Whether you’re looking to attract young talent or need to retain your older, more experienced workforce, most employers turn to the same top incentive to engage their workers: Higher salaries.
To be sure, money still rules for many people today. In fact, recent studies reveal that millennials believe pay is the most important factor for any job, even above flexibility in scheduling and feeling a sense of meaning in the work. Likewise, the Society of Human Resource Management (SHRM) found that 60 percent of employees consider compensation as “very important.”
But still, there’s something missing. After all, it can’t be solely about the money, even if studies suggest that this is the case. Instead, benefits have become increasingly prominent as a steadfast way to engage, attract, and retain workers.
In a study conducted by the SHRM, 35 percent of the 450 employers surveyed reported that bigger benefits packages were most important element in attracting, retaining, and engaging employees. This statistic represents a marked increase of 7 percent from the year prior, suggesting that the bigger the benefits package, the better the outcome for any workplace.
But today, you can’t just offer the same benefits as you always have. Instead, you should also take part in wellness initiatives by offering workers fitness trackers and group fitness classes once or twice a week. You may even want to explore newer ideas such as student loan repayment programs. Anything that removes stress from your workers and directly benefits them is something worth considering.
If any employee were asked what they want: A bigger benefits package, a salary increase, or both, we think you know what the answer would be. However, bigger benefits often come at the cost of the salary increase that many also want.
You shouldn’t see this as a problem. After all, employees don’t.
According to the same survey from the SHRM, healthcare coverage, flexibility in scheduling, and other benefits outweigh the potential issues of lower salary increases. After all, few workplaces still offer the flexible scheduling and other unique benefits that many seek, making it all the easier to attract and engage talented workers who are looking for just that.
Engagement is a vital component of any workplace. And when you need to step up your efforts, it’s vital that you turn to Flock to do so.
Flock is the HR and benefits software that not only keeps you compliant, but keeps your employees engaged as well. After all, it centralizes all employee data and enables every individual to access their all-important benefits 24/7 while also connecting with others via the social networking tools. Needless to say, your workplace just got a whole lot more efficient (and dare we say, engaged?).
Sign up for Flock today for free and begin recognizing these benefits for yourself. Once you do, you (and your employees) will wonder how you ever did without it.
We want to know what you think: Do you believe a bigger benefits package would help you engage, retain, and attract employees? Or, do you believe salaries are still more important? Join in on the discussion below!