Did you know that the average person will spend one third of their lifetime at work? Employers that understand the importance of employee retention, do the best they can to make their teams’ time away from their personal lives as enjoyable as possible. Employers that value employee retention understand a happy team leads to a boost in productivity levels, less turnover, and ultimately, an increase in revenue.
One of the best ways to keep your employees engaged and happy is to provide them with perks that will enhance their lifestyle; both at work and outside of work. This way, when they are at work, they are refreshed and ready to produce excellent work.
Are you unsure of what perks your employees want? If so, you are not alone! That’s why we have compiled this list of the most requested lifestyle perks at work.
The most popular lifestyle perks
In addition to a competitive salary, companies offer perks in exchange for working. Perks are necessary for several reasons but most importantly, it’s what allows you to attract top talent and keep your employees happy. Lifestyle perks specifically are intended to enhance your employee’s lifestyle. Here are some of the most popular lifestyle perks:
Free food. Free food is appreciated by everyone, at every scale. Whether you offer your employees free coffee and snacks throughout the day or treat your team to lunch once a month, everyone can benefit from free food. Several companies dedicate Fridays to free food days. For example, some companies offer Pizza Fridays where the company buys for its employees. Not only is free food a good benefit because it saves Friday’s allow your employees to step away from their desk to bond over something delicious.
Physical Health. Gym memberships and fitness memberships are a popular employee perk that contributes to the well-being of employees. This is an excellent perk, but it’s important to consider the ways your employees prefer to exercise. For instance, some employees might find value in a gym membership while others enjoy cycling classes or yoga.
Mental Health. When employers think of health and well-being, they typically think of physical health first and completely forget about mental health. However, mental health is also essential for the success of your employees. Mental health is important to conquer fears and overcome personal stress and anxiety.
Employees at Medallia, a company in Palo Alto, California, are rewarded cash to help overcome their fears that are either business-related or personal. Some employees have taken advantage of this perk to conquer their fear of public speaking.
Subscriptions. There are quite a few subscriptions that contribute to employee’s downtime outside of work. Some companies cover subscriptions such as Netflix, Hulu or magazine subscriptions. This is a small gesture to show your employees that you appreciate them.
Babysitting/Petsitting. Employees who have children or fur babies at home have a huge burden on them when they are at work. Parents across the country are hustling just to cover childcare costs. Similarly, those employers that leave their pets at home while they work all day have the same burden on them. You don’t have to cover all childcare costs but occasionally it’s a way to help your employees out.
Spa Days. After a long, hard month at work, sometimes all we need is a relaxing day at the spa. Spa days can be pricey, and most people don’t have the extra money to spend on a luxurious day at the spa. Treating your employees to a spa treatment once or twice a year is a great way of acknowledging the hard work they have done!
Financial Counseling. Americans are struggling to maintain good credit scores and to save for retirement. And other debt that has accumulated overtime and may not have ever received guidance on how to manage their finances. Technically speaking, it’s only your job to pay your employees. However, you might be surprised to find out how many employees could benefit from some financial counseling. Optional financial guidance is a great perk to offer to show your team that you appreciate them. This could help them with personal budgeting, savings techniques, investing strategies, retirement planning, debt repayment, and home buying.
Team Bonding Opportunities. Several companies cover lunch outings, sporting events, concerts or other events where employees can come together to bond. Team bonding is important to encourage communication, boosting employee engagement, and enhancing company morale. Employees might be interested in team bonding opportunities but don’t have the means to participate in bonding events. Offering to cover the expenses as a perk is another way to show your employees that you care.
Covered Vacation Expenses. Companies offer paid time off and vacation time, but how likely is it that your team members are taking a vacation? The average American family cannot afford a vacation. It might not be possible for you to cover the entire vacation expense, but you could consider assisting with some of the expenses, such as daily excursions or meal expenses, to show how much you value the employee.
Lifestyle Spending Accounts: dedicated to employee costs
As you can see, there are several popular employee perks out there. Most employers guess what perks their team would enjoy and, as a result, they lose money because not every employee will benefit from the perks that are offered.
Lifestyle spending accounts are a great resolution for those companies looking to offer fun and exciting perks. Lifestyle spending accounts are employer funded accounts that gives employees control of where they spend the money that is rewarded to them. Perhaps the greatest benefit of lifestyle spending accounts is the flexibility! Lifestyle spending accounts can cover all of the perks that are mentioned above! As the employer, all you have to do is approve each expense and talk to your employees about where they can utilize their lifestyle spending account.