For recruitment, staff retention, or simply creating a positive work culture, employers often provide employees with benefits or perks that exceed employment standard minimums. This may include offering employees sick days that not only exceed statutory minimums but are also paid, or vacation benefits for new hires greater than the standard two weeks.
It is a great feeling for employers to know they can provide valuable perks to their employees and stand out from the competition. But demands for a business’s services can fluctuate—a decrease resulting in reduced profits, or a rapid increase requiring additional staff that increases the costs of perks. There are many situations that may force an employer to review the benefits they provide to their employees, and the conclusion might be to reduce benefits for the business to succeed. Is that even possible, though?