Perk Persuasion
A CHOICE of health plans, five-day workweeks, medical and life insurance, a flexible vacation policy, and a competitive salary. Sounds like a wish list of benefits you would expect from any first-class job worth taking?
What do you say to weekend get-togethers, weekly happy hours, free snacks, soda pop and impromptu visits from a mobile pancake flipper? Tempting, isn't it? Fancy flexi schedules and telecommuting options? Hungry techies out there would surely drool over a pantry stocked with pastries, bananas, cereal, milk, candy, biscuits - also, on an afterthought- a fully equipped gym. If you are a lady, you might appreciate a baby care centre and an accredited primary school right within the office campus. Perhaps a reliable concierge service to take care of your laundry and run errands would be helpful too. Want more? How about sponsored shopping sprees and theatre tickets? Or perhaps you prefer to have your car washed and serviced while it is parked in the company's parking lot? Come to think of it, it would be nice to have a hair and nail salon, and while you are at it, why not engage a therapist to give some relief to those tense neck muscles?
Do not be surprised. These are all real perks extended by some companies to their employees. HR professionals the world over are well aware that their toughest job is not recruiting the right employees, but retaining them. With competition pursuing star workers like big-game hunters stalking prey, companies are doing everything possible to protect their biggest trophies from being poached. And while big, beefy salaries are attractive, perks are the critical bait, considering that even highly competitive salaries are being rejected in favour of offers with juicier benefits.
A large number of people in the IT and BPO sectors are working long and hard hours, coping with increasingly strenuous workloads. And many companies view the availability of such perks as a necessary tool for helping people achieve a balance between their work and personal lives, resulting in employees who are productive, motivated-and committed.
During the dotcom bubble, we did see companies especially in the IT sector offer lavish, even outlandish benefits to lure the best in the industry. But many of those extravagant dotcom bombs went bust. Clearly, lavish perks, even if they did foster loyalty, did nothing to keep those companies afloat. So again the question is, do fancy perks really ensure employee productivity and loyalty? Opinions are divided on the issue. While some agree that fancy perks play an important role in luring top talent and ensuring that they stick on, others claim that a positive, team-oriented workplace is critical for hiring and retaining the best employees. So what sort of perks really work? Here is what people have to say about keeping your employees happy, productive, and loyal.
To work, perks have to stay true to company culture.
Some companies, to attract and retain top talent use unusual, even outlandish perks. But they may not work everywhere. Whether they are lavish, austere, conservative or outlandish, the key, according to Swathi Rangarajan, a recruiter, is that the perks should fit in comfortably with the needs and culture of your organisation. `A company that has married and middle aged staff would appreciate a concierge service or a baby care centre, while Gen-Y techies tend to get excited about gym workouts and salsa lessons.' she says. Swathi advocates using peer feedback to understand what perks would work best for the employees.
Lavish handouts are not the only perks. Do look for motivators beyond cold, hard cash. `You don't have to always spend an arm and a leg to keep your employees happy.' maintains Sunil who works for an automobile major in Chennai. `A major portion of satisfaction can be derived from the job itself, provided it is made interesting enough. Challenges, opportunities, and professional advancement are also good motivators.'
Interesting assignments, promotions- and communicated plans for future promotions- can go a long way towards pleasing your key people and keeping them on board and engaged," says Divya J working with CTS technologies.
Give your employees latitude- allow them to choose their own perks. Ashish Vidhyarthi, HR exectutive in a BPO start-up, is of the opinion that the best programmes are usually those that allow the employees to choose from their own incentive program. "The same incentive might not motivate every employee," he justifies. `Some might want cash while others prefer sponsored vacations or concierge services.' he says.
Perks should be performance based. `It is a mistake to tie perks to the number of hours worked, or even seniority for that matter.' opines Vidhyarthi. `We should be rewarding superlative accomplishments, important milestones, and fantastic ideas - not a long record of mediocrity.'
While some experts agree that it is wise to have an incentive programme in place so that employees are motivated, and performance is suitably rewarded, they maintain that unless incentives are attainable, the plan can backfire.
Spontaneous bonuses work best. Perks are not merely attractive bait to lure employees. They are also a way of saying thank you. And an unscheduled bonus for a fantastic idea, or an impromptu party to celebrate a job well done is a nice way of expressing thanks. Spontaneous rewards, even modest ones, remind the employees that their happiness and well-being is of prime concern to the organisation.
The next time you want to persuade your employee, do it in style- with designer perks!
BINDU SHRIDHAR
faqs@cnkonline.com
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