Salary? Is that all there is?
During the time of the “Great Recession” keeping your job during layoffs was the key. Having a salary that paid the bills was a blessing. Forget the benefits, those were gone. In today’s economy, benefits are taking a new position for the employed.
According to Glassdoor’s Q3 2015 Employment Confidence Survey¹, nearly four in five (79%) of employees 2 would prefer new or additional benefits to a pay increase. Specifically, more women (82%) than men (76%) prefer benefits or perks to a pay raise. And, younger employees aged 18-34 (89%) and 35-44 (84%) prefer benefits or perks to pay raises when compared to those aged 45-54 (70%) and 55-64 (66%).
Types of Benefits/Perks Valued More Than Pay Raises
- Healthcare insurance (e.g., medical, dental): 40%
- Vacation/Paid time off: 37%
- Performance bonus: 35%
- Paid sick days: 32%
- 401(k) plan, retirement plan and/or pension: 31%
- Flexible schedule (e.g., work from home): 30%
- Office perks (e.g., free lunch, casual dress): 19%
- Employee development programs (e.g., on-the-job training, professional development): 19%
- Tuition reimbursement: 18%
- Employee discounts: 17%
- Gym membership or wellness programs: 16%
- Stock, stock options and/or equity: 16%
- Paid parental leave (e.g., maternity leave, adoption assistance): 13%
- Childcare assistance (e.g., on-site childcare, financial assistance): 13%
- Commuter assistance (e.g., company shuttle, commuter checks): 9%
- Diversity program: 3%
Glassdoor’s survey also looks at core measures of job market confidence: rehire probability, salary expectations, job security and business outlook.
Want the best team? Hire correctly but also offer something more than just the competitive salary.