Employee perks or discount schemes have become popular employee benefits, as they provide employees with the opportunity to save money on products or services they would otherwise purchase. The current economic climate has seen some organisations choosing to cut office perks as a cost-cutting drive but is this a knee-jerk reaction and should companies focus on talent retention? Let’s look at what’s popular in employee perks and the generational value placed on them.
It's important to note that the popularity of employee discounts can vary depending on the specific company and its employees. For example, a company with a large number of employees in the tech industry may find that technology discounts are particularly popular, while a company with a high number of employees in the travel industry may find that travel discounts are more highly valued.
Some common types of employee discounts include:
1. Retail discounts: Employees may receive discounts on products or services from popular retailers such as electronics, clothing, or home goods.
2. Technology discounts: Employees may receive discounts on technology products such as laptops, smartphones, or software.
3. Travel discounts: Employees may receive discounts on travel-related expenses such as airfare, hotels, and rental cars.
4. Food discounts: Employees may receive discounts on meals, snacks, or other food items, either on or off-site.
5. Entertainment discounts: Employees may receive discounts on tickets to cinemas, family pass to the zoo, or other entertainment venues.
6. Health and wellness discounts: Employees may receive discounts on gym memberships, health supplements, or other wellness-related products or services.
7. Education discounts: Employees may receive discounts on tuition and other education-related expenses.
8. Home goods discounts: Employees may receive discounts on home furniture, appliances, and other household items. This was hugely popular during the pandemic years with companies supplementing the set-up of a home office.
9. Pet-related discounts: Employees may receive discounts on pet-related products or services such as pet food, grooming services, or veterinary care.
10. Outdoor gear discounts: Employees may receive discounts on outdoor gear and equipment such as outdoor clothing or bike accessories.
Employers should assess the types of discounts that are most valuable to their employees and consider offering a mix of discounts that align with their employees' needs and interests. Perks can be important to employees as they can enhance their overall job satisfaction and work-life balance. Some employees may value certain perks like flexible working hours or WFH more than others, and some may prioritise other benefits such as salary and job security over perks. Ultimately, the importance of perks as an employee benefit can depend on the individual employee and the specific company culture.
In addition to enhancing job satisfaction and work-life balance, perks can also serve as a valuable tool for attracting and retaining employees, particularly in competitive industries. By offering a comprehensive package of benefits, including both traditional benefits such as health insurance and pension plans, as well as unique perks, a company can differentiate itself from its competitors and demonstrate its commitment to the well-being of its employees. This can help to increase employee loyalty and reduce turnover, which can result in cost savings and improved organisational stability.
Employers should also consider the demographic makeup of their workforce. For example, younger employees may place a higher value on technology-based perks such as the latest devices, while older employees may place a higher value on benefits that support their overall health and wellness.
Who places the highest value on office perks?
Millennials make up the largest demographic of our workforce (According to the CSO Labour Force Survey 2021). In general, millennials are often more focused on work-life balance and are more likely to seek out employers that offer flexible work arrangements and opportunities for personal and professional growth. Perks such as flexible work hours, and telecommuting / WFH options may be particularly appealing to millennials, as they provide a level of control over their work schedule and allow for greater work-life balance. Additionally, millennials are often more focused on their health and well-being and may place a high value on perks such as wellness programs, healthy food options, and gym memberships.
However, it's worth noting that the importance of perks can vary greatly among individuals and is not limited to just one generation. Employers should strive to understand the unique needs and priorities of their workforce and offer a comprehensive package of benefits that are tailored to their employees.
While millennials may place a higher value on certain types of perks, older generations are not immune to the appeal of these benefits. For example, flexible work arrangements can be beneficial for employees of all ages who have caregiving responsibilities or are looking for more control over their work schedule. Also, wellness programs and health benefits are often seen as important by employees of all generations, as they can help to improve overall health and well-being. It's also important to keep in mind that the priorities of different generations can change over time, as individuals experience different life events and stages. For example, an employee who is just starting their career may prioritise flexible work arrangements and professional development opportunities, while an employee who is nearing retirement may place a higher value on retirement benefits.
In conclusion, it is important for employers to understand the unique needs and priorities of their workforce and to offer a package of benefits that are tailored to their employees. Offering a mix of traditional benefits and unique perks can help to increase employee engagement, boost morale, and support the overall well-being of employees.
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