February 4, 2015

Study: Do Perks Matter for Employee Retention?

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Companies are on a never ending quest to attract and retain top talent, but a business’ growth and success aren’t always the driving factors behind hiring. Most businesses lose nearly a quarter of all new employees within a year. Such turnover rates have employee retention a top priority.

As the war for talent continues, offering employees elaborate perks has become a popular tactic. Free lunches, gym memberships, flexible work hours, game rooms — these are just a handful of the techniques companies use to incentivize their team.

But is this strategy really working? Do employees actually desire these perks? And if so, what type of perks are most worthwhile to offer?

To answer these questions, TechnologyAdvice Research designed a nationwide internet survey of U.S. adults, which was conducted January 20-23, 2015. A total of 486 adults (between the ages of 25 and 54) were surveyed about their current experience with perks, how important such benefits are, as well as what perks they would prefer to receive.

We put together the following infographic, showing some of the study’s key takeaways:

do perks matter for employee retention

In the full report, we further explore trends related to employee perks, including what incentives are working to attract and retain talent, as well as the top requested perks that companies can use to set themselves apart. We also examine responses by age group, in order to show which demographics value perks the most.

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For more information about this survey, the methodology, or distribution requests, please contact Media Relations Manager Keith Cawley at keith.cawley@technologyadvice.com

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1 Paycor

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3 Rippling

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Rippling is the first way for businesses to manage all of their HR, IT, and Finance — payroll, benefits, computers, apps, corporate cards, expenses, and more — in one unified workforce platform. By connecting every business system to one source of truth for employee data, businesses can automate all of the manual work they normally need to do to make employee changes.

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