Human Resource Management I need assistance with my assignment. Due Thursday, February 8, 2024

It Is Not Just About the Bling Anymore: Benefits and Perks—The Competitive Edge in Employee Recruitment.

Landing a dream job is not always just about big bucks, a great location, amazing coworkers, or even the work itself—what sells jobs in the 21st century are amazing benefits and outstanding perquisites.(1) How do we know this is true? Glassdoor, a firm that provides employee-based review of which are the best and worst firms to work for, found that outstanding firms like Google could recruit the best and the brightest because they offer ridiculously marvelous benefits. Eighty percent of the workforce said they would rather have more benefits over a pay raise, while nearly three in five (57%) employees indicated that rewards and benefits topped their list of what determined their acceptance or rejection of a job offer.(2)

What is driving the move away from straight pay to benefits and perquisites (B & P)? Millennials have hit the workforce, bringing with them huge college debt and a different attitude toward work/life balance. The Society for Human Resource Management has noted that approximately 3% of businesses are using student loan repayments as a recruitment device, while the majority of businesses have upped the ante on offering extended paid maternity and paternity leave including offering training assistance when these employees return to work.(3)

And there is more to come. Leading firms have kept the pressure on their competition and industry in general by offering unique B & Ps to interest top candidates. Here are some examples:

Like to travel? Well, Airbnb will give you $2,000 per annum to go wherever you please.

Want extra time home with your newborn or adopted child? Netflix says stay at home as long as you like for the first year, no questions asked.

Even better, need to ship breast milk home to your infant? Zillow says no problem, we will pick up the tab. Don't know where your life is heading? Work for Asana, where you get free life and executive coaching services.(4)

CareerBliss, a service similar to Glassdoor, found that happy companies are B & P-heavy companies. An employee from Adobe wrote in the CareerBliss website, "The company has great perks for their employees that include company parties, outdoor activities, indoor pool and ping-pong tables, and a computer gaming room. They also have a great cafeteria that provides excellent food."(5)

Some think B & P's have gone overboard. Rewards run galore for most firms and include tuition and adoption assistance, health insurance and 401(k) retirement plans—more than 50 in general as reported by Glassdoor Benefits Review of more than 100,000 B & P employee reviews posted on their site since August 2014.(6) Glassdoor, given their abundance of information, noted that for their entire sample population, five benefits stood out:

Health care insurance (e.g., medical, dental): 40%

Vacation/Paid time off: 37%

Performance bonus: 35%

Paid sick days: 32%

401(k) plan, retirement plan, and/or pension: 31%(7)

Unlike the top five benefits, some of these remunerations focused on 21st-century issues. As part of Accenture's pledge to support diversity and LGBTQ rights, employees were granted the right to reselect their gender.(8)

Glassdoor also reported on the top 20 companies' benefits and perquisites where, as of January 28, 2016, at least 20 employees posted their reviews. Here from Glassdoor's website are the top 20 companies:

Netflix offers 1 paid year of maternity and paternity leave to new parents.

REI encourages its employees to get outside by offering 2 paid days off a year (called "Yay Days") to enjoy their favorite outside activity.

Salesforce.com employees receive 6 days of paid volunteer time off a year, as well as $1,000 a year to donate to a charity of their choice.

Spotify covers costs for egg freezing and fertility assistance.

World Wildlife Fund employees take Friday off every other week, also known as "Panda Fridays" at the nonprofit.

Airbnb gives its employees an annual stipend of $2,000 to travel and stay in an Airbnb listing anywhere in the world.

PwC offers its employees $1,200 per year for student loan debt reimbursement.

Pinterest provides 3 paid months off, plus an additional month of part-time hours, as well as two counseling sessions to design a plan to reenter the workplace.

Burton employees receive season ski passes and "snow days."

Twillo offers employees a Kindle plus $30 a month to purchase books.

Twitter provides three catered meals a day, on-site acupuncture, and improv classes.

Accenture covers gender reassignment for their employees as part of their commitment to LGBTQ rights and diversity.

Walt Disney Company offers employees free admission to its parks, as well as discounts on hotels and merchandise.

Facebook provides $4,000 in "Baby Cash" to employees with a newborn.

Evernote hosts classes through "Evernote Academy," which offers team-building courses like macaroon baking.

Epic Systems Corporation offers employees a paid 4-week sabbatical to pursue their creative talents after 5 years at the company.

Adobe shuts down the entire company for 1 week in December and 1 week over the summer.

Asana employees have access to executive and life-coaching services outside of the company.

Zillow allows employees who are traveling to ship their breast milk.

Google provides the surviving spouse or partner of a deceased employee 50% of their salary for the next 10 years.

What new perks will hit after 2017? Time certainly will tell, but it's likely that in order to compete for top-notch labor, firms will continue to add products and services to their B & P portfolios that will ease the burden of employees both at work and at home, especially specialty perks for the 21st-century family.

It's likely that more employers will follow suit by adding benefits and perks that matter most for their specific workforce this year that could make employees' lives easier in and out of work, especially those with families.