A study by the Society for Human Resource Management (SHRM) found that the most popular workplace perks are health insurance (80%), followed by retirement plans (77%), and Paid Time Off (PTO – 76%). Today’s job market is not just about the salary. With an endless number of companies competing to hire top talent, some are offering increasingly competitive benefits and perks to attract and retain the best employees. Some common perks that companies offer include training programs, 401(k) plans, and transportation. But, some companies are going above and beyond to stand out with unique perks that cater to their employees’ needs and lifestyles.
For example, some companies offer on-site childcare, flexible work schedules, and student loan repayment assistance. Others offer more unique perks like unlimited vacation days, free gym memberships, and pet-friendly offices. So, what kind of perks at work can you expect from your company? You may be surprised at the types of perks that are offered.
What Type of Perks Can You Expect from a Company?
There are a variety of perks that companies can offer to their employees. The most common type of company perks are some type of financial benefit, such as a bonus, commission, or profit sharing. Some companies also offer more unique perks, such as on-site gyms and childcare, free food and drink, and flexible work schedules. Here are some of the perks you can expect from a company:
1. Health Insurance
Many companies offer health insurance to their employees as a way to attract and retain talent. This benefit can come in the form of a traditional health insurance plan, or a more unique plan such as a Health Savings Account (HSA). Employer-sponsored health insurance is a benefit that some companies offer to their employees. This type of health insurance is offered as part of a benefits package.
2. Retirement Savings
Retirement savings plans, like a 401(k), is another common perk that companies offer. This benefit can help employees save for their future. It allows employees to set aside money from their paycheck for retirement. Employees usually choose how much money they want to set aside each pay period. This money is deducted from their paycheck before taxes. This type of savings plan can be a great way for employees to save for retirement, and it can also help reduce their taxable income.
3. Paid Time Off (PTO)
Paid Time Off (PTO) is a company perk that allows employees to take paid time off from work. PTO can be used for vacation, sick days, or any reason for which an employee may need time off work. This is a great perk for employees, as it allows them to take the time they need off from work without having to worry about using up their vacation days or sick days. PTO can also be used to help employees balance their work and personal life, as it can be used for things like childcare or eldercare.
4. Flexible Work Schedules
Flexible work schedules are becoming more popular as a way to attract and retain employees. These company perks can offer a number of benefits to employees. For instance, employees may have the ability to choose their own hours, work from home, or take advantage of other scheduling options that can help them better manage their work-life balance. In addition, flexible work schedules can also help to increase productivity and creativity, and can foster a more positive work environment.
5. Employee Stock Ownership Plan (ESOP)
Employee Stock Ownership Plans (ESOPs) are a type of company perk that allows employees to own shares in the company. This can be a great way to motivate and retain employees, as they have a vested interest in the company’s success. There are a few different types of ESOPs, but the most common is the Employee Stock Ownership Plan (ESOP). This type of plan allows employees to purchase shares of the company over time, usually at a discount. The company may also match a portion of the employee’s investment.
Childcare is a benefit that can be offered by companies to help employees with the cost of childcare. This perk can be in the form of on-site childcare, discounts at local childcare facilities, or reimbursement for childcare expenses. Offering childcare can be a valuable perk for employees who are parents, as it helps reduce the costs and stress. It can also make it easier for parents to balance work and family responsibilities. Offering childcare can help attract and retain talented employees who may otherwise look for jobs with better child care options.
Transportation benefits can help employees save money on their commute to and from work. This perk can be in the form of a company-provided car, gas allowance, or public transportation reimbursement. Transportation can be used to help employees get to and from work, to and from meetings, and to and from company events. It can also be used to help employees get to and from their homes.
Read more about compensation and perks here: https://www.hirect.in/blog/do-compensation-perks-matter-in-todays-world/
Work/Life Balance Perk VS High Paying Job, What is Better?
Have you ever faced a situation like this? On one side there is a job with better work/life balance and on the other hand there is a high paying job. It is difficult to say whether a high paying job or a good work/life balance is better. Both jobs have their own set of pros and cons that need to be considered carefully before making a decision.
- Work/Life Balance
A job with a good work/life balance can offer a more relaxed and enjoyable work environment. This can lead to less stress and a greater sense of work/life satisfaction. Additionally, a good work/life balance can also provide more time for family and friends outside of work. A good work/life balance can provide a sense of calm and peace. It can allow you to have more time for your hobbies and interests.
It can also be easier to maintain relationships when you have a good work/life balance. However, a good work/life balance can be difficult to achieve. It can be hard to find a job that allows you to have a good work/life balance. And, even if you find a job with a good work/life balance, it can be difficult to keep it.
- High Paying Job
A high paying job can offer greater financial security and stability. This can be especially important if you have a family. Additionally, a high paying job can also offer greater opportunities for career advancement. However, a high paying job can also be very demanding and stressful. It can be difficult to maintain a good work/life balance when you are working long hours and have a lot of responsibilities.
Ultimately, the decision between a job with a good work/life balance and a high paying job depends on your own personal priorities and needs. If you value a relaxed and enjoyable work environment, then a job with a good work/life balance may be a better choice. However, if you prioritize financial security and stability, then a high paying job may be a better option.
ESOPs Trends in 2022
ESOPs will continue to grow in popularity as a retirement savings tool, particularly among small businesses. This is due to the many benefits they offer, including the ability to sell a business without paying taxes on the sale, and the potential to receive a larger retirement payout. Some of the trends that may emerge include:
- More Companies Offering ESOPs
As the benefits of ESOPs become more widely known, more companies are likely to offer them to their employees. This will give employees more options and allow them to choose the type of retirement savings plan that best suits their needs.
- More Employees Participating in ESOPs
As more companies offer ESOPs, more employees are likely to participate in them. This will help to ensure that more employees are able to enjoy the benefits of these plans.
- More Flexible ESOPs
Many companies are likely to offer more flexible ESOPs in order to attract and retain employees. This could include offering different vesting schedules or allowing employees to cash out their benefits early.
- More Employee-Friendly ESOPs
Some companies may start to offer ESOPs that are more employee-friendly, such as those that allow employees to keep their benefits even if they leave the company. This could make ESOPs even more attractive to employees.
- More Companies Offering Partial ESOPs
In order to make ESOPs more affordable for employees, some companies may start to offer partial ESOPs. This could allow employees to still enjoy some of the benefits of these plans without having to pay the full cost.
ESOPs are likely to continue to be a popular retirement savings option for both employees and employers in 2022.
Impact of Pandemic on ESOPs:
In the wake of the COVID-19 pandemic, employee ownership has emerged as a popular solution for businesses looking to ensure their employees have a stake in the company’s future. According to a recent survey of business owners, nearly one-third of respondents said they were considering implementing an Employee Stock Ownership Plan (ESOP) in the next five years. This is a significant increase from the 22% of respondents who said they were considering an ESOP in 2019. There are several reasons why employee ownership has become more popular in the wake of the pandemic.
The study, conducted by the National Center for Employee Ownership (NCEO), found that the number of companies offering ESOPs rose from 6,743 in 2019 to 7,427 in 2020. This represents a 9.8% increase in the number of companies offering ESOPs. The NCEO attributes this increase to the fact that many companies are looking for ways to retain and motivate employees during the pandemic. ESOPs can provide employees with a sense of ownership and a stake in the company’s success. The study also found that the number of employees covered by ESOPs rose from 14.3 million in 2019 to 15.5 million in 2020. This represents a 9.2% increase in the number of employees covered by ESOPs.
Are There any Legal Protections for Employees when it Comes to Company Perks?
While there are no specific legal protections for employees when it comes to company perks, there are general protections that may apply. For example, if an employee is promised a certain perk at work as part of their employment contract, the employer may be held liable for breach of contract if they do not follow through on that promise. Additionally, if an employee is discriminated against on the basis of a protected characteristic (such as race, gender, or religion), they may have a claim under anti-discrimination laws. There are also some legal protections that may apply to specific types of perks which are given below:
1. Family and Medical Leave Act (FMLA)
Under the Family and Medical Leave Act (FMLA), eligible employees are entitled to take up to 12 weeks of unpaid leave for certain family and medical reasons. This leave can be used for things like bonding with a new child or caring for a sick family member. Some employers may offer paid leave as a perk, and if they do so, they must follow the rules set forth in the FMLA.
2. Affordable Care Act (ACA)
Under the Affordable Care Act (ACA), employers with 50 or more full-time equivalent employees are required to provide health insurance to their employees. This health insurance must meet certain minimum standards, and employees must be allowed to enroll in the plan. Some employers may offer additional health benefits as a perk, and if they do so, they must follow the rules set forth in the ACA.
3. Consolidated Omnibus Budget Reconciliation Act (COBRA)
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a law that allows certain employees and their families to continue their health insurance coverage after the employee leaves their job. COBRA applies to employers with 20 or more employees. COBRA covers health insurance plans that are sponsored by employers. This does not cover health insurance plans that are sponsored by the government. COBRA also does not cover health insurance plans that are not sponsored by any employer.
There are a few other federal laws that provide protections for employees with respect to specific perks. Additionally, the federal government offers a number of benefits to employees, such as retirement benefits and life insurance. Employees covered by these benefits should be aware of the protections they are entitled to.
In the end, the type of perks you can expect from your company will vary depending on the size and type of company you work for. Some companies may offer great health insurance plans, while others may offer more vacation days. It really depends on what the company values and what they are willing to offer to their employees. As an employee, it is important to know what your company offers so that you can take advantage of the benefits that are available to you.
1. What are some red flags in company perks?
Some red flags in company perks may include a lack of transparency in how the company uses employee data, a lack of clarity in what the company’s perks actually are, and a lack of communication from the company about changes in the perks.
2. What are the best ways to use company perks?
Some companies offer perks such as free or discounted gym memberships, free or discounted tickets to events, and free or discounted meals. The best way to use these perks is to take advantage of them! If your company offers a free gym membership, use it! In case your company offers discounted tickets to events, use them! If your company offers free or discounted meals, use them!
3. Can you negotiate company perks?
It depends on the company and the perks in question. Some companies are very strict about what benefits and perks their employees are allowed to negotiate, while others are more flexible. It never hurts to ask, but be prepared for the answer to be no.