Home » CEO Briefing Newsletter » Company Perks Are Key to Employee Retention

Company Perks Are Key to Employee Retention

Employees love perks, and an inclusion of some extra pluses may be enough to keep your employees hanging around even when times are tough. Perks, or discretionary benefits to employees, are not given to everyone and thus can make employees feel valuable and supported by their employers. Everything from the option to telecommute to charitable gift matching programs may hold more sway than CEOs give them credit for.

Times are tough, but companies need to resist the urge to take away employee perks in order to save a few dollars.  It turns out that employee perks (not expected benefits like health insurance) are instrumental in an employee’s experience.  Knowledge@Wharton explores the ins and outs of this extra form of compensation.

The ability to tailor working environment is something that most employees would be hard-pressed to give up – assuming they like their job and coworkers.  Keeping perks should help to retain important employees and may even increase employee engagement across the board.

And, importantly, perks also don’t have to be expensive – flexibility is a perk that is popular with employees.  With new technology, many jobs can be done from anywhere and employees appreciate the option to telecommute occasionally. As long as the work gets completed, the company isn’t spending any money and your employees feel supported, trusted, and valued.  Knowledge@Wharton also suggests mentoring as a free, but welcome perk.

At the end of the day, perks make employees happy and if you’re employees are happy they should be more engaged and productive.

Read: A Recession for Perks? What Companies Offer and What Employees Want

About Chief Executive

Chief Executive magazine (published since 1977) is the definitive source that CEOs turn to for insight and ideas that help increase their effectiveness and grow their business. Chief Executive Group also produces e-newsletters and online content at chiefexecutive.net and manages Chief Executive Network and other executive peer groups, as well as conferences and roundtables that enable top corporate officers to discuss key subjects and share their experiences within a community of peers. Chief Executive facilitates the annual “CEO of the Year,” a prestigious honor bestowed upon an outstanding corporate leader, nominated and selected by a group of peers, and is known throughout the U.S. and elsewhere for its annual ranking of Best & Worst States for Business. Visit www.chiefexecutive.net for more information.