Perks

"Perks" is a short form for "perquisites" which means those extra benefits or privileges offered by an organization to employees in addition to their pay package and regular compensation. Such incentives are meant to improve the total experience of an employee, keeping them satisfied at work and aiding in retention of the talent. They may play out differently depending on the company's culture, industry, and resources. But they could be tangible, such as free food, gym memberships, and company cars, or intangible like flexible working arrangements, professional development, and employee recognition programs.

Example

For example, consider a startup company for tech competing with others for talent in a difficult market. To stand out and attract more employees, the organization includes a set of compelling benefits. These benefits may include unlimited paid time off (PTO) to support work-life balance, catered meals and snacks to improve employee health, and stock options to align employees’ interests with the company’s growth. Besides, the company can offer the perks according to the company culture, for example, pet-free offices, on-site massage therapy, or themed social events. Through the provision of such benefits, the employees are attracted, good working environment is created and high employee engagement is fostered.