opportunities.”
Although 39 per cent of managers had to get rid of perks due to the economic downturn, 18 per cent of respondents have brought back all of the pre-recession advantages. And almost 25 per cent of employers have been able to develop new bonuses to show their appreciation for employees. The top incentives include: performance bonuses, vacation/personal time, flexible schedules, health/wellness programmes, tuition reimbursement, telecommuting or onsite child care/subsidised child care.
“Nice perks alone are not enough to instil worker loyalty,” says Challenger. “But in companies where perks are an extension of a corporate culture that views its workers as partners or team members and not cogs in the machinery, employees are more likely to feel valued, engaged and happy.”
A little encouragement and some perks can go a long way for employers. If a manager can’t afford to give out bonuses, offer flexible scheduling or telecommuting options.
