28 Jun Go Back to the Basics with Employee Benefits Statements
In recent years, employers have had a difficult time assessing which benefits work best to motivate and satisfy their employees. There’s been conflicting research about the efficacy of including unique perks in employee benefits statements. The most recent findings may suggest that, despite the initial attraction of some fun benefits, today’s associates actually value the practical ones most.
Why, then, are companies spending time and money on perks such as free food, massages, and more?
Employee Benefits Statements: The Difference between Benefits and Persuasive Perks
Forbes reports that 95% of employees consider a position’s perks and benefits before determining whether they’ll stay with the employer or accept a job offer. Your ability to find out which perks and benefits employees and potential hires value most significantly impacts your recruiting and retention efforts.
First, consider the fact that benefits – health care, vacation time, retirement savings plans, etc. – are quite different from persuasive perks. Typically, transportation reimbursement, gym memberships, free food, and similar types of offerings fall into the “perks” category. While these may be attractive to potential hires and drive retention to some degree for existing employees, it’s important not to look past the value of traditional benefits. In a Monster survey, 32% of employees ranked healthcare as the most important benefit, while 25% said they valued vacation time most.
What Do Your Employees Value Most?
Ultimately, while today’s employees may enjoy perks, they will always need traditional benefits first and foremost. Of course, every organization is different, and the benefits and/or perks that your employees value most may surprise you. To find out which items your employees want to see most on their employee benefits statements, you can implement total rewards software to see how they respond to different options. Doing so will also keep them motivated and engaged, because they’ll begin to see the full value of employment at your organization.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. For more information on our Total Rewards Software, REWARDview, click the button below!