We’ve all heard about the extra perks offered at some of the big tech companies out there—Google, for example, is known for its free gourmet food and onsite massages, in addition to a workspace that resembles a grownup playground. Airbnb gives employees a $2,000 credit per year to travel to any destination of their choosing, and employees at ask.com enjoy unlimited vacation time.
So why are more and more businesses jumping on the bandwagon and offering out-of-the-box bonuses? And besides the obvious, what are the benefits of companies getting creative with fringe benefits?
It’s kind of old-school thinking that employees work harder when put under pressure. In reality, too much pressure, or an unhappy environment, can lead to stress, which in turn leads to a number of health issues—like headaches, depression, anxiety, and even diabetes and obesity, according to webmd. Health issues could cost both the employee and the employer (sick days, insurance costs, etc.), and no one wants that. While stress kind of "comes with the territory" of many jobs, companies can counteract that stress with added perks. Easily accessible healthy foods, so employees don’t eat junk from vending machines, and time off to reenergize and get much-needed rest, are small investments that come with big rewards for everyone.
Attract the Best
Tech companies want only the brightest, most creative minds out there. Since a hefty paycheck is kind of par for the course, they have to offer added incentives to attract top talent. Businesses are having to think of innovative ways to appeal to prospective employees—company yacht or helicopter access, anyone? Yes, please!
Make Them Want to Stay
Employees in the tech world tend to spend more than 40 hours a week at the office. No one will want to hang around, pulling all-nighters, if it’s not a cool place to be (ditch the beige walls!). Many tech companies have comfortable rest areas—Pinterest even has a Zen meditation room onsite—where employees can take a deep breath, and truly relax. Employees are not robots—they can’t be expected to sit in a cubicle for eight hours a day or more, cranking away nonstop. Fancy break areas or sleep zones around the office, free yoga classes, and even up to $10,000 to spend on sprucing up workspaces are offered to create a work environment that sparks creativity and keeps people motivated.
Cater to a New Generation
Millennials are making up a majority of the workforce today, according to pewresearch.org, and they definitely have a new way of getting work done. Quality of life is a huge priority nowadays—workers who have a good work-life balance are more likely to perform better on the job, after all. According to an article on inc.com, "Millennials value an appropriate work-life balance, seeking out fulfilling work environments over monetary compensation." By offering employees flexible hours, unlimited sick or vacation days, or remote opportunities, companies are letting employees know they trust them, and value their lives outside of the office.
Whatever the reasons, companies are starting to really "get" what employees need to be satisfied and productive. Smart companies are the ones that know what really matters—the people who support the business, the people who show up day in and day out and do good work, the people who have the talent and knowledge to really push a business toward success. It’s time to take care of those people, and a simple paycheck alone isn’t going to cut it these days.
Want to love Mondays? It’s possible when you love what you do. Paradigm is a San Diego staffing agency dedicated to finding the perfect job for candidates like you. We’re connected with some of the most innovative tech companies around, giving our employees that competitive edge needed in today’s job market. We hope to hear from you today, and let's make your career goals happen.