For millennials and the new generation, something apart from fat paycheck has taken the top spot in their priority while applying or working for a company. No, you are not getting any prizes for guessing!
The two-way street of appreciation between employees and employers has been simplified massively by employee perks and benefits. Millennials are now becoming aware of how work-life balance can help in a more enriched working experience.
If you are guessing that this article will point out the do's and don't and give a brief introduction about the Employee Benefits And Perks, you probably didn't read the heading properly!
For that purpose, there's a link regarding that at the end of the article.
Here we'll see which companies nailed the point to dot when it comes to employee perks and benefits.
This name doesn't surprise anyone. Apple has maintained its legacy of being the leader of the industry in employee benefits and perks.
Glassdoor’s users have rated Apple’s perk a stellar 4.5 out of 5.
Apple’s employees get an annual discount of 25% when they purchase iPods or iPads.
Every 3 years employees get a discount of $250(~Rs 17,300) on iPod or $500(~Rs 35,000) on iPad.
Employees are also offered a credit of $300( Rs 21,000) on gym memberships. Also, new hires are provided unlimited vacations as long as the job gets done. It encourages employees to understand the value of time and the job at hand.
2. American Apparel
American Apparel is a North American clothing manufacturer. Started relatively recently in 1989, it has become a mammoth both in the clothing industry and also when it comes to employee benefits. The discounts are generally not varied as the other companies, but this will catch your attention.
Flat 50% off on all their products! Yes, you read it right. An employee of American Apparel gets the same product at half the price then you do. On top of it, new employees get $200(Rs 14,000) as a clothing allowance!
They have taken the term 'employee discount' quite literally!
Founded in 1999 by Nick Swinmurn, Zappos has come a long way in a short time. From being a simple online shopping site for shoes, Zappos has evolved and is now valued at over $1 billion.
Zappos, handling over 5,000 calls in a month, prides itself on customer service. To have satisfied customers, you need to have happy employees. For implementing this idea, Zappos has left no stone unturned to ensure employee satisfaction. They understand the value of a sustainable work environment and provides the best employee benefits and perks. Their employees feel that too!
Employees get a flat 40% off on all their products. If that was not enough, they are provided with free food.
What about health insurance, you ask? Yes, they have got that covered too. They even went as far as providing pet insurance!
4. J Crew
Among the retailers present in this list, J Crew is the veteran among them. Founded in 1947 by Mitchell Cinader and Saul Charles, J Crew is now one of the largest retailers in the world. They are now valued at over $1 billion. You don't become a billion-dollar company without satisfying your employees, and J Crew drives this point home quite hard.
You can pick 5 full-price items each month to get a 50% discount; after that total merchandise, price is 30% off.
For employees, that is 50% off again.
On top of that, J Crew maintains a list of slow-selling items maintained every week where employees can get 60% off.
5. Best Buy Co. Inc.
It's no surprise that all the companies mentioned here are the wolves of their respective industries. And no, it is not a coincidence. They know how to treat their employees right and keep them satisfied.
With a net value of over $42 billion, it is the largest consumer electronics retailer globally. With a staggering rating of 4.4 out of 5 in glassdoor for their employee perks, it gives a run for their money to Apple in terms of the employee perks.
They provide a discount on products as well as services. Employees are provided with a 30% discount on all products(except Apple products, Xbox/PlayStation).
They also provide a significant discount on cables. According to Indeed, a $120 HDMI Monster cable can go as low as $28.
During the holiday season, the discount can go as low as 50% off the wholesale price.
6. Whole Foods
In 1978, two young enthusiasts, John Mackey and Renee Lawson borrowed $40,000 from family and friends to open a small, natural, and organic food store in Austin, Texas. Forty years later, their endeavors bore fruit, and Whole Foods is now worth over $13 billion.
Whole Foods boast a strong 3.6 out of 5 in Glassdoor ratings of employee perks. It has such a robust program that Fortune even covered an article over its perks!
All employees get 20% off on all their products. Whole Foods takes the concept of employee health to a whole new level! If the employees meet their cholesterol, smoking, and BMI index criteria, they are entitled to 30% off on their products.
Other than that, they have a load of perks which range from massage therapy, yoga lessons, language classes, gym membership, fitness classes, etc. Also, employees are sometimes offered the luxury of work from home and part-time office durations.
7. Gap Inc
Gap, a very well-known brand worldwide, is a San Francisco-based clothing and accessories retailer. Founded in 1969, GAP, worth almost $16 billion, is known for its quality product and stellar employee discount program.
GAP has a solid rating of 3.9 out of 5 on Glassdoor on its employee benefits package.
Employees are entitled to 50% off on all Gap, Old Navy, and Banana merchandise. They also provide 30% off on all outlet products and also 25% off on Athleta products. And these benefits also extend to their spouse or domestic partner!
With this sort of discount, GAP employees are often known to redesign their wardrobe every season.
For the icing on the cake, their healthcare benefits cover everything, from dental to vision.
But Something Smells Fishy!
All these perks that these great companies offer have a few common themes. What are those, you ask?
First of all, all these companies are the leaders of their respective industries. In fact, all these companies are worth over $1 billion! They surely have the luxury of implementing attractive perks.
Secondly, most of these so-called “perks” are in fact discounts on the products!
And one of the most important common themes across the board is that all these companies are product-based industries.
In a nutshell, these are big, product based industries which give discounts on their own products for their employees!
It’s Irrelevant And Complicated For Me!
Seems like you have reached an impasse. So what you should do if your company is service based or simply if in-house discounts are somehow not feasible for your company? For that purpose Employee Engagement Platform like Vantage Circle can come to your rescue. The main idea of these companies is that they have a dedicated platform where they are tied up with various brands and these brands provide exclusive discounts for employees. Vantage Circle obtains the purchasing power from the brands and provides discounts which are not publicly available.
For a more detailed version on how to choose a plan, you can refer to this detailed blog on Employee Discount Program.
Here is an overview of how the plans of top Employee Engagement Platform looks like.
What are your thoughts on this list? Have we missed out some great examples? Do let us know in the comments below!