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Did you know that four out of five employees are more interested in benefits or perks than a pay raise? With such an increase in demand, incorporating perks into a small business should be a consideration for employers.

Our infographic, “Employee Perks: Attract and Retain Workers for Your Small Business,” highlights how more vacation, flexible hours, free snacks at work, and a host of other perks may help you attract and retain workers for your small business.

What are Employee Perks?

Employee perks are privileges granted to employees in addition to their salaries and benefits, which typically have little-to-no cash value. Some of these perks include:

  • Flexible hours
  • More vacation time
  • Work-from-home options
  • Student loan assistance
  • Paid maternity/paternity leave
  • Free gym membership
  • Complimentary snacks
  • Weekly free outings

Perks and job satisfaction

Overall, employee perks led to higher job satisfaction.

  • 88 percent of employees said they would take flexible hours into consideration when job searching
  • 80% would consider more vacation time and working from home
  • 48% would prioritize student loan assistance
  • 42% welcomed the idea of parental leave

When it comes to taking their next professional position, prospective employees like these freebies:

  • Gym memberships: 39%
  • Snacks: 32%
  • Weekly outings: 24%

Benefits

Perks also provided employees a better work-life balance.

  • 53% percent of employees said that they have a better quality of life
  • 49% said they felt more valued
  • 44% experienced improved mental and physical health

An increase in employee happiness and satisfaction results in more focused, engaged and productive employees.

What are Businesses Doing Now?

As more research is done on the benefits of employee perks and life satisfaction, an increased number of employers are implementing them into their businesses.

Currently, the most common perks employers offer include:

  • Flexible hours: 32%
  • Professional development: 28%
  • Fitness/health perks: 19%
  • Food/Snacks: 19%
  • Working from home: 14%

Although many employers are incorporating more perks into their job offerings to attract and retain workers for their small businesses, 42% of full-time employees still don’t receive any perks at all.

Adding employee perks into the overall business model provides excellent benefits for both employees and employers. Employees are able to stay happy and productive in their roles while businesses get higher team engagement without having to break the bank.

If you want to stand out as a small business and attract and retain the best employees, think about implementing one or two of these perks. You can always start small, and add more as you start seeing a positive response from your team.

Talk with a SCORE mentor today to figure out what perks your small business can provide!