How employee perks changed & why you should care
Employee perks are a big part of a worker’s thoughts on a job. Find out how perks are changing and what your business can do to keep up.
Stylish, fully equipped apartments. Central locations in vibrant neighborhoods. Spacious work areas. Flexible terms.
Those are just a few reasons that Blueground for Business is the top choice of thousands of corporate travelers.
Now, Blueground’s turnkey homes are quickly becoming an important employee perk.
Keep reading to find out how the landscape for perks is changing and what your business can do to keep up.
What Are Perks?
Outside of the company and role, employee perks are one part of the trifecta at the core of a worker’s thoughts on a job. The three parts that determine a position’s level of appeal are:
However, employee perks fit into a different category because they’re “wants,” not “needs.”
We’re not talking about health insurance, paid time off, or your 401k. Perks are different.
They’re those little things that make your company stand out. The extras that turn the heads of potential employees and make current employees stick around.
Employee Perks of the Past
Perks are more important than ever right now.
As a result of the pandemic, workers began to reimagine these fringe benefits.
Soon after COVID, the Great Resignation trend saw the workforce prioritize certain perks, often over salary bumps.
Here are some standard employee perks that aren’t as beloved as they once were:
- Catered lunches
- Casual dress code
- Stocked kitchen
- Cell phone stipends
- Summer Fridays
- Pets in the office
- Game rooms or meditation spaces
There’s nothing wrong with any of these. In fact, many of them are still prized at specific businesses.
However, job dissatisfaction has caused many companies to reevaluate what they can offer on top of wages and benefits.
After all, perks are part of what defines a company’s culture and boosts morale.
They aren’t supposed to distract from issues at the company or encourage employees to work longer hours.
Perks should be employee-focused, not company-focused.
The Rise of Remote Work
People used to be tied to a desk, but the pandemic changed that. Completely.
According to Glassdoor, job searches for remote roles “grew 360 percent between June 2019 and June 2021 and are continuing to rise.”
Why? Because having some form of remote work has become increasingly essential as an employee perk.
For Blueground, our corporate travel sector has seen the strongest demand yet and now covers 40 percent of our business.
However, since the pandemic, there’s a mix of use cases underpinning our growth.
“As companies create their return to office plans, our typical use cases for Blueground for Business are coming back,” says Blueground Co-Founder & CEO, Alex Chatzieleftheriou. “This includes new hires, relocations, and extended projects.
“Interestingly, the pandemic brought on new use cases. One where we’re seeing remote/hybrid model companies offering Blueground as a benefit, so sponsoring stays for their employees to work remotely or close to their offices.”
The Importance of Work-Life Balance
With the rise of remote work, teams and personnel became more spread out.
Of course, when you work on a team that’s stretched across the globe, working exactly the same hours isn’t just impractical. It’s downright impossible.
This decentralized system has required a growth in flexibility for workers, which has led to greater employee satisfaction.
On the other hand, consider this: CNBC recently found that American workers stay late 2.5 days per week on average.
The list of past perks mentioned above can partially be blamed for this.
As detailed in this New York Post article, even Google is guilty of using perks to encourage employees to “stay longer and work harder.”
So yes, a “work from anywhere mentality,” with remote work and flexible schedules, could possibly solve this work-life balance problem.
One thing’s for sure: It will lead to a happier, healthier workforce.
But that’s only if these perks are set up properly and guided responsibly by business leaders.
4 Pros of Remote Work for Businesses
Less overhead for physical office space. Every company used to have a central headquarters. That model is now obsolete.
Better for the environment. Often lost in the thoughts on remote work is the fact that it’s an eco-friendly initiative. Since employees aren’t commuting, there’s a significant decrease in your company’s carbon footprint.
Increased employee retention. It’s much more cost effective to invest in current personnel than to hire a new person and train them. Some estimate that employee turnover can cost employers 33 percent of a worker’s annual salary.
A deeper talent pool. If you’re going to hire someone new, however, the good news is that your options just skyrocketed since people from all over the world can now apply.
Want Your Employees To Have an Incredible Perk?
Partner with Blueground for Business to help your staff easily relocate or become digital nomads.
- Fully furnished apartments, flexible terms, and cutting-edge technology
- Virtual 3D tours and a live inventory of apartments
- Reliable communication with our team via the Blueground app