Company Perks

Meaning & Definition

Company perks are gifts and additional advantages offered to employees (in addition to their salary and any mandatory benefits required by law). These benefits can improve the overall employee’s experience. Examples of company perks might include: flexible work options; employee wellness programs; learning and education allowances; on-site meals; travel reimbursement; use of the company’s recreational facilities.

Important features of Company Perks

• Enhances employee satisfaction, engagement, and retention.
• Assists with the attraction and retention of talent.
• Promotes work-life balance and a sense of well-being.
• Strengthens the reputation of the employer, brand, and culture.
• Allowed the organization to be distinct from its competitors in the labour market.

Compliance Requirements

There is no explicit statutory or legal compliance that relates to this term.

• Compensation, bonuses, and HR policies define the term. 
• There must be clearly defined eligibility and rules for use of perks. 
• Perks should be fairly implemented across-the-board.