Employee Benefit Trends for Boutique Sized PR Agencies

Unlimited vacation days? On site dry cleaning? Nap pods? While those may have been unheard of a few decades ago, today’s professionals are benefiting from ever increasing office perks and benefits in a bid for companies to attract top talent, meet growing work-life balance demands, and adapt to workplace flexibility provided through technology.

Specific to the public relations industry, Public Relations Boutiques International (PRBI) – an international network of boutique public relations firms – conducted a survey of its U.S. member agencies to better understand what perks are typically being offered by small firms in order to stay competitive when it comes to employee benefit packages.

“The employee benefit trends of the PRBI members are indicative of trends for boutique sized PR agencies throughout North America,” said Rick Gould, CPA, J.D., of Gould+Partners. “More and more firms are striving to create a best place to work culture. Having aggressive staff lifestyle and benefits programs will inspire staff to look forward to coming to work and excelling in their performance.”

Among 15 member agencies, all with under 15 employees and located throughout the U.S., here is how agencies fared.

Health Care

  •     All agencies contribute at least a portion of funds to an employee’s individual health insurance costs, and all agencies provide medical insurance, while roughly 75% provide dental and 60% provide vision insurance
  •     80% of agencies cover more than half of the employee’s health insurance costs; nearly one-third cover the full premium
  •     A quarter of agencies contribute to an employee’s spouse or dependent health insurance costs
  •     With costs rising annually, one agency has set a flat coverage dollar amount versus a percentage in order to avoid absorbing rate hikes

Time Off

  •     40% offer maternity leave policies in excess of their state’s legal requirements, and 20% have a paternity leave policy
  •     20% offer more than 15 paid vacation days annually, 20% offer 13-15 days, and roughly 50% offer 10-12; most agencies offer increased vacation days with employee longevity
  •     For additional time off, 80% of agencies offer personal days on top of paid vacation days, 40% of agencies give employees the day off on their birthday, and one-third of agencies hold shortened summer office hours
  •     40% offer a full office closure between Christmas and New Year’s

Retirement Planning

  •     Roughly two-thirds of agencies contribute to retirement savings plans such as IRAs and 401(k)s
  •     A majority of agencies offer a 3% match after a one or two year vesting period

Additional Perks

  •     More than 80% of agencies provide free snacks and beverages to staff
  •     More than half of agencies contribute to or cover employee mobile phone costs
  •     One-third of agencies contribute to or cover gym memberships
  •     20% of agencies supplement or pay for parking

Some of the more non-traditional perks and structural ideas cited by members include:

  •     Unlimited paid vacation days as long as the employee works with client deliverables and is accountable to the team
  •     A $500 stipend for employees who decline insurance
  •     Paying for one personal development class annually, such as art classes
  •     $1,000 per employee annually for staff development
  •     An office closure for two weeks of the year, and additional “flex closure” time around 3-day holiday weekends, in which employees don’t need to come in that week but are on call for each other and clients

“Our survey findings show boutique agencies are able to offer benefit packages to employees that meet and often beat those from larger employers,” said Joy Scott, PRBI President and President of Scott Public Relations, located in the Los Angeles area. “The real beauty is that small agencies often have flexibility to amend benefit policies and perks to meet the needs of individual employees without having to jump through hoops, which can give a competitive advantage.”

 

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