In today's competitive marketplace, employers are extending a wealth of benefits to lure qualified candidates to their vacancies. Yet, with recent announcements of extensive layoffs in light of an economic downturn, businesses are reevaluating their budgets, pondering which perks truly yield a return on investment (ROI).
Fitness Reimbursement – many companies offer to their employees a reimbursement for anything related to physical activity. This can be the purchase of a stationary bike, gym membership, kayak, snowboarding season pass, trainer, nutritionist, books on training, etc. It is estimated an overall ROI of $1.50 for every dollar an employer invests in wellness. Typically employers will deal with less sick days and a reduced use of health care/insurance.
Bike to Work Equipment and Supports – Many companies have bike lockers inside of a locked, dry building to support their employees in biking to work. This is a benefit for the employee in promoting fitness, reducing carbon footprint, and reducing the stress of not having to find a parking spot. Employers have said those that bike to work are 89% more energized than others.
32-Hour Work Week – The effectiveness of a reduced workweek without cutting workload remains debated. While an excellent tool for recruitment, its impact on productivity and business operations warrants further exploration.
Volunteering and Matching Donations – this may speak volumes about really listening to your employees and seeking to understand the causes they value and support. This increases employee engagement by 7.5%. However, it tends to be an underutilized benefit.
Flexible Schedule – All hail the flexible schedule. Granting control over work schedules leads to fewer unscheduled absences and lower turnover, ultimately saving costs for the employer.
Remote and Hybrid Work – Allowing employees to work from home or adopt a hybrid model not only saves them considerable commuting costs but has also been shown to enhance productivity.
Many employee perks can offer significant ROI for employers. The key to success lies in well-crafted policies and clear guidelines for these benefits. Moreover, most of these perks are relatively cost-effective to implement, making them accessible for a wide range of businesses. Ensuring these programs are well communicated and aligned with both employee needs and business objectives will maximize their effectiveness and contribute to a positive and productive work environment.
