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Could your lack of company perks affect staff turnover?

Company perks offer tangible recognition of your employees' efforts. Showing employees just how much you value them can only positively help to shape the culture of your company. But why else are they so valuable to the employer?

Staff turnover can be costly. Not only do you lose personnel who are trained and knowledgeable in your processes, but further recruitment of a particular role is expensive and past recruitment of that role is now wasted.

Firstly, when re-recruiting, you need to advertise. Time is then lost while interviewing candidates. Remaining employees are then pulled in, being spread thinly between their own role and covering the jobs of the departing staff.

What’s more when you do finally recruit someone it can take weeks, months or even years to get the new staff member to the same level of knowledge of your previous employee. As bleak as this scenario is, it doesn't need to be this way. How can you try to prevent this? Why do some staff leave?

There are a number of reasons why staff may leave: they are motivated by higher pay, they seek a more challenging role, boredom and poor management to name a few. To reduce staff turnover it’s important to recognise why people are leaving and to implement an effective retention strategy.

Staff perks can be a preventative measure for staff turnover, but they also can also attract more candidates to the role initially. According to The Independent, a survey found more than a third of employees admit perks and benefits are among their top consideration before accepting a new job.

Many forward-thinking companies are renowned for their company benefits. Airbnb offer staff $2,000 on joining to help them travel and see the world. ASOS offer 40% discount to members of staff. Google provide their employees with free food while they work.

Realistically smaller companies can’t always offer the same grand benefits but they can be more dynamic. Perks like a free holiday on your birthday, free gym membership, helping out with childcare or early finish on Fridays are all statements of intent to future and existing staff. These kinds of benefits can help keep employees happy even when you can’t offer the highest wage in the market.

If you would like to find out more about company benefit schemes and how Ethos can help, don't hesitate to get in touch with us on 01302 244977.

Publish date: 8th November 2017

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