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Yet many business owners today still seem hesitant to invest in better coverage or more paidvacation hours to woo new talent. The recession created an employer’s market where employees often had to settle for “good enough” when it came to their benefits. Ten years ago, that wasn’t a problem.
So offering dearness allowance as a type of employee incentive program is a reliable way to attract and retain employees. Fringe benefits are the goodies that companies offer employees besides their salaries. They are usually non-cash perks, such as health insurance, paidvacation days, or gym memberships.
Apple offers its employees extended paidvacations while their medical coverage plans include fertility treatments. Employee perks are non-wage offerings that extend beyond salaries and benefits and are an important component of company culture. What are perks? What are gifts?
In contrast, organizations that prioritize recognition and rewards experience a 31% lower voluntary turnover rate. Whether it's leading a high-impact project, mentoring junior team members, or representing the company in a key initiative, these roles can be immensely rewarding and motivating for high-performing employees.
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