Being in a tight labor market as now exists requires employers to find ways to keep employees satisfied and loyal.
Unfortunately, this isn’t an easy thing for small businesses.
Typically, their budgets don’t permit generous fringe benefits offered by large companies, such as on-site gyms and eating facilities.
But is this what employees really want? The answer may depend on who you ask.
Here is a sampling from some recent surveys to give you some ideas about your policies and offerings:
Basic things employees want
ServiceNow’s survey found that what employees want most is meaningful work. In fact, 61% would ask for meaningful work rather than 34% who would ask for a raise.
- Help in figuring out HR benefits. 45% would rather clean their bathroom than figure out HR benefits.
- Office equipment that works. 37% would rather be stuck in traffic than troubleshoot a broken printer by themselves.
- IT assistance. 36% would rather stand in line at the DMV than troubleshoot an IT issue.
Wish list depends on generation
This is what was reported by Daily Pay. Here’s a sampling of desired benefits by generation:
- Baby boomers want flexible schedules and family care programs.
- Gen Xs also want flexible schedules and family leave but desire the ability to make a difference in the organization, recognition for their work, and development opportunities.
- Millennials want health and wellness programs, support and feedback, coaching (but not micromanaging), social consciousness, and a strong workplace culture with collaboration.
- Generation Z want money, job security, and the opportunity to advance.
According to LinkedIn’s Workforce Learning Report, 94% of employees said they’d stay at a company longer if there were learning opportunities. About one quarter of Gen Z and Millennials said learning is the main thing that makes them happy at work.
From this sampling of surveys, you can see that what employees want is not all about money (of course competitive compensation is important). Your benefits offering is about many other things that are within your power and pocketbook to provide.
Many employees have expressed their desire for customized benefits so they can choose what suits their situation. If you want to see how other businesses are tackling this, see Compt’s Employee Perks Statistics: The Ultimate List (2019 Update).