10 Luxury Perks to Attract and Retain Employees

Offering luxury perks attracts quality candidates to your business and can reduce your turnover rate. Giving employees non-traditional perks shows appreciation for their hard work. This article explains what perks are, the benefits of offering them and ten non-traditional perks you can provide.

 

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What are perks?

Perks are non-financial offerings your business provides its employees, whereas benefits are a form of compensation that go beyond salary and are usually part of the compensation package you provide employees when offering a job. Common benefits employers include: 

  • Paid time off or sick days 
  • Health and life insurance 
  • Retirement benefits 
  • Long and short term disability insurance 

Additional non-compensation offerings are usually considered perks and provide employees added benefits for working at your company. Offering perks to employees is typically a cost-effective way to show your appreciation for employees. They also help you stand out from other businesses that may offer less impressive perks or none at all.

Related: Employee Incentive Programs: 32 Examples for Your Business

 

Benefits of offering perks

When employees are offered perks, they often feel more appreciated and motivated to complete great work. Common benefits of offering perks to your employees include: 

 

Increased employee retention 

Offering perks shows you care about your employees. When they’re treated with respect and receive perks other offices don’t provide, they’ll typically want to stay with your company. This increases your retention rate, allowing you to keep team members longer as they develop skills, move up in their role and improve the company’s performance. 

 

Attract new employees 

Unique, non-traditional perks help differentiate your business from others. Share the luxury perks you offer in job descriptions to attract strong candidates. These candidates may see how motivated and happy current employees are with the perks you provide, and more of them will want to join your company. 

Related: 10 Recruiting Strategies for Hiring Great Employees

 

Proves your loyalty to employees 

Employees want to know their employer cares about them and that their hard work is noticed. Offering perks that benefit them directly makes them feel more appreciated. To really show that you care about their needs, conduct surveys or directly ask employees what perks they’d value most. This shows that their employer listens and strives to meet their needs. 

 

Increases productivity and motivation

Your employees will feel more encouraged to stay with a company that offers unique perks that help them to stay productive and motivated. This causes them to submit high-quality work that brings in impressive results for your business. 

 

Boosts morale and engagement

Having a business that cares about employees enough to offer them perks makes employees remain positive and engaged. If a few employees are happy after receiving perks, this typically causes a morale boost among other employees, as well, and creates a happier and more comfortable work environment that employees will enjoy being a part of. 

 

10 best non-traditional, luxury perks

Make your perks unique and cater them directly to the wants and needs of your employees. Some of the best luxury perks at work include: 

 

1. Flexible work schedules 

Employees are productive during different times of the day. Letting employees create their own hours and work when they feel the most motivated helps them complete more valuable work. This encourages them to stay productive knowing they must return to a traditional 9 a.m. to 5 p.m. work schedule if they don’t remain on task. 

 

2. Ability to work from home 

Employees that complete most of their workload on their computers may enjoy the flexibility to work from their homes. Remote work saves employees time and money on commuting and allows them to complete their household chores during breaks. Utilize video or business communication platforms to communicate with employees. Some employers prefer to provide employees with the option to either work from home when they please or only during certain days of the week.

 

3. Casual dress code

Businesses relax professional dress codes, especially if employees don’t face clients regularly. Employees who dress casually may feel more comfortable while they work, which typically increases productivity. 

Create a new dress code for employees that lets them dress casually while still looking appropriate for the workplace. If your company sees clients regularly, consider implementing a dress code that includes professional dress but is less formal. 

 

4. Education reimbursement 

Many employees with bachelor’s and master’s degrees use a portion of their paycheck to make student loan payments over the course of several years. If your budget allows, offer student loan assistance by putting extra payments toward their student loan debt. This helps employees maintain a more affordable lifestyle and encourages them to stay with your company longer. 

To show employees your dedication to helping them advance in their career, offer tuition reimbursement. This motivates them to return to school to develop their skills, increase their work performance or be more qualified for leadership roles. 

 

5. Sabbatical or unlimited vacation days

Though paid time off is usually a benefit, unlimited vacation or a sabbatical to travel is often considered a perk. This shows your commitment to a healthy work-life balance, which many employees value. Giving them a sabbatical to travel as they please builds trust, as you’re allowing them to travel an extended amount of time, while trusting that they still complete their work. 

 

6. Match their donations

Matching donations employees make to charities or nonprofit organizations shows your commitment to the community and also encourages your employees to donate. Match their donation amount exactly or even double or triple their donation amount if your budget allows. 

 

7. Volunteer days 

These are days for yourself and your employees to volunteer at different organizations. Not only do you and employees feel good about giving back to your community, but it also improves your public image. Offer your employees paid time off for volunteering on their own or close your business for a day and volunteer together as a team. 

 

8. Health and wellness incentives

Some employees commit to staying fit and appreciate employers who encourage a healthy lifestyle. Investing in their wellbeing also shows them you care. Provide wellness incentives to keep employees healthy like healthy eating contests. Award winners prizes like gift cards or bonuses. Other ways to encourage healthy lifestyles is to supply employees with healthy snacks, gym memberships or access to fitness classes.  

 

9. Free lunches or fully-stocked kitchens 

Help employees save money on ordering their own lunch by providing free lunches a few days a week or every day, if your budget allows. Fill your cabinets with food for employees so they can snack throughout the day. Keeping them from feeling hungry keeps their energy up and keeps them motivated throughout the entire day. 

 

10. Team-building retreats and workshops 

A strong company culture makes employees enjoy coming to work every day. Create a friendly and team-based atmosphere by hosting regular team-building workshops. These typically help employees get to know each other better and improve their performance on group projects. They can also experience a new environment and get a break from the office if you take them on a company retreat. Retreat ideas include camping trips, scavenger hunts or city tours. 

 
Offering luxury perks are a great way to keep your employees passionate about their role and your business. Listen to your employees’ input and offer perks related to their suggestions.

 

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