The Benefits Disconnect: What Your Employees Really Want

By Andrew Deen

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People love benefits. In many cases, they love them even more than pay increases. A Glassdoor survey in 2015 revealed that 79% of those surveyed would rather gain additional benefits than get a raise. Of course, that depends on what those benefits are. Making your company THE destination for top talent can seem like an unsolvable riddle. What kind of perks can you offer to ensure you attract and retain top talent? Is it unlimited organic snacks? A game room with cushy chairs? 401(k) matching? Of course, benefits will vary based on company culture and budget, but there’s often a disconnect between what people really want—and what a company thinks they want.

The Basics

In general, before you even get started offering your employees benefits, you should first consider the type of employees that you’re looking to hire. For example, former Apple CEO Steve Jobs knew that his high standards were not for everyone, and as a result was diligent about seeking only the best talent, no matter whether that was in customer service or executive management. Yet, it is also important to mention that there is nothing wrong with lowering standards. This is especially true for start-ups with little funding. The key is to have an honest understanding of where your business currently is and where you want it to be.

Once you have established the kind of employees that you’re looking to hire, then it’s a good idea to focus on the basic offerings. Health, dental, and vision insurance, retirement options, and equity in the company (especially for startups) should be the first benefits you offer, regardless of your organization or industry. Yes, these are big ticket items, but they’re going to be high priority for most employees, particularly since the health insurance market is currently somewhat volatile, and often very expensive for individuals.

Other important factors for many employees are vacation time and flexible work arrangements. Organizations are beginning to see that adequate rest and relaxation is not only valued by employees, it also helps improve productivity and morale. Many vacation and flexible scheduling options are low or no cost for employers, but can be very valuable to employees. Work-from-home options are becoming more popular as employees seek better work-life balance and employers are beginning to see that being at home is often just as productive as being in the office. Even unlimited vacation can save some organizations money, as they do not have to pay out for unused vacation time.

Frills are Nice…but No Substitute

If you’re tempted to skimp on the basics and rely on frills to keep your employees happy, you may not be happy with the outcome. Many startups these days like to keep the beer and snacks flowing, but that’s no substitute for competitive salaries, good health plans, parental leave, and retirement perks. While many people believe that Millennials are more interested in the fun and flashy perks, studies have shown that this is simply not true. While it’s true that Go to the full article.

Source:: Business 2 Community

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