Press & Media

Perks Employees Want More Than a Pay Rise

 

More and more leaders realise that perks and benefits are the two significant tools a company should provide in the workplace. Companies seeking to win over top performers in the talent market can never accomplish the mission without persuading potential candidates with attractive benefits, flashy perks and facilities, as well as competitive salary.

However, more than pay rises, statistics released by SCORE revealed that offering business mentoring network and providing employee perks are more preferred by employees. It will not only attract better and more qualified candidates, but also become a company’s powerful selling point that can boost employee retention and job satisfaction levels. SCORE also reports that benefits and perks in the workplace are often more important to employees than higher paycheck. 53 percent respondents believed that more perks in the workplace can increase their quality of life. Almost half of the employees surveyed said more perks made them feel valued as a team member. Meanwhile, another 44 percent said perks at work directly improved their physical or mental health.

As employees typically spend more time in office than at home, business leaders need to makes sure that employees are working in a comfortable and safe environment by preparing the right tools and facilities in place. Unfortunately, Robert Half in their survey showed that there was a disconnect between perks and benefits employees want and what companies actually offer. According to the study, the perks employee wants were flexible work schedule (88 percent), a compressed workweek (66 percent), and the ability to telecommute (62 percent). While company offers lower benefits which is not as what employee expected with flexible work schedules (62 percent). The survey also shows that one in five company offer shorter workweeks or remote work options.

Nevertheless, a company can still improve its strategy to retain top performers. Robert Half has listed some basic and most popular perks and benefits a company should offer and provide when asked by employees:

  1. Healthcare

  2. Paid time off

  3. Retirement savings plans

  4. Maternity/paternity leave

  5. Professional development

  6. Flexible working time and place

  7. Workplace wellness programs

  8. Free food and good coffee

  9. Concierge service

  10. Transportation or parking reimbursement

Additional data from Glassdoor survey showed that nearly four in five (79 percent) employees prefer new or additional benefits to a pay rise. It is mentioned that women (82 percent) want more benefits or perks than men (76 percent). Also, younger employees (18 – 44) prefer benefits or perks to pay increase when compared to older age range 45 – 64. Types of benefits/perks employees valued more than pay raises proposed by Glassdoor are:

  • Healthcare insurance (e.g. medical, dental): 40 percent

  • Vacation/paid time off: 37 percent

  • Performance bonus: 35 percent

  • Paid sick days: 32 percent

  • 401(k) plan, retirement plan and/or pension: 31 percent

  • Flexible schedule (e.g. work from home): 30 percent

  • Office perks (e.g. free lunch, casual dress): 19 percent

  • Employee development programs (e.g. on-the-job training, professional development): 19 percent

  • Tuition reimbursement: 18 percent

  • Employee discount: 17 percent

  • Gym membership or wellness programs: 16 percent

  • Stock, stock options and/or equity: 16 percent

  • Paid paternal leave (e.g. maternity leave adoption assistance): 13 percent

  • Childcare assistance (e.g. on-site childcare, financial assistance): 13 percent

  • Commuter assistance (e.g. company shuttle, commuter checks): 9 percent

  • Diversity program: 3 percent

In conclusion, to stay competitive in the job market and fetch top talents, you should understand what skilled people really want and look for in a job. Without the knowledge of what employees really want, you will be more likely to face a major retention issue that might affect your company’s stability negatively.

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