Paychex Employee Perk Challenge Results
Although a salary may be what initially attracts employees, perks are often what keeps them at a company over the long term. These little extras can spice up the workday and are a company's way of saying, thanks for all the hard work. Perks incentivize company loyalty, helping reduce turnover and training costs. The best perks benefit employers and employees both. From April 25th to May 22nd, employers and employees got to choose for themselves which company benefits they preferred in the Paychecks Employee Perk Challenge.
This bracket-style competition attracted nearly 2,000 voters, and featured 16 fun and innovative perks that could easily be implemented by businesses of all different types and sizes. Two perks faced off in each of the four rounds until the most desired perk was crowned. Each round included some common sense results as well as some shocking surprises.
Let's take a look.
In round one, working from home and on-site spa services beat out a free phone and private concierge. That makes sense. Who doesn't want to be pampered or have the convenience of staying home once in a while? Also in round one, company profit sharing garnered over five times as many votes as transportation reimbursement. In a shocking turn of events, the successful spa services perk of the first round lost to unlimited sick time in round two. While paid volunteer time was annihilated by profit sharing, with nearly 9 out of 10 voters preferring more money in their pockets. Round three only solidified the idea that employees prefer monetary benefits over convenience and comfort-based perks, setting the stage for an annual bonus versus profit sharing finale. In the money versus money final around, the title of number one perk went to annual bonus, by a thin margin of less than 10%. The employers and employees surveyed preferred a special end-of-year paycheck based on tangibles like performance, company loyalty, and experience.
For more information on popular employee benefits and how to implement them, visit Paychex WORX at paychex.com/worx.