Attracting and retaining talent is hard work. For years, employers have tried to understand what helps companies attract and retain top performers. For the most part, they've found that companies with great financial outcomes almost always have happy employees. The research even shows that it's employee satisfaction that results in good performance, not the other way around.
However, this phenomenon has led many companies to confuse the difference between culture and perks. In an attempt to please and attract high level talent, companies are spending more money than ever on perks and benefits believing this to be the key to happiness. Though the increase in company amenities, trips, and material rewards can temporarily boost employee satisfaction, it does little to address any real underlying issues that could be destroying your culture.
If your company offers great amenities but is experiencing low performance or high turnover, then you need to ask why it’s happening. Is it because you need to allocate more of your budget towards perks and benefits, or because your culture has a toxic behavior problem that you need to confront?