Salary, benefits, and perks: The quest of the perfect balance.
Why do companies that offer employee perks still make the headlines? Shouldn't it be the norm by now? Or do companies really have to offer all those things? And are those shiny perks what employees really want? Why isn't a fat salary enough nowadays?
Let's face it, having nice perks looks good on any company website and can draw a lot of candidates to your careers page, but is a ping pong table really that important for ALL your candidates and employees? When will everyone use it? At the end of that sprint? At lunch break? After hours? During working hours?
You can offer a candidate a bigger salary than your competitors and still be rejected. Why? Because you need the salary, the benefits, and the perks balance. It's almost like an equation to find the perfect fit where:
Salary (S) + Benefits (B) + Perks (P) = Winner company (Win)
Not all candidates are the same and not all of them will value the ping-pong table, but you can be sure that all of them will value these benefits:
- Health Insurance
- Professional Development
- Remote Work
- Flexible working hours
- Fair and secure working environment
- Career Progression
- Company retreats and activities
As for perks, well, the sky is the limit and it will all depend on your budget and company culture, of course, and it will influence the candidates if they understand that those are real perks and not just PR stunts.
On another note there is the culture that combined with the perks, benefits, and skillset will define a company.
A company's culture is probably one of its biggest assets and it must adapt and grow alongside the employee's expectations and needs, as they are what leads the company to grow and achieve greater heights.
It's always about finding the balance between what the candidates and your employees need and what your company can offer.