Do employees truly desire generous perks?

Australian companies are stepping up their game when it comes to offering benefits and perks to employees in order to attract top talent and foster loyalty. From work cars to free lunches, gym memberships to extra holidays, employers are going above and beyond to keep their staff happy.

One interesting trend that has been gaining traction in the United States is the provision of fertility-related perks such as IVF and egg freezing. While Australian companies have been slower to adopt these benefits, one local business, Virtus Health, a fertility treatment centre, is offering its staff free access to its egg freezing program.

But what really makes a difference in employee satisfaction and loyalty? Research suggests that it’s not just about the size of the benefits package, but rather the quality of the relationship between employer and employee. Benefits that are seen as special gifts from the employer can lead to increased effort and loyalty from employees.

Furthermore, it’s not just about meeting legal requirements or cultural norms when it comes to benefits. Employers need to go above and beyond to provide discretionary perks that truly show their appreciation for their staff. This could include generous contributions to retirement funds or strong health benefits, especially in the wake of the COVID-19 pandemic.

Ultimately, the key to attracting and retaining top talent lies in providing benefits that are valuable, unique to the company, and well-communicated to all employees. By creating a positive employer-employee relationship through thoughtful and meaningful benefits, companies can ensure a happy and loyal workforce.