The debate surrounding the benefits of employee perks vs pay packet incentives has been waging for some time now, with no let up in the tug of war between both sides. While corporate work perks are great when you have them, a little bit more money in your monthly pay packet would likely be much more appreciated. This article attempts to set the record straight and solve this age old debate. So, whether you love yourself a free night out at the expense of your employer or your just want more money at the end of the month, this is the article for you.
Employee perks vs pay packet incentives.
At the end of the day you can’t pay your rent or electricity bill with your employee perks, although that does depend on what the employee perks actually are. When considering employee perks, they’re only ever going to be better than salary incentives if they provide some actual financial relief. Free access to fruit and vegetables or a pool table in the office isn’t going to make much difference to your finances at the end of the month, while a free public transport pass or gym membership will enable you to have more cash in your wallet. Pay packet incentives are the bread and butter of staff appraisals and financial incentives are a great way to keep your staff motivated and working towards their targets.
Are employee perks worth it?
Employee perks are only worth it if you’re genuinely saving money at the end of the month. Some examples of good employee perks include automatic pension schemes and free union membership, private healthcare and public transport passes, as well as discounts on household products. This is the situation when corporate perks are done right. You can’t expect your staff to offer you a pat on the back for providing a pool table and an open plan office if the payment they receive from working all week doesn’t allow them to live a fulfilled and safe life.
What does your employees value?
At the end of the day your employee values their home life more than their jobs. If it was down to them, most of the time they wouldn’t need to work and could fill their time with family and spending loads of cash. Unfortunately, the capitalist grind means that we all must work to live, rather than the other way round. However, if you can tap into the personal mindsets of your staff and provide great working conditions, great wages, and great corporate perks then you’re onto a winner. Treat your staff like human beings and you will see the rewards in their productivity.
The debate surrounding employee perks and salary incentives is never going to be won by either side, but what is for sure is the amount of employees who will continue to try and move the guideposts of what is considered fair management. While employee perks are nice in the short-term, you simply can’t beat being paid sufficiently with enough money to bolster your savings account and strive for a positive way of life.