Employers Are Offering New Perks But, What Are Employees Really Looking For?

 In the face of the Great Resignation, employers have been boosting the perks they offer as part of their total rewards packages. However, many employers are still questioning what employees really want. From unlimited paid time off to daily yoga classes, employers have experimented with various monetary and non-monetary perks.

For Silicon Valley, this is nothing new. Since early in the 2010s, many tech companies have offered wide arrays of unique perks in their struggle to compete for top talent. This included benefits from house-cleaning services to in-office dog parks and barbers. In contrast, most other industries held back, leaving most perks relatively basic. For example, one study from 2016 indicated that most offered on-site parking and complimentary coffee, and only a fifth would offer free snacks in the break room.

However, this gap in perks between tech and other industries may be closing due to the Great Resignation. Voluntary benefits such as childcare, tuition assistance, and financial planning services have become some of the most significant benefits offered by many employers. Also, according to a recent survey, more than 90% of employers report that voluntary benefits will play an essential part in the makeup of their total rewards strategy in the coming years.

According to multiple surveys of workers, paid time off is the most desired voluntary benefits employees are looking for. This is followed by remote working options and paid family leave. This third perk, paid family leave, is rated as particularly important by women, who are more often the primary caregivers in a household when deciding where to work. Other perks such as financial planning services and professional development have also been named in surveys as important perks by many workers.