Money talks: Or, do you want shares, a bonus or flexible work in 2024?

Employee incentives have had a bumpy ride over the past few years. Pre-pandemic, the lavish perks available at some of the world’s largest tech companies were often spoken about with an almost hushed reverence.

Ping-pong, pool tables and pizza parties aside, these amenities also included things like free on-site gyms for workers, nap pods, childcare facilities or nursing rooms on site, and the ability to bring your dog to work.

But perhaps the most talked about were the fully-catered, multi-cuisine food options served each mealtime at big tech cafeterias.

Add in well-stocked beverage fridges, pantries filled with snack options and free coffees for those in between hours, and being fed like a king was a well-accepted fact of working at a company like Meta or Google.

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Meta also had a dry cleaning benefit for its staff, Goldman Sachs had free daily car rides to and from the office, and Salesforce had a monthly paid day off for engineers and technical staff. Famously, Capital One Center in Tysons, Virginia, has a mini golf course on its roof.

Things began to shift as the pandemic took hold. In a remote work environment, many of the perks on offer at tech companies were clearly used as incentives to get, and keep, people at the office. After all, if you can have breakfast, lunch and dinner at work, hit the gym and get your clothes laundered, the incentive to go home isn’t quite as strong.

A shifting environment

With dispersed workforces, some perks began to disappear, even as others were added to the roster. For example, during the Covid-19 crisis, 45 percent of companies began offering mental health resources or assistance, according to Robert Half.

In 2022, things shifted again as layoffs began to bite and cost-cutting measures came to the fore, and companies entered their “Perkcession” era. TikTok revoked a $45 daily meal stipend, Meta announced a “year of efficiency”, and on-site laundry was axed, with the free food budget trimmed.

At Google, a “multi-year” effort to reduce costs was implemented. From reduced spending on its cafeterias, in-office leisure like yoga and massages, the frequency of laptop replacements were also affected. Stationery too, took a hit: staplers and tape will no longer be available on print stations.

Deep cuts happened at Twitter, where a fertility benefit was slashed by 50 percent, and Twilo rolled back an allowance to spend on wellness and books.

What workers want

As a result, employees started to evaluate what they really, really wanted. In many cases, the nice-to-haves like free coffees and gym memberships are now seen as just that––perks.

In an environment where workers have seen inflation fluctuate rapidly and prices rise, anything that helps the bottom line is by far the most valuable.

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Tangible benefits like annual bonuses linked to performance, employer-matched 401k contributions, stock options or share schemes, great health and dental plans or commuting benefits are what workers now want as part of their total remuneration.

Benefits that support parents or caregivers are also high on priority lists, and language benefits too, are rising in popularity according to a survey from Preply. It found that 88% of U.S. workers said that foreign languages have benefitted their career development, and another 76% say that learning a foreign language is important for their career prospects.

As AI takes hold in the workforce, skills updates and learning and development budgets are also valuable to employees who may not want, or be able to pay for further education on their own dime.

Flexibility, too, matters. According to CIPD, 89% of employees consider flexible working to be a key motivator to their productivity at work, even more than financial incentives (77%).

It may not be a monetary perk, but it can be a huge driver of employee happiness. Giving people both the acknowledgement of, and the option to tailor their working schedules around their other commitments can also benefit business outcomes. CIPD says that this can potentially generate 43% more revenue. A win-win.

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