Many people believe salary is the biggest factor in whether or not an employee picks a particular job. But Glassdoor reports that a recent survey shows 57% of people put perks and benefits at the top of their list. While other considerations, such as organizational culture and quality leadership, are leading factors in long-term retention, offering a complete compensation package is effective for getting employees in the door.
And with a worker-friendly job market, companies are doing their best to attract new employees with generous maternity leave, long vacations, and comprehensive healthcare packages. But how effective are these items? Here are some of the most-popular perks for employees:
It’s no surprise that with high healthcare costs workers are looking for companies that offer more than just salary. A Glassdoor survey found healthcare is top among benefits workers want. While Silicon Valley companies boast everything from ping-pong tables to beer gardens, workers are still focused on practical items like healthcare.
Two weeks off per year is standard, but some companies offer more than that to attract employees. Offering more vacation time shows your company is concerned with maintaining work-life balance. Ensure that your employees have an opportunity to disconnect from work.
Employees want to know that they can commit to their family as they continue to work. While the United States lags behind other developed countries in providing legally mandated parental leave, companies are filling the gap with their own plans. Netflix offers a full-year paid leave for new parents. Facebook gives parents $4,000 “baby cash” to help defray costs, according to Business News Daily.
Employers encouraging workers to develop their skills and talents is another important factor. A PwC report found that this was the top-ranked benefit for millennials, with 22% saying it was the most important. Our Employee Engagement Report found that only 25% of employees feel that they have adequate professional growth opportunities, making this an area that employers could improve on.
The same survey found millennials put flexible working hours as the second-highest ranked perk. More and more companies are adopting this policy, with a Gallup poll showing 37% of workers doing some telecommuting. Allowing employees greater flexibility with working where they want and when they want is particularly helpful for working parents.
While employees appreciate practical benefits, everyday perks have their benefits too. From nap rooms to yoga studios, companies are thinking more about promoting their employees’ health and welfare. Offering free food and relaxation opportunities are also top perks. Gaming company Zynga has relaxation lounges with a variety of gaming systems, so workers can take a break during the day.
Prospective employees will, of course, be interested in salary. But they’re also looking for a more comprehensive package that takes their needs into account. Be sure to review your compensation standards regularly to discover the best ways to bring in new talent.