Glassdoor surveyed 50,000 companies in a recent 2-year survey and found 57% of job seekers said benefits and perks was one of their top considerations when accepting a new position.
In a recent PayScale survey, 80% of employees surveyed said they’d rather have an added benefit or perk than a 2% wage increase.
Benefits and perks attract talent, and although they are important, they are not among the leading factors that keeps talent over time. Cultivating employee satisfaction (career opportunities, senior leadership, culture and company values) is what keeps them.
So what do employees want?
“And the Surveys Said:” these are the perks wanted by employees in 2016 and going forward:
- Offer more options on insurance plans – like pet insurance, critical illness or accident coverage, and long-term care plan options.
- Continue development in Wellness programs, especially in friendly competition and challenges for rewards. Also, wellness activity reimbursements (golf, skiing, bowling, etc.)
- Options for some telecommuting is what the majority wants. Recent polls from SHRM found 56% of employers offering it to some extent now.
- Create “employee spaces” in the workplace – spots to relax, play, or re-charge, and get balanced.
- Offer gym and fitness benefits, demand is rising.
- Sabbaticals and opportunities for 1 – 2 months of personal leave. In 2016, 19 out of the Fortune 100 top companies offered this benefit, most of them after 5 years of tenure, but some even earlier.
- Say Yes to flexible work hours. Many companies now publish “core hours” which are 5-6 hours of time employees are required to be in for meeting planning, etc., and they can flex the rest.
- Digital health tools.
- Tuition assistance and support for learning and training.
- Feed me! Millennials and younger employees want free food.
- Think like Mark Z (FaceBook) who strives to make “employees feel as much at home as they do in their own house”. Pet friendly workplaces, personal geek/tech assistance, social events, employee discounts, weekly Q & A’s with Mark, ice-cream, FaceBook money ($250 per month!), and “work-from-home Wednesdays”.
- Paid time off to volunteer in the community, and encouragement to do so. (Salesforce donates $1,000 to employee’s charity of choice if they volunteer 6 days each year).
HR Management should do their research when deciding how to spend their money and resources when providing perks and benefits for their employees. With changing workplace demographics and the constant shifts in what makes a company a great place to work, employers should be sure they are giving their employees what they want, what they will use, and what they feel are added value.
Eileen has practiced HR for over 30 years and has served in both large companies and boutique companies, including Disney, Hasbro, and Umpqua Bank. She currently serves on the board of directors for the EDD/EAC as well as the NCHRA. A Bay Area native, Eileen enjoys visiting Lake Tahoe, reading, and spending time with her family.