Everyone looks forward to getting that paycheck. But if you think money is all your employees care about, think again.
Glassdoor surveyed over 2,000 workers spanning multiple generations, from the age of 18 all the way up to 81. According to the results, 60% of employees consider benefits to be more important than pay, and a full 80% would rather see better benefits than a pay increase.
With so much fierce competition for the best talent, an attractive benefits package may be the difference-maker when it comes to getting the best candidates to join your company. Benefits also play a big role in keeping your current employees happy so they’re less likely to start looking for greener pastures.
What are the most popular benefits? Health and other forms of insurance, along with work-life balance, rank highly among today’s employees.
Insurance and Financial Benefits
The Glassdoor survey asked respondents to rate the importance of various benefits when weighing them against a higher salary. Better health, dental or vision insurance were big priorities, with 88% of respondents saying they would give this “heavy” or “some” consideration.
A separate survey from Gallup found that many employees would be willing to leave their current jobs for the following insurance and financial perks:
- Health insurance: 61%
- Monetary bonuses: 54%
- Retirement plan with defined benefits: 51%
- Retirement plan such as a 401(k) with employee matches: 50%
- Insurance coverage such as vision or dental: 48%
- Profit sharing: 40%
Interest in “Work-Life Balance”
A number of companies, including Hubspot and GE, now offer unlimited vacation time.
While this may not be the best move for every organization, some degree of flexibility empowers your people to balance their professional and personal responsibilities more effectively and is especially important for those with minor children still living at home.
Along with insurance, perks that promote work-life balance were also top performers in the Glassdoor survey:
- More flexible hours: 88%
- More vacation time: 80%
- Work-from-home options: 80%
- Unlimited vacation: 68%
Gallup likewise found that over half of employees would be willing to leave their current jobs for paid vacation or flex time.
What benefits would offer the most value to your people? Our benefits experts at Moresource Inc. will help you develop and implement a customized package tailored to the needs and priorities of your best employees.
Contact us today to learn more!