These companies have amazing employee benefits, and some you’ve never even imagined
How does working a 4-day week while also being granted US$5,000 for yearly vacations sound? Almost too good to be true, right? Well, Jason Fried, CEO of Basecamp, a web application company based in Chicago, Illinois, believes that this is a necessary and beneficial way of rewarding his employees. In fact, Fried has already implemented this strategy within his company and it has shown tremendous results.
And Basecamp isn’t the only company that has taken the employee-friendly route. Companies such as Netflix, Spotify, Airbnb, and PwC have all taken steps to become more employee-friendly and have implemented more valuable benefits for their employees.
Many major corporations are often hesitant towards creating more employee benefits than necessary because it can become incredibly costly. However, what these companies don’t know is that 33% of the workforce has actually turned down a job due to lack of benefits, and 69% of employees report that they might choose one company over another if it offers better benefits according to accessperks.com. This is why it is important for them to administer employee benefits.
Here are a few employee perks at some well-known corporations that stood out to us:
The goal of Basecamp’s employee benefits is to make the standard of living the number one priority; rather than worrying about how productive employees will be when they are placed on a reward system or how much it’s going to take out of their pockets.
Basecamp offers 19 benefits and just about anyone employed there can take advantage of them. Here is a list of a few of Basecamp’s employee benefits as of January 1, 2017:
- Community Supported Agriculture (CSA) Allowance: In order to make sure that its employees are staying healthy and happy, Basecamp provides its employees with local CSA memberships so that they are given the opportunity to receive fresh, organic, local fruits and vegetables.
- $1000/annual Continuing Education Allowance: It’s very common for employers, especially within the US, to continue their education outside of work. However, this may be difficult for some due to time management and costs. And many companies don’t pay for their employees to continue school. This is why Basecamp has decided to cover $1,000 of classes per year. This allows its employees to take classes related to their career or even just to learn a new skill such as cooking lessons and learning to play a musical instrument.
- Work Wherever You Want: Employees can work from anywhere in the world.
- Standing desks: Sitting at an office desk all day can be boring, unhealthy and just plain uncomfortable. Basecamp’s Chicago office is already filled with standing desks, so they offered to provide any of its employers, who work outside of Chicago, with standing desks in their home offices.
- Basecamp Holiday Gift: At the end of every year Basecamp gives all of its employees a thank-you present. Ones who have there for one year or less receive one present, and ones who have been there for longer and are tenured receive a more elaborate gift that changes every year. The elaborate gift of 2016 was a paid vacation to one of 16 remarkable locations around the world.
So, how does Basecamp afford to give its employees all of these amazing benefits, you might be asking. Well, for one reason, Basecamp is a small company. It has just a little over 50 employees. Not only that, but the company is entirely self-funded as well and has no board of directors.
With more than 20 benefits available, Adobe is by far one of the most rewarding companies to work at. Here are a few of their employee benefits that they offer:
- Commuter Program: When employees ride transit, carpool, bike or walk to work at least 2 days per week, then they are entered into a quarterly drawing to win a $25 gift certificate.
- Adobe offers its employees access to a Dependent Care FSA, which allows them to set aside a $5,000 pre-tax per calendar year to pay for qualified day care (and/or elder care) expenses. This can be used to pay for in-home services provided by babysitters or nursing aids, day care services, or transportation to or from the care location
- They also have a week that they take off in December and another in the summer, where the entire company is completely shut down.
Profiting in billions of dollars almost every single year since its launch, Facebook has easily become one of the most lucrative corporations in America, if not the world. It offers benefits such as gourmet meals everyday, Babycash (where new parents are paid US $4,000), and Facebook Ad benefits (where employees are given US $250 each month to spend on Facebook ads for themselves, friends or family).
Not only does Twitter provide its employees with catered meals for breakfast, lunch and dinner everyday, but it also provides them with the opportunity to participate in on-site acupuncture and team building improvisation classes.
One of Spotify’s coolest and most unique perks is that while they provide parental leave, they also cover costs for egg freezing and fertility assistance.
The death of a loved one is is not something that anyone looks forward to, but unfortunately it is unavoidable. And on top of that, it can make drastically affect your financial stability when they are the number one breadwinner in the family. In order to help in difficult situations such as these, Google has created a benefit where they pay 50% of a deceased employee’s salary to their living spouse or partner for the next 10 years.
Since Airbnb is all about travel, it gives its employees an annual stipend of US$2,000 to travel and stay in any Airbnb listing of their choice located anywhere in the world. How cool is that?
College is expensive, there’s no way around it, and many employees who enter the workforce are often up to their waists in debt. This is why PwC reimburses its employees with up to US $2,000 per year in order to assist in paying off their student-loan debts.
There are plenty of perks and benefits that Asana offers, but one of the coolest ones is that it offers employees unlimited life and executive coaching services that are conducted outside of the office.
While these companies provide their employees with such amazing benefits, they don’t just do it out of the goods of their hearts; they expect their employees’ loyalty and respect in return. They offer such beneficial perks in order to keep their highest performing employees.
Offering benefits creates a strong foundation for businesses; it’s part of the reason why people want to work there. When companies, such as these, have unique benefits and perks, they stand out amongst their competition. I mean, look at it this way, wouldn’t you rather be employed somewhere that has more rewarding benefits than somewhere else that doesn’t?
Another reason that businesses create benefit packages is because it boosts office morale. Employees are more likely to dedicate their time and energy into a system that generously rewards them for their efforts rather than one that doesn’t.
Having generous benefit packages encourages employees not only to work harder, but it also motivates them to stay at the company for a longer period of time. This overall minimizes turnover rates.