The workplace programs, tools and supports that employees value have changed over the last four years, leading many employers to pause certain office perks, such as table football or fancy coffee bars, to focus on offerings that can make a difference in employees’ everyday lives.
“While no one can say employees won’t enjoy a foosball table in the office, that’s probably not the perk they’re thinking of in terms of creating connectivity in the workplace,” says Kim Siddall, national vice-president of client strategy at People Corporation. “There’s more perceived value in that to the employer than there really is to the employee.”
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She notes a recent survey by People Corporation found the rising cost of living has resulted in increased stress among employees, many of whom are hoping to see their employer add perks that can help offset the impacts of inflation. Indeed, many viewed short-term savings plans, first-time home buyers programs or help in amassing an emergency fund as extremely valuable.
Discount programs that help employees save on everyday expenses were also highly valued, notes Siddall, adding there are many perk programs employers can leverage that provide savings on daily purchases, such as gas cards, grocery store discounts and savings on car leases or home and auto insurance. She adds these types of vendor preferred-pricing programs don’t bear a high cost for employers outside of an administration fee.
As well, respondents wanted meaningful paid-time-off programs, such as sabbaticals and flexible work policies. “Employees are looking for relief from financial pressures and they’re looking for relief from time pressures. So it’s those things employers should source or implement that will drive engagement.”
When reassessing workplace perks, Siddall suggests employers regularly check in with employees to ask what concerns they have and in which areas they believe they need support the most. Still, it’s not enough to have a great lineup of perks, she says, adding employers should ensure they’re getting the message out about the support tools from which employees can draw. She suggests they create a hub that hosts information on all their benefits and perk programs.
“If there’s an employee intranet site, for example, you’ve got your employee assistance program contact information there. You’ve got a link to the benefits booklet. You’ve got a link to the retirement savings program information. You’re housing it all together, [and] making it easy for people to find information.”
She also suggests employers find ways to connect their benefits communications to different themes — such as using the company newsletter to highlight financial wellness benefits, tools and perks during Financial Literacy Month. “You can bundle everything up and then people can take what they need from it.”
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