The new reality: Using benefits to attract and retain talent

Traditional Benefits Versus Perquisites

“…Although perquisites are increasingly being implemented by organizations (Clark, 2007), very few studies have been conducted on the link between these rewards and turnover. One study in the trucking industry in the United States (Holmes, Power, & Walter, 1996) investigated the effect of a health and wellness program on turnover.…”

“…In regard to indirect pay, traditional benefits include packages such as retirement/pension plans, health and welfare programs, paid time/days off, as well as income replacement whereas perquisites include rewards such as paid meals, club memberships, concierge services, as well as onsite physical/health exams. The aim of perquisites is to reduce employee stress emanating from daily personal tasks, to improve their physical and mental well-being (Clark, 2007). This study focuses on both traditional benefits and perquisites.…”

“…Offering traditional benefits as well as perquisites can render a firm more competitive in the job market. In addition to good financial benefits, an increasing number of workers value, among other things, programs that aim to reduce stress emanating from daily personal tasks (Clark, 2007). In short, one can argue that satisfaction with traditional benefits and satisfaction with perquisites can both have a significant impact on turnover.…”

Benefits and Strategic Outcomes: Are Supplemental Retirement Plans and Safer Driving Related in the U.S. Trucking Industry?

“…Although this notion has not yet been explicitly introduced or tested in the academic literature, the practitioner literature has long discussed benefits in terms of using them to attract and retain targeted groups. Examples include child care and other family‐friendly benefits to target women; long‐term care and grandparent leave to target older workers; and tuition reimbursement, flextime, and concierge services to target younger workers (Brenner, , ; Clark, ).…”