Perks over pay?

Just read a Bloomberg article citing this recommendation from the Federal Reserve Bank of Atlanta.

There is no doubt wages are important. As our “transitory” inflation eats into your purchasing power, wage growth to offset is important. I think it’s super important. Not only raising wages, but telling your people you are doing it so they can recognize the benefit. Wages, though, are no longer the primary thing most people care about. And I said “people” not just younger people (i.e. Millennials).

So, how should we think about perks? Such a stupid word and one that we often mistake as being only things.

Free parking, free coffee, remote work, and unlimited vacation time are perks. But I would encourage you to think about non-things as perks too. What do people really want? We want great people to work with. We want to work on stuff that matters. We want a level of autonomy. We want to be fully trusted. We want to feel like we belong. We want to a part of something bigger than we are. We want to grow.

We don’t want good pay and free coffee in exchange for a fixed position on a gear (employee as cog). No more! We have realized life is too short.

So, perks over pay? Yes! But focus on designing your perks so they actually move the needle.