Today companies can’t expect to satisfy current or lure prospective employees by only offering attractive salaries and bonuses. More than ever before individuals are researching the benefits and perks a company offers before making important career decisions. Here’s everything you need to know about the best corporate employee recognition programs.
In a study conducted by Harris Poll on behalf of Glassdoor, researchers found that nearly 80% of people read public company ratings and reviews before making new job decisions. Not only do these reviews and ratings give people an inside glimpse of what it’s like to work at a certain company, it also gives them salary and benefits information. That means companies must be vigilant when making job offers: Managers and HR must know, prior to negotiating, what individuals tend to value more – salary or perks and benefits.
It’s also important that HR professionals and other company leaders stay updated on workplace trends. And what do current trends indicate? Close to 60% of people want positions that offer outstanding perks and benefits, according to the Harris Poll study. This statistic should open the eyes of companies that have been leaning on offering attractive salaries or bonuses to try and satisfy their workforce.
“Many companies have gone beyond the basics to offer unique and appealing perks and benefits.”
What kind of perks and benefits are innovative companies offering?
Many companies have gone beyond the basics to offer more modern, appealing and unique perks and benefits. Take, for example, REI, an outdoor recreation retail, gear and sporting goods store. REI grants employees “Yay Days,” or two paid days off each year so they can enjoy the great outdoors. Netflix provides new parents an entire year of maternity and paternity leave. Upon returning to work they can choose to become part-time or full-time. The World Wildlife Fund allows employees to take Fridays off every other week, and PwC reimburses employees upwards of $1,200 a year for student loan debt. These kinds of benefits are usually unheard of in many parts of the corporate world.
You can see why many employees value perks and benefits over a salary increase. They don’t just put more money in employees’ pockets, they improve aspects of their lives and make it easier and more enjoyable.
What are the remaining businesses proposing?
Most companies simply aren’t offering enough or the right type of benefits to their employees. For example, take a 2016 Aflac survey of employees and business decision makers across the U.S. who provided their thoughts on their benefit offerings. Nearly 42% of employees on average said their employers would have a better chance of retaining them if they improved their benefits package. This is extremely revealing, considering just how important employees consider perks and benefits. On average, according to the same survey, roughly 73% of respondents said their benefits package plays a very important role in their happiness at work.
As an HR professional, it’s vital to not only understand what your employees want, but it’s also crucial to study your industry’s overall HR and benefits trends. This will help you offer more appealing benefits packages that inspire prospective employees to join your company and current hires to stay.