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'PERKS' AS A DIAGNOSTIC BUSINESS TOOL

PERKS

Perks commonly refer to incentives or fringe benefits offered by companies to attract prospective employees as well as retaining existing ones. Perks could comprise housing allowance, car, annual leave entitlements, just to name the common ones. However, in this article, we examine how the 'PERKS' framework can be used as an effective tool to evaluate an enterprise's 'health' in terms of growth and competitiveness.

How 'PERKS' can apply to an organisation

Perks can provide an overview of the key factors that could make the difference in the performance and sustained growth of a business entity.

P eople

The human effort, combined with enterprise and strategic thinking is crucial to an organisation in fulfilling its mission and objectives. There is general recognition that people equipped with the right skills and knowledge represented a strategic asset contributing significantly to an organisation's well-being.

E- capabilities

An organization's potential to succeed globally depends to a large extent, on it's development of e-capabilities. Leveraging on technological advancements allow it to

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optimise on resources and be better equipped to face the competition.

R eview results

Regular reviews are a requisite to measure the performance of an organization - to recognise "symptoms" early and take positive action to correct any adverse trend.

K nowledge Management (KM)

'Knowledge is power', that's the axiom in today's competitive landscape. It is undeniable that knowledge can also be a strategic asset giving an organization 'unfair advantage' over its competitors. KM provides the wherewithal in satisfying customers needs and wants, and developing long-standing customer relationships.

S ystems, processes and best practices

These represent the 'soft skills' that influences public perception of an organization. They are the building blocks contributing to its success, image and sustainable development.

Conclusion

''PERKS' therefore, has a more significant application than merely a package of fringe benefits that we tend to associate with.

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