It's no secret that employees are a valuable asset in any business, and they come from different generations. The multigenerational workforce is certainly a challenge for businesses where Gen Z has started working in their first job while the baby boomers are about to retire.
Employers need to know how to manage a multigenerational workplace to make the employees happy, motivated, engaged, productive and loyal to the company. It takes the right employee retention strategy to keep them engaged.
Having attractive employee perks can be one of the ways to retain your top employees. You need to know that today’s workforce changes jobs more often than years before because they have better bargaining power nowadays. So, if you think having a customized employee engagement program is a waste of money, think again.
Difference Between Employee Perks and Employee Benefits
The terms of employee perks and employee benefits are often considered the same, even though they have different concepts.
Employee benefits are non-wage compensation provided by the company in addition to the salary.
Example:
- Health insurance
- Employee loan
- Bonuses and commissions
- Employee shuttle service
On the other hand, employee perks are extra rewards or incentives other than salary and benefits provided by the company for employees to increase employee engagement, loyalty and productivity.
Example:
- Remote work
- Work from anywhere / work from home
- Casual work clothes
- Gym
- Free lunch
- Reimbursement of seminar/course/study fees
- Special employee discount
- Free snacks and coffee
- Outings, etc.
What Employee Perks Each Generation Wants
Today’s employees want more than basic health. They are looking for more benefits and perks that meet their personal and family needs. Most employers have three to four generations of employees working in the office. Various perks are needed to accommodate their needs to keep them engaged.
Millennials and Gen Z will be the most active generation of workers today who have different characteristics from employees of the previous generation. It is forecasted that by 2030, about 75% of the world's workforce will be made of millennials and they are not afraid to change jobs if they think the company doesn’t appreciate them properly.
Having an employee recognition program with perks that cater the needs of today's employees, regardless of the generation, is the best way to retain employees while making them feel engaged, motivated and more productive at work.
Let's find out more about the employee perks that each generation wants; from baby boomers to Gen Z.
A Better Way to Motivate Your Employees
A motivated employee is proven to be more productive and engaged at work. They love it when the company recognizes their hard work. In fact, 70% of employees say that recognition from managers can massively improve their motivation and morale.
The right and attractive employee retention and recognition program will be able to motivate employees, retain employees with the best performance and also increase employee satisfaction. You can make a list of perks that are applicable to all employees based on today’s needs, for example free lunch, snacks and coffee in the pantry, options for WFH or work from the office, birthday gifts and so on.
Digitize the process of delivering rewards and gifts to your employees with Tada. As a trusted loyalty and rewards platform, Tada can help your company to create an employee retention program with loyalty and recognition program, attractive and engaging perks as well as various reward options that your employees can redeem from their loyalty points. Request a demo now to talk with us about this program.
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