Employee Perks vs. Benefits | GoGoPerks

Employee Perks vs. Benefits

Employee Perks vs. Benefits

Noting the high percentage of employees that prioritize perks and benefits, it's left many wondering what mixture employers should offer to attract and retain today’s workers. To help answer this complex question, we'll look at the difference between them and how they can immensely impact the workforce. We'll delve into each group of offerings and reveal their unique roles and implications. By the end of this post, you'll hopefully have a clear understanding of the importance of perks and benefits, and know the correct mixture that you'll need to employ to create and support a happy and motivated workforce.

North American employee stats

  • 60% think perks and benefits play a vital part in deciding whether to apply for a position.
  • 69% would be more loyal to their employer if they were offered a wider range of perks and benefits.
  • 72% would be more satisfied with their jobs if they were offered better perks.

Importance of employee benefits and perks

In the modern landscape of talent acquisition and retention, employee benefits and perks have become critical factors for both employers and job seekers. By understanding their importance, businesses can craft compelling packages that not only attract new talent but also nurture a loyal and engaged workforce.

High-ranking perks

Employee perks are additional non-monetary incentives and privileges offered by companies to enhance the workplace experience and foster employee satisfaction. While perks may not directly impact financial security, they can provide considerable savings and contribute to a positive work culture, boosting employee morale.

  • Flexible Work Hours: Allowing employees to have more control over their work schedules, which can improve work-life balance. Flexible work hours enable employees to align their work hours with their peak productivity times and personal commitments.
  • Pet Insurance: The popularity of this perk may seem surprising to some, but many companies are now acknowledging just how important pets are to today’s workforce. In North America, 68% of households own a pet.
  • Perk Programs: By joining a perks platform you can extend a board range of incentivized offers that your employees can easily access and enjoy. Things like: live event tickets, shopping deals, discounted golf, travel offers and services. Savings like these truly add up over time, and enable your workforce to experience new fun things.
  • Remote Work Options: Offering the flexibility to work from home or other remote locations, providing convenience and reducing commuting stress.
  • Professional Development: Supporting employees in enhancing their skills and knowledge through workshops, seminars, or tuition assistance programs. Professional development opportunities not only benefit the employees' growth but also contribute to the company's talent pool.
  • Wellness Programs: Providing gym memberships, wellness workshops, or mental health support to promote employees' physical and emotional well-being. Wellness programs can reduce healthcare costs and absenteeism while boosting employee engagement.
  • Employee Recognition: Acknowledging and rewarding outstanding performance and achievements, fosters a sense of appreciation and motivation. Employee recognition programs can include awards, bonuses, or public recognition.
  • Office Amenities: Creating a comfortable and enjoyable work environment by offering amenities like: on-site cafes, free drinks and food, game rooms, or relaxation areas. Office amenities enhance the overall workplace experience and can attract potential talent.
  • Transportation Benefits: Offering subsidized or free transportation options, such as bus passes or parking reimbursements, to ease employees' commuting expenses.

High-ranking benefits

Employee benefits refer to the compensation, rewards, bonuses and protections that an employer offers beyond the regular salary. These benefits are aimed at supporting employees' overall well-being, both professionally and personally.

  • Health Insurance: A crucial benefit that covers medical expenses, ensuring employees and their families have access to quality healthcare.
  • Retirement Plans: Pension savings that help employees plan for their future and financial security after retirement. Some employers may also offer matching contributions to encourage employees to save more.
  • Paid Time Off: Vacation days, sick leaves, and holidays that allow employees to take time off to rest, recharge, and tend to personal matters. Paid Time Off ensures a healthy work-life balance and helps reduce burnout.
  • Disability Insurance: Provides income protection in case an employee is unable to work due to illness or injury. Short-term and long-term disability insurance can help replace a portion of the employee's income during their absence.
  • Life Insurance: Offers financial protection to employees' families in the event of their untimely demise. It provides a lump-sum payout to the designated beneficiaries.
  • Parental Leave: Paid or unpaid leave provided to employees who are becoming parents through birth, adoption, or foster care. Parental leave allows employees to focus on their family responsibilities without worrying about work obligations.

Employee engagement and motivation

While perks contribute to employee satisfaction and can boost morale, their impact on long-term employee engagement and motivation may vary. Perks often provide immediate enjoyment and may enhance the overall work experience, leading to increased happiness and productivity in the short term. However, if the core benefits are lacking, employees may not feel fully committed to the company in the long run. Benefits, on the other hand, foster a sense of loyalty and commitment as employees recognize the company's investment in their well-being and future.

Final thoughts

Both employee benefits and perks play crucial roles in attracting, retaining, and motivating employees. As companies continue to adapt to the evolving needs of their workforce, it's essential to leverage the services of platforms like GoGoPerks. We understand the significance of employee well-being and satisfaction, and that's why we extend our Canadian perks platform at no cost to organizations like yours. By partnering with us, we'll wrap our offering up for your organization in a private perks site, so your employees can access a wide range of perks and discounts. This creates an attractive and rewarding work environment, at no additional cost to your company.

Are you looking for an impactful way to energize your team and reimagine your corporate culture? If so, join the GoGoPerks community for free, to provide your organization with access to exclusive perks. Find out more