The Perk-Cession is Under Way at Some Companies

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Companies are cutting back on prized employee perks, from fancy coffee to free cab rides, as they seek to trim costs and prioritize efficiency. These perks were meant to entice workers to join companies and stay there, so the cuts can sting. Before Facebook parent Meta Platforms Inc. laid off 11,000 workers, it ended free laundry and dry cleaning services for employees. Twilio Inc. slashed its employee allowances for spending on wellness and books, and Salesforce cut ties with Trailblazer Ranch, a 75-acre wellness retreat, and the extra paid day off every month it gave employees for well-being. Recent trims to tech's workplace embellishments come as more companies acknowledge they grew too quickly during the pandemic and signal a power shift in the boss-worker dynamic.

The most important details in this text are that employees quickly adapt to extra benefits offered to make them feel good about their jobs and that when these perks are taken away, it can have a negative effect. For example, Michelle Repp, a Sioux Falls, South Dakota-based product manager who joined Twilio last year as a remote worker, said one benefit that attracted her to Twilio was its Recharge program. Twilio said in mid-February that it would sunset the program, but it hasn't touched benefits like medical insurance, retirement plans, or the employee stock purchase program. Perks such as free meals, paid birthdays off, and employee discounts can help employees feel more rewarded, but they are also an investment. When office workers went remote in early 2020, life without some perks took some getting used to. Google told employees in 2020 that they couldn't expense meals while working from home as a replacement for free meals offered at the office.