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Opinion Editorials

How employee perks give competitive companies a serious edge

(BUSINESS) Breakneck speeds of innovation are now the norm in business, and the most competitive are offering employee perks in the name of progress.

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The nature of business is simple when you boil it down: get the edge and monetize it. To keep the doors open, companies either have to do one thing extraordinarily well that transcends trends or innovation, or they must continually progress and change the rules of their platform with each release.

Case in point, there’s little to improve on when it comes to a Chicago hot dog or a New York slice; these culinary feats will forever be favored because they’re ingrained into the culture as a staple. A pair of Levi’s jeans or Vans sneakers don’t need to innovate, the classic appeal of the brand sells itself.

Technology is a different animal. Innovation is everything.

People wanted a new app or SaaS (Software as a Service) tool yesterday, and they want to hit a button on their phone to get it. We want new apps to automate mindless tasks, and we’re always looking for a way to cut paperwork when it applies to everyday life. We want to pay bills with a click or know who’s ringing the doorbell via the camera attached to our network. We love Nest because it controls our house and who doesn’t love a Spotify playlist connected to a wireless speaker out by the pool?

Companies bending over backwards to create faster and with more of a wallop allowed for these breakthroughs.

Because anything technology-related is crushing financially-speaking, there’s a constant hunger for talent. And talented developers, marketers, SEO junkies, office managers, all use the hyper-competitive talent market to their advantage. If a new job pops up that pays more with better benefits, people will bounce without so much as more than two-week notice and a “sorry, not sorry” letter of resignation.

The company loyalty of the past is long, long gone.

Companies like Twitter or Google throw the kitchen sink at their teams to keep them happy and offer everything from education stipends for their kids, dollar for dollar 401(k) matching, improv classes, catered gourmet meals, and even monthly mani-pedis. These things seem crazy, but they’re small measures to make sure the best talent doesn’t walk for a huge reason – they need the best minds to keep pushing the brand to new heights.

Make no mistake; if a SaaS tool is dominating the market, there’s one right behind it, ready to pounce at the first sign of weakness. Because of the dog eat dog landscape, retention is critical. If the best members of a team move on after a year or two, pushing the brand forward becomes harder and harder because there’s a rotating door. Teams have to find ways to keep their staff engaged not only through work that matters and a thriving culture, but the perks offered need to be sticky and make it hard for employees to walk away from.

One of the more revolutionary retention methods of the last few years has been student loan debt repayment, and as a result, teams are staying together, longer.

The probability market for student loan repayments is massive.

Nearly 70% of new grads walk off the stage with at least 25K owed to private and federal institutions and the debt clock is ticking upwards toward $1.4 Trillion, with a T.

Because student loans are a soft target, it’s an easy win. Often touted as the new 401(k) for millennials, many companies are offering to match dollar for dollar with their teams or just make a monthly contribution on their employee’s behalf. For the companies, this move is killer because of simple math: the average student loan bill is low thanks to all of those deferments, loan interest rates, etc.

In some cases, the loan amount could be as low as a $200 monthly contribution, which is easy for an enterprise-level businesses pocketbook. The employee’s student loan is out of sight, out of mind, and often with a few bucks extra, moving the debt needle faster. The best part: the employee feels like the company has a vested stake their well-being and future growth.

One of the easiest wins for a company is how they view time spent in the office. Because wifi is everywhere and checking email on an iPhone is only a swipe away, more and more companies allow for staff to work remote. Life happens and some days, sitting at the desk is a real wrench in the gears if the dog needs to go to the vet or the AC goes out in mid-July.

A change of scenery helps, and for many people (and let’s be honest), banging out six hours of good work is a more realistic output than drifting through eight hours of “sort of” productivity. Fully 53 percent of workers want free time over a raise.

Companies with a liberal work from home policy lead the charge in perks employees want. Same goes for generous vacation time policies. Even if the average employee doesn’t come close to using their allowance, the central thread that matters is the freedom of knowing they can.

Another way to put a lid on employee churn? Companies are taking a real swing at healthcare.

Because affordable medical care isn’t always available, many companies are covering significant portions of what’s taken out of an employee’s check. Some ultra-progressive businesses like Google or Atlassian even offer 100% covered healthcare for their American workforce. While universal healthcare would make sense, many companies are picking up the slack and are keeping their employees healthy.

Employees, especially millennials, see these moves toward a workplace with a work/life balance, but also as a place that cares about their wellbeing. Gone are the days of death by a thousand papercuts during the workweek. Today’s workforce knows what they’re after and it’s up to companies to decide if they’re willing to play ball to make that work.

Progress is everything in business and if companies are looking to continue to lead trends or upend the status quo, they can’t have their brightest and best looking toward the horizon wondering what else is out there. Perks most definitely matter.

Robert Dean is a writer at Adia and The American Genius. He is a writer, journalist, and cynic. His most recent novel, The Red Seven is in stores. Currently, he’s working on his newest novel, Tragedy Wish Me Luck. He also likes ice cream and panda bears. He currently lives in Austin. Stalk him on Twitter.

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3 Comments

3 Comments

  1. Tina

    February 26, 2018 at 3:48 pm

    Great article! Human Resource Departments need to look at hiring creative “employee happiness coordinators” who aren’t corporate ingrains, who can feel the pulse of the workers. As a small start-up, I wish we had the funds to pay our employee’s student loan debt. Instead, we try to do what we can, like stock their favorite K-cups (so they don’t stop to buy coffee every morning) and I purchase lunch fixings each week so they don’t spend their money on fast food. I would love to hear from other small business/start-up business owners on what small perks they are offering their employees!

  2. Colin

    March 1, 2018 at 10:27 pm

    Great article! You are definitely correct in saying that the company loyalty of the past is dead. I agree with the comment up above that HR departments need to look into hiring employee happiness coordinators who can feel the pulse of the workers. Often HR is out of tune with what employees really want for their work perks, and hiring somebody who can focus on that is a great idea.

    I think one idea that can help give companies the edge is in their reward and recognition program. It may seem small, but the way you reward employees can have a huge impact on retaining and attracting the best talent for the company. Companies like Bucketlist are breaking through to give employees experiential rewards instead of gift cards, and something as small as that can have a huge impact on company culture and attracting the right talent.

  3. Jeddie Busch

    March 3, 2018 at 9:51 am

    Employee perks are great but they often change early on especially for start ups. I would recommend only adding in a poerk if you were confident it would be in place for at least a year. Nothing worse than having something “cool” go bye bye.

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Opinion Editorials

Will shopping for that luxury item actually lower your quality of life?

(EDITORIAL) Want to buy yourself a pick-me-up? Have you thought of all the ramifications of that purchase? Try to avoid splurging on it.

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In an era of “treat-yo-self,” the urge to splurge is real. It doesn’t help that shopping – or what ends up being closer to impulse shopping – provides us with a hit of dopamine and a fleeting sense of control. Whether your life feels like it’s going downhill or you’ve just had a bad day, buying something you want (or think you want) can seem like an easy fix.

Unfortunately, it might not be so great when it comes to long-term happiness.

As you might have already guessed, purchasing new goods doesn’t fall in line with the minimalism trend that’s been sweeping the globe. Being saddled with a bunch of stuff you don’t need (and don’t even like!) is sure to make your mood dip, especially if the clutter makes it harder to concentrate. Plus, if you’ve got a real spending problem, the ache in your wallet is sure to manifest.

If that seems depressing, I’ve got even more bad news. Researchers at Harvard and Boston College have found yet another way spending can make us more unhappy in the long run: imposter syndrome. It’s that feeling you get when it seems like you’re not as good as your peers and they just haven’t caught on yet. This insecurity often arises in competitive careers, academics and, apparently, shopping.

Now, there’s one big caveat to this idea that purchasing goods will make you feel inferior: it really only applies to luxury goods. I’m talking about things like a Louis Vuitton purse, a top of the line Mercedes Benz, a cast iron skillet from Williams Sonoma (or is that one just me?). The point is, the study found that about 67% of people – regardless of their income – believed their purchase was inauthentic to their “true self.”

And this imposter syndrome even existed when the luxury items were bought on sale.

Does this mean you should avoid making a nice purchase you’ve been saving up for? Not necessarily. One researcher at Cambridge found that people were more likely to report happiness for purchases that fit their personalities. Basically, a die-hard golfer is going to enjoy a new club more than someone who bought the same golf club to try to keep up with their co-workers.

Moral of the story: maybe don’t impulse buy a fancy new Apple watch. Waiting to see if it’s something you really want can save your budget…and your overall happiness.

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Opinion Editorials

How to ask your manager for better work equipment

(EDITORIAL) Old computer got you down? Does it make your job harder? Here’s how to make a case to your manager for new equipment without budget worries.

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Aside from bringing the boss coffee and donuts for a month before asking, what is an employee to do when the work equipment bites.

Let’s be frank, working on old, crappy computers with inefficient applications can make the easiest tasks a chore. Yet, what do you do? You know you need better equipment to do your job efficiently, but how to ask the boss without looking like a whiner who wants to blow the department budget.

In her “Ask A Manager” column, Alison Green says an employee should ask for better equipment if it is needed. For example, the employee in her column has to attend meetings, but has no laptop and has to take a ton of notes and then transcribe them. Green says, it’s important to make the case for the benefits of having newer or updated equipment.

The key is showing a ROI. If you know a specific computer would be a decent upgrade, give your supervisor the specific model and cost, along with the expected outcomes. In addition, it may be worth talking to someone from the IT department to see what options might be available – if you’re in a larger company.

IT professionals who commented on Green’s column made a few suggestions. Often because organizations have contracts with specific computer companies or suppliers, talking with IT about what is needed to get the job done and what options are available might make it easier to ask a manager, by saying, “I need a new computer and IT says there are a few options. Here are my three preferences.” A boss is more likely to be receptive and discuss options.

If the budget doesn’t allow for brand new equipment, there might be the option to upgrade the RAM, for example. In a “Workplace” discussion on StackExchange.com an employee explained the boss thinks if you keep a computer clean – no added applications – and maintained it will perform for years. Respondents said, it’s important to make clear the cost-benefit of purchasing updated equipment. Completing a ROI analysis to show how much more efficiently with the work be done may also be useful. Also, explaining to a boss how much might be saved in repair costs could also help an employee get the point across.

Managers may want to take note because, according to results of a Gallup survey, when employees are asked to meet a goal but not given the necessary equipment, credibility is lost.

Gallup says that workgroups that have the most effectively managed materials and equipment tend to have better customer engagement, higher productivity, better safety records and employees that are less likely to jump ship than their peers.

And, no surprise, if a boss presents equipment and says: “Here’s what you get. Deal with it,” employees are less likely to be engaged and pleased than those employees who have a supervisor who provides some improvements and goes to bat to get better equipment when needed.

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Opinion Editorials

Minimalism doesn’t have to be a quick process

(EDITORIAL) Minimalism is great and all…but how do you get started if you’re not sold on getting rid of basically everything you own?

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Minimalism. This trend has reared its head in many forms, from Instagram-worthy shots of near empty homes to Marie Kondo making a splash on Netflix last year. If you’re anything like me, the concept of minimalism is tempting, but the execution seems out of reach. Paring down a closet to fit into a single basket or getting rid of beloved objects can sometimes seem too difficult, and I get it! Luckily, minimalism doesn’t have to be quite so extreme.

#1 Digitally

Not ready to purge your home yet? That’s fine! Start on your digital devices. Chances are, there are plenty of easy ways to clean up the storage space on your computer or phone. When it comes to low stakes minimalism, try clearing out your email inbox or deleting apps you no longer use. It’ll increase your storage space and make upkeep much more manageable on a daily basis.

It’s also worth taking a look through your photos. With our phones so readily available, plenty of us have pictures that we don’t really need. Clearing out the excess and subpar pictures will also have the added bonus of making your good pictures easily accessible!

Now, if this task seems more daunting, consider starting by simply deleting duplicate photos. You know the ones, where someone snaps a dozen pics of the same group pose? Pick your favorite (whittle it down if you have to) and delete the rest! It’s an easy way to get started with minimizing your digital photo collection.

#2 Slowly

Minimalism doesn’t have to happen all at once. If you’re hesitant about taking the plunge, try dipping your toe in the water first. There’s no shame in taking your time with this process. For instance, rather than immediately emptying your wardrobe, start small by just removing articles of clothing that are not wearable anymore. Things that are damaged, for instance, or just don’t fit.

Another way to start slow is to set a number. Take a look at your bookshelf and resolve to get rid of just two books. This way, you can hold yourself accountable for minimizing while not pushing too far. Besides, chances are, you do have two books on your shelf that are just collecting dust.

Finally, it’s also possible to take things slow by doing them over time. Observe your closet over the course of six months, for instance, to see if there are articles of clothing that remain unworn. Keep an eye on your kitchen supplies to get a feel for what you’re using and what you’re not. Sure, that egg separator you got for your wedding looks useful, but if you haven’t picked it up, it probably has to go.

#3 Somewhat

Sometimes, minimalism is pitched as all or nothing (pun intended), but it doesn’t have to be that way. Just because I want to purge my closet doesn’t mean I’m beholden to purging my kitchen too. And that’s okay!

Instead of getting overwhelmed by everything that needs to be reduced, just pick one aspect of your life to declutter. Clear out your wardrobe and hang onto your books. Cut down on decorations but keep your clothes. Maybe even minimize a few aspects of your life while holding onto one or two.

Or, don’t go too extreme in any direction and work to cut down on the stuff in your life in general. Minimizing doesn’t have to mean getting rid of everything – it can mean simply stepping back. For instance, you can minimize just by avoiding buying more things. Or maybe you set a maximum number of clothes you want, which means purchasing a new shirt might mean getting rid of an old one.

The point is, there are plenty of ways to start on the minimalist lifestyle without pushing yourself too far outside your comfort zone. So, what are you waiting for? Try decluttering your life soon!

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