How Employee Perks Can Help Companies in the US

From corner offices to open floor plans, the heartbeat of American workplaces is changing.

Yet, amidst this evolution, one thing remains constant: the desire for top-tier employee perks.

These enticing offerings can transform a job into a career, a workplace into a community, and an employee into a loyal asset.

Join us as we uncover the 12 most sought-after perks that employees look for in the US.

Learn how they play a significant role in driving success and shaping the modern-day narrative of American businesses.

And what are HR’s going to gain from it?

• Create a harmonious and highly productive workplace.
• Attract top talent and also retain the current workforce.
• When chosen and implemented thoughtfully, employee perks act as a talent magnet.
• They send a powerful message - the organization values employees, fostering belonging and loyalty.

What can you take away from the blog

Before we delve further, let us glimpse at the concept of employee perks and how they are important in workplace scenarios across the US.

Employee perks are the enticing extras employers offer their staff, going beyond the regular paycheck to make the workplace more inviting and fulfilling.

These incentives span a wide array, from health benefits and retirement plans to flexible work arrangements, financial bonuses, and professional development opportunities.

Now, let’s discuss employees' expectations regarding employee perks in the US.

When considering what employees anticipate in terms of perks in the US, it's clear that, a substantial paycheck alone is no longer the sole driving factor for job engagement.

Nowadays, employees are looking for workplaces that offer a holistic experience.

This includes opportunities for learning and development, a healthy work-life balance, a positive company culture, and an enriching environment beyond financial compensation.

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The Importance of Employee Perks in the US

Employee perks in the United States are not just a nice to have; they are a strategic necessity.

• In a fiercely competitive job market, they serve as a powerful magnet, drawing in top talent and setting your organization apart.

• Tailoring benefits to meet your employees' needs can have a profoundly positive impact on your organization.

• A primary advantage is the enhancement of both the mental and physical well-being of your workforce, ultimately reducing absenteeism.

• When job satisfaction dwindles, and stress levels soar, employee productivity takes a hit, directly affecting your company's profitability.

• The absence of suitable benefits also triggers burnout among team members, causing a swift rise in employee turnover.

The transition period between losing a staff member and onboarding a replacement can lead to substantial losses in productivity and revenue.

And that's a situation no organization desires.

12 Effective Employee Perks for US Companies

As businesses in the United States search for ways to stay ahead, providing the right employee perks has become a powerful strategy.

These perks, tailored to meet American workers' needs and wants, can create a positive workplace, boost employee happiness, and tap into untapped potential.

Here are 12 effective perks that U.S. companies can offer.

Employee Discount Programs

Employee discount programs are a vital and highly valued perk in the USA, offering many benefits to employees and employers.

These programs, focusing on engagement and accessibility, provide a powerful incentive for employees, demonstrating that their organization cares about their financial well-being and quality of life.

How to Offer:
Two companies, Corporate Offers and Vantage Circle, offer competitive and efficient discount programs to their employees.

Corporate Offers, a New York City startup, provides a free employee discount program with exclusive entertainment deals like Broadway tickets and Disney park access.

Although remote access is limited, participation is high.

The program distinguishes itself with strong local discounts, added rewards, minimal emails, and robust security, including two-factor authentication.

Vantage Perks, the employee discount platform for Vantage Circle goes beyond traditional employee discount programs by offering a comprehensive and personalized experience.

It caters to the diverse needs and preferences of your workforce.

The organization also equips your HR team with powerful analytics and reporting tools, facilitating efficient benefit management and offering valuable insights into employee engagement.

Healthcare Benefits: Comprehensive medical, dental, and vision insurance plans

The healthcare benefits in the United States are undeniably one of employees' most critical and sought-after perks.

Comprehensive medical, dental, and vision insurance plans offer peace of mind.

This addresses a fundamental need in a country where healthcare costs can be staggering.

These benefits provide employees with access to essential medical services.

This ensures that they and their families are covered in times of illness or injury.

How to Offer:
Two notable companies, the Bill & Melinda Gates Foundation and Capital One, offer comprehensive discount programs for their employees.

The Bill & Melinda Gates Foundation provides a great benefits package to its employees.

They cover 100% of healthcare costs for employees, their spouses, domestic partners, and kids.

This covers things like regular medical check-ups, eye care, and dental work.

They also help with treatments for people trying to have a baby and eye surgery to fix vision problems.

Their Seattle office even has an on-site medical clinic for basic health needs if you work there.

Capital One provides comprehensive healthcare benefits for employees and their eligible family members.

This includes a variety of medical plans, dental and vision coverage, on-site health facilities, and full preventive care coverage from day one.

This is regardless even if you are working full-time or part-time.

Capital One also offers on-site resources for nutrition and fitness.

Paid parental leave, support for fertility-related expenses, and assistance with adoption or surrogacy costs are also part of the benefitws plan.

Retirement Plans: Such as 401(k) plans with employer matching contributions

Retirement plans, especially 401(k) plans with employer matching contributions, are paramount among employee perks in the United States.

A 401(k) is a tax-advantaged retirement savings program provided by employers.

In this, employees can elect to have a portion of their earnings automatically deducted from their paychecks and directed into their investment account.

How to Offer:

Retirement plans are one of the most sought-after employee benefits in the US. Honeywell and General Motors have aced in their pursuit of providing excellent retirement benefits.

Honeywell is an engineering and technology firm with a presence in aerospace, building technology, and industrial safety.

They specialize in creating software, digital products, and industrial IoT solutions.

Honeywell offers a flexible 401(k) plan, allowing employees to contribute up to 30% of their eligible pay in pre-tax, Roth 401(k), or after-tax contributions.

Additionally, Honeywell provides a matching contribution to retirement funds, up to a maximum of seven percent of an employee's base salary.

General Motors (GM), an American automotive manufacturer known for producing Buick, Cadillac, GMC, and Chevrolet vehicles, is based in Detroit.

It is a cornerstone of American manufacturing and has a workforce of nearly 200,000 individuals.

Regarding retirement savings, GM provides salaried U.S. employees with a four percent company contribution and matches contributions from their salary, offering a potential additional four percent company match.

Flexible Work Arrangements: Options for remote work, flexible hours, or compressed workweeks

Although many companies today offer flexible hours, they often come with certain minimum core hours that need to be completed.

They are often accompanied by strict instructions to ensure productivity and accountability.

However, the benefits of flexible work arrangements, such as improved work-life balance, increased productivity, and reduced commuting stress, continue to be significant, even with these constraints.

So, achieving a balance between flexibility and maintaining essential guidelines is crucial for meeting organizational goals.

The availability of flexible work arrangements can significantly enhance employee satisfaction while also positively affecting a company's financial performance.

Modern digital tools and collaborative platforms, such as Slack, Microsoft Teams, and Airtable, have streamlined the implementation of these flexible options for numerous organizations.

How to Offer?

Dell, a prominent computer company, fully embraced technology when it initiated its flexible work culture in 2009.

Presently, Dell provides flexible work schedules, enabling employees to work remotely and at varying hours.

“Work is what you do and not a place you go,”
Mohammed Chahdi, Director of Global Human Resources at Dell.

This initiative has been remarkably successful, with nearly 60% of employees adopting flexible work arrangements and reporting a Net Promoter Score 20% higher than those without.

Furthermore, Dell has achieved annual savings of $12 million since 2014, thanks to reduced office space requirements due to fewer employees on-site daily.

Sodexo launched a fresh initiative known as FLOW (Flexibility Optimizes Work).

Under this program, employees collaborate with their managers to design customized, flexible work arrangements that suit their specific requirements.

“It’s about creating an inclusive culture where each individual’s needs are being met along the way, so long as the work gets done.”

• Jodi Davidson, director of D&I initiatives at Sodexo.

Whether an individual prefers to work from a home office or occasionally needs time off for personal commitments like coaching their child's little league team, the flexible culture empowers them to achieve these goals.

Financial Perks:Bonuses, stock options, or profit-sharing programs

In PwC’s 2023 survey on employee money worries, 60% of all workers feel stressed about their finances. Surprisingly, even among those making $100,000 or more each year, nearly half (47%) still feel the financial pressure.

Making sure employees get fair pay is crucial, but companies can do more to help.

They can offer financial perks like retirement plans, bonuses, stock options, and profit-sharing programs among others.

These benefits give employees direct incentives to excel in their roles and contribute to their company's success.

Bonuses and profit-sharing programs promote a sense of shared achievement, with employees benefiting when the company thrives.

Stock options offer the potential for wealth accumulation, tax advantages, and long-term commitment, as they often come with vesting periods.

They can serve as a valuable component of retirement planning and create a competitive advantage for companies in talent acquisition and retention.

Additionally, these perks align individual and corporate interests, enhancing employee engagement and motivation.

How to Offer?

Publix, headquartered in Lakeland, Florida, is the largest employee-owned company in the United States.

As the seventh-largest private firm in the nation, Publix boasts impressive sales totaling $27.5 billion.

Notably, this grocery chain efficiently operates and expands its business under the control of an employee-owned fund.

This fund commands 80 percent ownership of the company.

GoDaddy was established just shy of two decades ago, GoDaddy has recently secured a spot on Fortune's 100 Best Companies list for the second time.

Following its public debut in April of the preceding year, GoDaddy extended non-qualified stock options to its employees.

The initial six-month lock-up period, post-IPO, concluded in October of this year, permitting employees to trade their shares.

However, a significant number opted to retain their holdings.

Wellness Programs: Gym memberships, wellness challenges, and mental health support

Wellness programs featuring exciting perks like gym memberships, wellness challenges, and mental health support are a dynamic addition to any workplace.

Gym memberships allow employees to sweat it out and stay in top form, turning the office into a hub of fitness enthusiasts.

Wellness challenges spark friendly competition, making healthy living a thrilling team sport.

As for mental health support, it's like having a personal wellness coach, equipping employees to conquer stress and boost their emotional well-being.

These perks energize the workforce, reduce healthcare costs, and send a clear message: your employer cares about your overall happiness.

It's like working in a place that's not just about the job but your complete well-being, and who wouldn't want to be a part of that?

How to Offer?

Vantage Fit, a corporate wellness platform, provides a holistic solution to engage, motivate, and reward employees on their wellness journey.

Step tracking, calorie monitoring, wellness challenges, health risk assessments, and more await you.

Some of its features are also AI-driven, focussing on accurate and better lifestyle management.

This innovative tool allows you to effortlessly track fitness, log meals, manage chronic health conditions, and receive personalized recommendations based on your unique habits.

Accenture strongly emphasizes the holistic well-being of its staff, addressing mental and physical health concerns.

The esteemed business management consulting company goes above and beyond by providing comprehensive employee assistance programs for issues like stress, substance abuse, depression, and anxiety.

Additionally, employees benefit from Teladoc services, allowing them to consult with a physician 24/7 for any health-related queries.

The company offers special rates and discounts for gyms and fitness centers to facilitate a healthy lifestyle further.

Moreover, an online fitness program allows employees to engage in workouts conveniently.

Family Benefits: Childcare assistance, family leave, and on-site daycare facilities

In the U.S., family benefits like childcare assistance, family leave, and on-site daycare facilities stand out as crucial perks, actively shaping a dynamic and supportive work culture.

Now, here's a thought-provoking question;

In your ideal work environment, how important do you think family-friendly policies are, and how might they influence your job satisfaction?

Ideally based on many reseraches and surveys, the inclusion of family-friendly policies not only enhances employee satisfaction but also contributes significantly to a positive corporate image.

This represents a profound commitment to employees' well-being and work-life balance.

In the competitive job market, such benefits become a determining factor for top talent seeking workplaces that align with their values and lifestyle needs.

How to Offer?

Amazon's FamilyFlex Program is more than just a perk – it's a toolkit for striking the right balance between your home and work life.

Have you ever considered how such support might influence your work-life balance?

But wait, there's more!

Amazon even covers memberships to help you find care and provides preferred enrollment at Bright Horizons childcare centers with waived registration fees.

And there's an extra perk – employees can enjoy tuition discounts for care at non-Bright Horizons centers and discounted tutoring and test prep services.

How do you think these additional benefits could enhance your professional and personal life?

Citi Bank offers a range of child support resources through Bright Horizons to meet its employees’ ever-changing family needs.

These resources include reduced copays for Bright Horizons’ BackUp Care program, virtual camp programs through Steve & Kate’s, and virtual tutoring sessions.

The employer also offers preferred childcare enrollment access, tuition discounts, and help with finding and paying for nannies.

Diversity and Inclusion Initiatives: Programs and support for a diverse and inclusive workplace

Diversity and inclusion initiatives are game-changers for workplaces in the US.

Picture a setting where various perspectives and backgrounds mix, sparking innovation and creativity.

Beyond just attracting top talent, these initiatives create a workplace mirroring the diversity of the world around us.

Companies with robust diversity and inclusion programs not only win over employees but also connect with a diverse customer base.

Think about it: when a workplace values everyone, it becomes more than just a job—it's a community where individuals feel respected and empowered.

These initiatives go beyond being perks.

They're the foundation of a workplace culture that celebrates differences and sets the stage for success.

How to offer?

Sodexo boasts a global presence with more than 18 LGBTQ+ and ally employee networks, actively championing their cause through community engagement, educational initiatives, and raising awareness.

Placing a significant emphasis on gender equality, Sodexo has earned a spot in Bloomberg's Gender Harmony Index, with women constituting 37% of the executive committee and 60% of the board of directors.

“Regardless of your background, age, origins, gender, sexual orientation, identity or ability, we value and respect you for being you; you belong to a team where you’re treated fairly and respected. We build an inclusive culture, where you can bring your whole selves at work,”

            Sodexo’s DEI Policy Guideline

Sodexo has observed that achieving an ideal gender equilibrium in the workplace results in a 4-percentage point surge in employee engagement, a 23% uptick in gross profit, and a 5-percentage point enhancement in brand image.

Marriott's strong commitment to fostering workplace equity, resulted in them having over 40% of the top 1,000 leaders as women.

They are actively working towards achieving gender parity in global leadership by 2025.

Owing to their strong stance over diversiy, Marriott International collaborates with over 4,000 diverse-owned businesses across various sectors in its supply chain annually.

Recognition and Rewards to acknowledge and reward outstanding performance

Imagine working in an environment where your exceptional efforts are not just noticed but celebrated with rewards & recognition.

A workplace where rewards programs go beyond acknowledgment to create a workplace that truly values its contributors.

How might such an atmosphere influence your day-to-day work experience and job satisfaction?

Well, it will significantly elevate your daily work experience and overall job satisfaction.

Thus, in the competitive landscape of the U.S. job market, these programs aren't just perks; they're powerful magnets for top talent.

Beyond the bonuses and incentives, these initiatives foster a sense of belonging and motivation.

How to Offer?

Zappos, a branch of Amazon, boasts an employee acknowledgment system centered on peer-to-peer recognition. Through this approach, Zappos seeks to foster a culture of gratitude among colleagues, nurturing a positive team ethos.

Zappos staff, referred to as ‘Zapponians,’ participate in peer-to-peer programs such as the Zollar program, Master of WOW tracking, and co-worker bonus initiatives.

This has boosted morale and motivation and also enhanced engagement and overall job satisfaction.

Apple's employee recognition program is heavily performance-driven.

There’s a system for earning rewards based on employee performance (and the organization’s financial performance).

These rewards include cash bonuses and stock, as well as perks such as free or discounted products and time off.

Relocation Assistance: Help with moving expenses for employees relocating for work

Employee Relocation Assistance , like supporting moving expenses (Movables and Fragiles), insurance, and shipping, are considered jewels in perks in the U.S. job market.

It not only eases the financial burden on employees but also serves as a strategic tool for companies.

This attracts top talent by demonstrating a commitment to facilitating smooth transitions and fostering a geographically flexible work environment.

This perk enhances recruitment efforts, contributes to employee retention, and aligns with the evolving dynamics of the modern workplace.

How to Offer?

Adobe provides extensive resources to offer relocation assistance to one of the company's numerous office locations throughout the United States.

Teaming up with Shyft Moving, Adobe ensures access to cost-effective and dependable moving services.

It also offers exclusive pricing on furniture through its collaboration with Fond.

Adobe's partnership with Altair Global's Affinity Program goes beyond the basics.

It assists new hires with aspects such as finding or selling a home, obtaining insurance, and shipping household items.

This showcases a comprehensive approach to relocation support.

Netflix has its offices spread globally in nearly 30 cities — from Singapore to Warsaw to Salt Lake City.

It makes sense then that the company says that it is 'not bound by policies and restrictions of where great talent is located.'

To support talent from around the world who are moving and working close to home,

Netflix offers a generous relocation package that pairs new employees with a Talent Mobility Team to help them with relocation logistics — including immigration support.

Paid Parental Leave: Additional time off for new parents

Beyond the traditional aspects of salary and healthcare, the expectation for family-friendly benefits is becoming a defining factor in attracting and retaining talent.

A perk like paid parental leave is no longer just a nice-to-have perk anymore.

It's a crucial component that reflects a company's commitment to supporting employees through various life stages.

A relocation package comprises services tailored to meet the specific needs of employees asked to move abroad.

This reflects the growing trend among corporate entities expanding globally.

As professionals are increasingly called upon to relocate to entirely new countries for work, the provision of such packages has become a commonplace expectation.

How to Offer?

When it comes to parental leave, offering a fair and well-structured points system can be a determinant for both employees and the organization.

Etsy, new parents joining the community of DIY creators are entitled to a generous 26 weeks of fully paid leave.

New parents also receive adorable onesies from the talented Etsy makers before they dive into parenthood.

Pinterest prioritizes family care by offering a minimum of 20 weeks of paid leave to all parents for bonding with their newborn or newly adopted child. Birth-giving parents receive 26 weeks.

This policy extends support with 12 weeks of paid family care leave for parents of newborns in the NICU.

It also includes four weeks of paid leave for employees experiencing pregnancy loss through miscarriage.

These policies reflect their commitment to providing compassionate support during the journey to parenthood.

This fosters a loyal and caring workplace community.

Flexible Spending Accounts (FSAs): Pre-tax accounts for healthcare and dependent care expenses

In the dynamic work landscape of the U.S., Flexible Spending Accounts (FSAs) emerge as a savvy perk, offering employees a financial win-win.

Employees not only expect but appreciate the ability to stretch their hard-earned dollars further through this pre-tax benefit.

So, what exactly is the buzz around FSAs?

These accounts give you a smart way to tackle medical bills or childcare costs by letting you set aside money before taxes are deducted.

For employees in the U.S., this perk is a game-changer.

It gives a way to navigate the financial maze of healthcare and childcare expenses while keeping more money in their wallets.

How to offer?

Making the most of Flexible Spending Accounts (FSAs) involves a smart approach.

Abacus Insights enables healthcare companies to unleash the potential of their data.

The company eliminates the hassle of managing and updating an enterprise data management platform.

It offers a versatile, streamlined, and secure FSA system that organizes and exchanges data from diverse sources and formats.

This empowers healthcare companies to discover unique insights.

2. BAS provides 'My Enroll360' to various organizations, including public and private companies, non-profits, and federal agencies.

Serving as the manufacturer, implementer, and administrator of the MyEnrol360 SaaS solution, they oversee every aspect of developing a comprehensive FSA.

Boasting a one-day implementation process, BAS simplifies reimbursements with a convenient debit card.

Their online portal grants employees 24/7 access to FSA balances, reimbursement and claims history, and educational materials.

Supporting healthcare and Dependent Day Care FSAs, BAS believes your solution should be as unique as you and your company.

This helps the company offer a tailored approach through a wide range of options.

Before we conclude let's take a quick look at a couple of manadate laws that you can find in almost every company across the US.

2. FMLA

The Family and Medical Leave Act (FMLA) is a federal law that gives employees job-protected, unpaid leave per year for certain family and medical reasons.

Employees can take FMLA leave for 12 consecutive weeks or intermittently, provided they don’t exceed 12 weeks in 12 months. Not all employees are eligible, however.

Employees must have worked for their employer for at least 12 months and have worked at least 1,250 hours in the previous year to be eligible for FMLA leave.

The FMLA applies to employers with 50 or more employees for at least 20 weeks in the current or preceding year.

1. COBRA

Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that allows employees to continue their group health insurance coverage.

This is after they leave their jobs or otherwise lose their employer-sponsored health coverage. COBRA applies to employers with 20 or more employees.

COBRA continuation coverage is typically available for up to 18 months.

COBRA beneficiaries are responsible for paying the full premium plus a 2% administrative fee.

Conclusion

The array of perks discussed underscores the evolving landscape of workplace benefits in the U.S.

Companies can mix and match these perks based on their culture, budget, and the needs and preferences of their employees.

A well-rounded package of employee perks can enhance job satisfaction, employee retention, and overall productivity.

Finally wrapping up; discover a workplace that not only matches your career aspirations but also transforms your work journey with fantastic perks.

Take Action Today with Vantage Circle

Are you ready to take your employee perks to the next level? Vantage Circle offers comprehensive solutions for employee perks and recognition. With Vantage Rewards, you can easily set up and manage various recognition programs, such as 'Employee of the Month', 'Spot Awards', and more.

And with Vantage Perks, you can provide your employees with exclusive deals and discounts on a wide range of products and services. Get started today and see the difference it can make in your workplace!

Please note that the above is a suggested modification and might need further adjustments based on your company's specific needs and audience.

This article is written by Vaishali Goswami, a member of the content team at Vantage Circle. Between being an active writer and a traveler, Vaishali can be found in books about psychology and human behavior. For any related queries, contact editor@vantagecircle.com.