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Perquisites are commonly known as perks.
“A perquisite is a benefit or privilege given in addition to regular compensation. These benefits can include monetary advantages, such as bonuses and profit-sharing, or non-monetary advantages, such as company cars, club memberships, and health insurance.”
In the context of a corporate organisation, perquisites are supplementary rewards provided to employees to recognise their contribution, incentivize performance, and promote loyalty. These benefits are often considered part of the overall remuneration package.
2. Non-Monetary Perquisites:
In corporate offices, perquisites are customised based on the level of the employee and their role within the organisation. For example, Senior executives might receive extensive benefits. Such as stock options and company cars. While other junior level employees might receive health insurance and educational benefits. These perks are designed to attract and retain talent, motivate employees, and create a positive work environment.
With a wide range of perquisites, the companies aim to differentiate themselves in the job market. In turn, they receive a loyal and motivated workforce, with higher job satisfaction.