Our latest survey of perquisite practices at technology and life sciences companies went a step further than most. We didn’t just ask about prevalence and cost— we also asked which perks help drive and sustain corporate cultures.
These days, it’s all the rage to talk about which hot company has the coolest employee perks this week. And as the global war for talent intensifies at technology and life sciences companies, you can bet the race to deliver outlandish perks will continue for some time. However, at some point, someone, usually in HR or finance, has to answer this question: Are these perks actually valued by our people, and what are we, as an organization, trying to achieve by offering these goodies? As we discovered in our latest survey of nearly 400 companies, not all perks are created equal, and only a select few consistently climb to the top when it comes to driving company culture.
5. Flexible Hours
39% of respondents say flexible hours are key to company culture
Go ahead and take your morning yoga class before coming into the office. According to our survey, 39% of companies report that giving employees the flexibility to set their own hours is a key element in their office culture (so long as you get your work done).
4. Scheduled Lunches
40% of respondents say scheduled lunches are key to company culture
Free or subsidized food is great, and always much appreciated. However, these companies are going a step further by scheduling lunch times for co-workers to mingle and enhance their sense of teamwork and bonding. This doesn’t have to be an everyday affair; it can be weekly or monthly.
3. Happy Hours
43% of respondents say happy hours are key to company culture
We’ve graduated from food to drinks. While our survey respondents are decidedly cutting edge, they continue to view the low-tech happy hour as a tried-and-true culture booster. However, it’s important to keep inclusivity in mind– not everyone wants to or can attend happy hour.
2. Flexible Dress Code
43% of respondents say flexible dress codes are key to company culture
The freedom to dress in accordance with your own personal style is valued and appreciated by many employees, and can create a more innovative, expressive and relaxed atmosphere. Of course, there still need to be some limits; in our opinion, the jury is still out on yoga pants and gym shorts.
1. Unlimited PTO
57% of respondents say unlimited paid time off is key to company culture
More than half of companies in our survey report unlimited PTO policies are well-liked and important to their culture. We agree, in theory, this perk sounds awesome. However, your company’s overall attitude toward vacation matters, too. Some employees report feeling more restricted with unlimited PTO because the boundaries around time off are less defined and often subject to more approvals.
Ready to learn more?
Complete results from the 2016 Radford Perquisites Survey, featuring responses from 395 US technology and life sciences companies, are available for purchase. To see pricing details and purchase your copy, click here.
For general questions on this survey and other Radford products, write to our team at firstname.lastname@example.org.