Is there a reason firms offer targeted benefits that everyone may not like (retreats, etc) instead of just increasing cash compensation? Is it cheaper for the firm to provide than cash?

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It’s not cheaper to provide perks than cash; it’s significantly more expensive.

The reality is that when firms only provide cash, people complain. When they add the perks, different people complain. When they change the perks, yet other people complain. So by changing things up a bit every few years it spreads the unhappiness around.

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It’s actually quite simple, people think that any money they get is their due for the work they do and expect it to happen the next year. Receiving non-money things actually makes people feel like they’re appreciated even if they’re worth less to them.

I would love to get cold hard cash instead of the events but the someone invariably would say we are not appreciated as much as at company X because we don’t do retreats and whatnot

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I agree with you, but I understand their motivation: they want to form a sense of belonging and appreciation that employees can latch on to

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