Employee Perks: Just How Vital Are They?

By law, employers are not required to offer employee perks (or benefits as they are also known), they are however required to offer a certain wage dependant on age. However, just because there is no law that states that businesses should have to offer their employees perks, that doesn’t mean that they are unnecessary. 

The fact is that as a business owner, you most probably want to save as much money as possible, after all every business has a budget to stick to. However, if you value your team of employees, it is also important to ensure that they are happy and content in their roles, because if they are not, they will leave and find work elsewhere. 

The majority of employers offer their team members perks because it helps to ensure that they remain loyal to them in the long-term. A vital part of running a successful business is being able to attract and retain employees, which offering benefits can help you to do. Bearing that in mind, the question is: how vital are employee benefits and what makes them so useful?

When people feel valued, they work harder 

Studies have shown that when team members feel valued, they tend to be more productive. This means that they work harder and get more done. Feeling valued by an employer makes people want to work harder to impress their boss, so as not to let them down. Whether you choose to offer your team dental and health insurance or perks like an on-site gym or bar, these benefits can encourage your employees to work that little bit harder. When a team member feels valued, they tend to push themselves more. 

Employees are often happy to accept perks instead of a higher salary 

Perks can often be a great way to reduce the salary rates that new team members or employees being promoted ask for. Sometimes you aren’t able to increase a team members salary, but you do have the means to offer them a range of benefits instead, such as health, life and dental insurance, additional annual leave, or a range of sought-after on-site facilities. If it isn’t affordable to raise a team member’s salary, but you want to ensure that they know how valued they are, offering them certain benefits can be the answer to doing that. 

Perks make retaining employees easier 

It isn’t always easy to retain employees for the long-term, especially when there are other companies offering competitive packages. However, by offering a range of benefits to your team members, you can make holding onto them easier. This is especially true if you choose to get creative and offer some perks that few other companies offer, such as dress down Fridays, free breakfasts, pizza night once a week, and pet-friendly working environments. When it comes to the perks that you offer, the more creative you can be, the better. 

The fact is that employee perks are a vital part of running a prosperous business that is able to get its hands on the best talent in the area and retain the team that it already has in place.