Perquisites

Perquisites, often shortened to perks, are special rights, advantages, or benefits provided in addition to an employee's regular salary or wages. These supplementary advantages are typically non-wage compensations and aim to enhance an employee's overall compensation package, improve job satisfaction, and provide a competitive edge for employers seeking to attract and retain talent. Perks can range widely depending on the industry, company size, and role, adding significant value to the employment proposition beyond just the basic financial remuneration. They represent an indirect form of payment designed to improve worker morale and dedication. The term originates from Latin words and can apply to a range of contexts, even outside the scope of employment, such as in government roles.

Perquisites meaning with examples

• At the tech company, Perquisites included a subsidized cafeteria, on-site gym, and unlimited vacation time. These perks helped attract top engineers. Furthermore, the ability to bring pets to work contributed to a high level of employee satisfaction and encouraged long working hours. This holistic package made the job significantly more desirable.
• Senior executives often receive additional Perquisites, such as a company car, stock options, and a private office, showcasing their position in the firm. The use of a company car, allows the executive to travel without using their personal vehicle. These benefits are common within executive packages. The company aims to reward its top performers.
• As part of the agreement, the consultant received Perquisites that involved paid travel to international conferences, allowing for professional development. The travel paid for by the company greatly expanded the consultant's work profile and networking potential. This arrangement was crucial to get the project done on time and within the proposed budget.
• The government official enjoyed Perquisites of free housing, chauffeur services, and access to exclusive social events as part of their high-ranking position. This would be on top of their regular salary. This created potential issues as it blurred lines between public and private life. This brought a degree of security but raised many ethical concerns.
• Although a traditionally non-profit organisation, they offered certain Perquisites like performance bonuses and health insurance to their employees. The bonuses helped encourage extra effort. This proved to be necessary in order to attract candidates from private sector roles. They aim to ensure competitiveness in attracting talent.