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These are benefits or privileges that an employee may receive and their regular salary. Common perks include free food, flexible work hours, and paid vacation days. However, the definition of a perk can vary from company to company, so it’s important to ask about any specific benefits that might be available to you.Â
Many companies now offer a variety of perks to attract and retain top talent. If you’re looking for a new job, it’s worth checking out the benefit offerings of potential employers. And if you’re already employed, it never hurts to ask about any additional perks available to you.
There are several key differences between benefits and perks:Â
Benefits are typically granted to employees to comply with applicable laws or regulations, while employers typically offer any to recruit and retain top talent.
Benefits are generally more important and substantive, while they may be more trivial (e.g., free lunch, gym membership, parking spot). Finally, benefits are usually available to all employees, whereas they may be offered selectively to certain individuals or groups.
There is no definitive answer as to which type of benefit is better for employees. Some people might prefer having a wide range to choose from, while others might prefer having a few guaranteed key benefits. Ultimately it comes down to what the individual employee wants and needs
Here are certain perks an organization can use to increase employee retention in their organization:
Organizations can provide paid leaves to their employees as one of the perk to enhance employee retention in the organization. Employees can use these leaves to spend some quality time with their family or perform their social duty.
Organizations can contribute towards skill development of employees by paying for their professional courses or events. This contributes towards employee retention and efficiency of employees at workplace.
To motivate employees and ensure employee retention, organizations can provide ESOPs to their employees as perks. It helps to maintain a trust between organization and employees. Moreover, the employees get real ownership in the company which motivates them to perform better.
Retirement plan benefits include gratuity, provident fund etc. Providing retirement plan benefits to employees motivate them to retain in the organization as they are getting funds to secure their future as well.Â
Insurance is an integral part of anyone’s life. Organizations can provide insurance benefits to their employees which secures their future. Insurance is one of the perks that motivates employees to improve their productivity.