The Importance of Choosing the Right Perks

Employers are constantly trying to meet employee expectations, right down to the perks they offer for working long hours. Sometimes those benefits are necessary, and sometimes they’re frivolous. What do employees really want, though?

Just as critically, how can companies make employees feel valued without throwing money and random perks their way? It’s a balancing act, but data shows it might not be quite as difficult as some make it out to be.

Our Dice Salary Survey shows most employees want very basic things. More money is always a motivating factor for sticking with an employer, but an increasing number of employees also want flexible hours and the ability to work remotely. Almost as many say they need more challenges at work, while a select few say a promotion or more training would keep them interested in their current employer.

ITSM provider SysAid Technologies compiled a list of perks it says employees are looking for, and it echoes Dice’s own data. A work-life balance is key: “It’s important for companies to recognize that employees have a life outside of their job and respect that. A few ways to do this are offering flexible work hours so employees can focus on their tasks and responsibilities rather than abiding by strict work hours.”

In addition, perks such as paid time off for volunteer work can help employees feel less tied to a desk, and may contribute to another perk that SysAid recommends: a healthy work environment. In that vein, if a company really wants to demonstrate how it cares for its workforce, offering to handle employees’ chores and tasks is a big step. If the budget allows, for example, a concierge service, that “sends a message” the company understands its employees have things to do besides compile code.

In a recently published eBook, Bonusly points out that equity also plays a big role. If a company is going to reward its staff, it’s important to include as many employees as possible in the potential payout: “One of the most common, yet avoidable sources for controversy in an organization is the equity with which team members are compensated and rewarded for the work they do. Without equity, motivational tools can become the source of animosity and disengagement, defeating their entire purpose.”

Specificity is also critical, according to Bonusly. Letting employees know why they’re being rewarded is key. It’s in those moments when an extrinsic benefit churns intrinsic drive. If a company party for a recently shipped product brings little more than “great job, everyone” as a message, the marketing and engineering teams may not feel as though their work is appreciated, because management hasn’t expressed it even understands what they do.

This all matters. Retention is at stake for employers; in our Dice Salary Survey, 40 percent of respondents said they were ready to jump ship, and 69 percent indicated a willingness to relocate for a job. Still another 43 percent wanted better working conditions, and 31 percent more responsibility. For employers hiring tech talent, perks (and office environment) matter more than ever.

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One Response to “The Importance of Choosing the Right Perks”

August 31, 2017 at 12:19 pm, Red White and Blue said:

“Retention is at stake for employers.” Oh, really? That is an issue at a time when so many employers simply outsource the work overseas or bring in H-1B people?

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