When assessing hiring and turnover, it’s good to know what your employees want. What makes a workplace desirable to them?
Benefits and Perks Are Key
The answers may surprise you. Benefits and perks are nearly as important as salary considerations. Sixty percent of employees weigh the benefits and perks of a job as a major factor in their decision on whether to accept or not.
Not only that, but a whopping 80 percent would choose more benefits over a hike in salary.
What kinds of benefits are the most desirable? Actually, there’s a first-place tie. Eighty-eight percent of employees consider health care benefits the most desirable. That includes health, dental and vision, either the provision of it or improvements to it.
But 88 percent also rank increased the ability for flexible hours as the most desirable benefit.
Next on the list of the top five most desirable? Number three is more vacation time, at 80 percent. Number four is the ability to work from home, also at 80 percent.
Number five is unlimited vacation time, which 68 percent of employees want.
Fortunately, several of these don’t impact your bottom line. If your business allows it, flex time and working from home are relatively easy to arrange. Web design and IT work, for example, can be flexible done and performed from home.
If your manufacturing plant has shifted, assess whether flexibility in shifts would be important and doable.
Keep up With Salary Norms
Don’t neglect the issue of salary, however. It’s important to keep up with what the salary averages are in your industry. In fact, they need to be reviewed every year.
Why? Well, employees who feel underpaid will eventually go elsewhere or be chronically unhappy. Yes, there is evidence people want increased benefits more than they want increased salary. But there is also evidence people who think their salary is low vis-à-vis the same jobs elsewhere are not happy. A complaining workforce, or a silently unhappy workforce, hurts productivity.
It can lead to higher turnover, which will cost in the long run.
Plus, chronically low salaries can give you a reputation as an underpayer. That hurts productivity and your overall standing as an employer. Companies need to be competitive in salary.
How a Staffing Firm Can Help Your Business
Staffing firms can provide valuable assistance to businesses in reviewing benefits plans and salaries to make sure they are competitive and meet the norms of your industry. We’re happy to help. Contact us today.