What is the most important factor in hiring and retaining the top talent? It's salary, right? Maybe not. Plenty of research has shown that while salary is important to employees, there are other things that are equally important. For example, quality of life is a significant factor. Employees don't want to be so overwhelmed with work that they have nothing left to give to other areas of their lives.
We did some digging around to discover that the best way to keep employees happy is to offer them the right combination of perks and a positive workplace environment. We will focus on the top perks for workers in this post; the workplace environment is another topic for another post.
According to research from Glassdoor, the top five perks workers appreciate most (along with the percentage of survey respondents who said they were important) are as follows:
- Health insurance (incl. medical and dental) – 40%
- Paid time off (incl. vacation and holidays) – 37%
- Performance bonuses – 35%
- Paid sick days – 32%
- Pension, retirement, or 401(k) plans – 31%.
The most interesting thing to us is that these top five perks are all things we deal with. Your average company offering online payroll service for small business can assist clients in administering all of these perks as part of a very attractive package of services. Having said that, let us look at each one in more detail.
Health insurance is obviously a big one for Americans. So much fuss has been made over health insurance since Washington took up the Affordable Care Act that a good number of workers now consider it a must. Any company offering good health insurance benefits automatically has a leg up when competing for the best talent. And for the record, dental and vision insurance are a big plus.
Paid Time Off
Paid time off goes beyond standard sick days. This is time that employees can use for themselves – when they are not trying to recover from illness. Of course, we're talking about paid vacation, personal days, and all of the major holidays on which most people don't work. The only catch here is that some industries operate 365 days a year. They can provide paid time off, but they cannot necessarily guarantee not having to work holidays.
The performance bonus is important in as much as it rewards workers for a job well done. Why is this a valuable perk? Because it demonstrates to employees that their employers value their accomplishments. It's more than just the money; it's about knowing that the company actually cares about their contributions.
Paid Sick Days
This perk is pretty much standard in the U.S.; it is also self-explanatory. Employees want to know they have the freedom to stay home if they are sick without worrying about having a smaller paycheck next week. Paid sick days let employees know that they are more than just human resources.
Employees value retirement plans for obvious reasons. Unfortunately, good plans are harder to come by now than they have ever been. The company that puts together an attractive pension, 401(k) or other retirement plan is in a strong hiring position.
BenefitMall is proud to be a leading online payroll service provider for small business. Given how important employee perks are to hiring and retaining the top talent, we can help you administer a wide selection of perks you choose to offer your staff. From paid time off to 401(k) plans, we are here to help you administer the benefits your employees truly appreciate.
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Glassdoor – https://www.glassdoor.com/blog/top-20-employee-benefits-perks/