Perks versus People
While companies may be tempted to spend money on perks — and in recent years, investments in perks have escalated as a means to compete for talent — new evidence shows that this approach does not work.
Despite billions of dollars invested in perk-centric engagement programs, Gallup has shown that engagement levels in the U.S. have stayed constant at 30% for more than a decade.
The data collected by Kazoo backs that up. Employees with a good-to-great perks and benefits package, but no cultural building blocks (meaning little investment in people and company culture), reported a 69% negative employee experience.
3 Tips for a Best-in-Class Company Culture
Many factors affect culture, but in our research for The Employee Experience Optimized, we discovered three areas that have the biggest impact on company cultures and the overall employee experience:
Based on the findings from our full report, Kazoo has published 3 Quick Tips For Building a Best-in-Class Company Culture tied to these three areas.
Leadership quick tip: Call a meeting with leadership to lay out the business case for them to frequently reinforce and model your company’s core values.
Change in leadership behavior doesn’t happen overnight, but it starts with getting them on board. When leadership models the company’s core values 91% of employees said they had a
positive employee experience.
Use that to build your business case — that kind of boost in your employee experience directly helps KPIs such as revenue, productivity, and retention.
Appreciation quick tip: Create a simple pulse survey asking employees if they “receive regular feedback on and appreciation for day-to-day work.”
This perception is a vital company culture building block, so a quick survey will help you gauge where your culture is today and serve as a valuable benchmark when as you take action on it moving forward.
Growth quick tip: Raise awareness of L&D opportunities by mentioning them in newsletters, intranets, or office signage, then offer small incentives for attending and participating.
Even if you don’t have formal L&D software or tracking, doing this will speed up the overall program’s integration into your company culture — Kazoo customers have been proven to see up to 50% growth in corporate program participation.
When it comes to improving company culture, focusing on people over perks provides the best return on investment. Try integrating the quick tips above into your company culture and employee experience programs to starts seeing results right away.
Kazoo amplifies company culture through its award-winning employee experience platform that delivers engagement, retention, performance management, and improved business metrics. As a dominant force in the HCM market with an industry-leading retention rate, Kazoo partners with more than 400 global organizations to build high-performance cultures and engaged workforces. Founded in 2013, Kazoo continues to revolutionize the employee experience with its platform based on the science of motivation, rewards, and recognition. To request a demo, visit info.kazoohr.com/demo-request.