It’s true that money is a driving factor for many professionals, causing the offered salary to generally determine if they remain with an employer or seek out new opportunities. As an employer, it’s common to make assumptions about your team’s preferences in that regard, leaving you wondering if more pay is the only way to boost recruitment and retention.
However, not all employees feel as strongly about salaries when determining if a job or employer is worthwhile. For some, other benefits and perks provide at least as much value as higher pay, if not more so.
Ultimately, that’s why making assumptions about what your team prefers is a massive misstep. Instead of presuming that salary is what matters most, here’s a look at some of the most desirable options for professionals and why you should ask your team about the benefits that mean the most to them.
The Benefits and Perks (Besides Higher Pay) Professionals Value
Ultimately, every professional is different. As a result, your team may have a mix of priorities when it comes to employer-provided benefits and perks.
However, some desires are far more common than others. By understanding what they are, you know what options to explore and topics to broach once it’s time to engage with your team.
Comprehensive Healthcare
When it comes to highly desirable benefits, comprehensive healthcare is usually at the top of most professionals’ lists. This is particularly true in the aftermath of the pandemic, as many employees are well aware of the effects of falling short when it comes to coverage.
Comprehensive healthcare plans are multi-faceted, offering coverage for medical, prescriptions, dental, and vision. Additionally, it’s crucial to examine affordability, as high monthly premiums, deductibles, copays, and coinsurance limit accessibility, which isn’t ideal.
Retirement Plans
Retirement plans are another classic benefit that most professionals want to find. In many cases, a 401(k) with an employer match – or a similar arrangement – is increasingly viewed as a necessity. Supplemental options like stock purchasing programs can also be beneficial, though they may not fall into the “essential” category for all team members.
Ample Paid Time Off
Paid time off allows employees to handle other aspects of their life without harming their pay. Along with reducing the financial burden an absence otherwise creates, it can also promote better work-life balance, temper stress, and reduce burnout. Plus, ample sick leave encourages team members to focus on their well-being, as well as stay home when they’re ill, which reduces the odds of an illness spreading to other members of your workforce.
Remote or Flexible Work Arrangements
Other work-life balance-related benefits that are widely popular include remote work opportunities and flexible schedules. Remote work lets employees avoid commutes, remain productive when mildly ill, care for ailing family members with greater ease, and more. Flexible schedules can ease the burden of retrieving children from school, attending medical appointments, handling errands that are only handleable during normal business hours, and more.
Compressed Schedules
Compressed work schedules – such as working four 10-hour days instead of five 8-hour days – are another benefit that promotes work-life balance. Plus, they may help keep stress levels lower, as employees are getting an extra day off every week. It also allows them to handle personal errands that can only occur during regular business hours on weekdays without having to take time off work, which can actually lead to better overall attendance and fewer planned and unplanned absences.
Tuition Reimbursement and Student Loan Assistance
Educational costs are often high. As a result, some team members may appreciate benefits like tuition reimbursement or student loan assistance. With these, they have less of a financial burden to manage when growing skills. Plus, employers can often limit these programs to degrees or training that’s directly relevant to the employee’s career, allowing them to access critical skills in return.
Family Planning Support
Family planning support is another benefit that’s rising in popularity. It can include anything from generous maternity and paternity leave – both for births and adoptions – to coverage for procedures like IVF.
Why Asking Your Team What Benefits Matter to Them Is Essential
While it may not seem like talking to your team about the benefits that matter to them is critical if you’re offerings are relatively comprehensive, that isn’t the case. When you speak with your employees about their needs, you’re creating several unique opportunities.
First, you get to know your team members on a new level. You can find out about their struggles outside of the workplace, allowing employers to step up and ease burdens.
Second, not all employees get the same value out of each benefit. For example, tuition reimbursement doesn’t help professionals who already have sufficient education, and family planning support won’t make a difference to employees who are childless by choice.
Since the value provided varies, your collection of benefits may work well for only some team members. Others aren’t in that boat, which impacts their perception of their total compensation package. By speaking with employees, you can identify potential discrepancies, creating opportunities to add new offerings to bolster job satisfaction.
Finally, asking your team about the benefits that matter to them is a sign of respect. It shows that the employer isn’t willing to move forward based on assumptions; it wants to find out what provides value directly from those it employs. In turn, your workforce will feel heard and appreciated, leading to a more positive culture, greater retention, and easier recruitment.
Are You Looking for a Job That Offers the Right Benefits Package? Burnett Specialists Can Help!
Often, benefits packages vary significantly from one employer to the next, and they won’t all meet your unique needs. By seeking out new opportunities with the right companies, you can secure a position that comes with the benefits you need to feel fully secure and supported. By partnering with Burnett Specialists, your journey toward a new job is as simple as possible.
For a job search experience unlike any other, Burnett Specialists is here. Learn more about the available opportunities and how our services can benefit you today.
