Will Lavish Perks Win the War for Top Talent?
from the Turning Good People Into Top Talent blog series
By Bob Moore, CMC, Managing Principal, Talent Management Institute
There is much news lately about the extraordinary perks and spectacular office environments companies are using to attract top talent. It appears that as the economy improves and hiring picks up, many firms are attempting to win the battle for the best and brightest employees by offering a variety of unique benefits.
Here are a few examples.
- Netflix has made the strongest move in the benefits area by announcing plans to provide employees up to a year off for maternity or paternity leave. The company intends to continue paying full salary for up to a year and allow mothers and fathers to return to work part time and take time off as needed for the first year after their child is born.
- Microsoft Corporation made a similar announcement that it will improve parental benefits plans and allow 20 weeks of paid leave.
- Other benefits that companies are improving include providing employees with free food and beverages, bringing in gourmet food trucks and offering unlimited expensive beverages.
- Some firms are adding stress relief options including gyms, basketball courts and even meditation rooms.
- Others are allowing them to bring their pets to work or providing free dry cleaning services.
All these added perks could have an initial impact on solving the hiring problem. However, I seriously question the positive impact on retention and engagement. Many surveys indicate that employees most want personal and professional fulfillment, challenging work assignments and to know that the work they do really matters.
Many companies continue to overlook the importance of closing the leadership skills gap. Far too many managers have been unable to make the shift to the management style required to fully utilize the talents of a multi-generational knowledge-based workforce. Gallup research indicates that only one in ten managers have the skills to effectively lead a team of high performing employees.
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Bob Moore, CMC