Salary? Is that all there is?

Salary? Is that all there is?

During the time of the “Great Recession” keeping your job during layoffs was the key.  Having a salary that paid the bills was a blessing.  Forget the benefits, those were gone.  In today’s economy, benefits are taking a new position for the employed.

According to Glassdoor’s Q3 2015 Employment Confidence Survey¹, nearly four in five (79%) of employees 2 would prefer new or additional benefits to a pay increase. Specifically, more women (82%) than men (76%) prefer benefits or perks to a pay raise. And, younger employees aged 18-34 (89%) and 35-44 (84%) prefer benefits or perks to pay raises when compared to those aged 45-54 (70%) and 55-64 (66%).

Types of Benefits/Perks Valued More Than Pay Raises

  • Healthcare insurance (e.g., medical, dental): 40%
  • Vacation/Paid time off: 37%
  • Performance bonus: 35%
  • Paid sick days: 32%
  • 401(k) plan, retirement plan and/or pension: 31%
  • Flexible schedule (e.g., work from home): 30%
  • Office perks (e.g., free lunch, casual dress): 19%
  • Employee development programs (e.g., on-the-job training, professional development): 19%
  • Tuition reimbursement: 18%
  • Employee discounts: 17%
  • Gym membership or wellness programs: 16%
  • Stock, stock options and/or equity: 16%
  • Paid parental leave (e.g., maternity leave, adoption assistance): 13%
  • Childcare assistance (e.g., on-site childcare, financial assistance): 13%
  • Commuter assistance (e.g., company shuttle, commuter checks): 9%
  • Diversity program: 3%

Glassdoor’s survey also looks at core measures of job market confidence: rehire probability, salary expectations, job security and business outlook.

Want the best team?  Hire correctly but also offer something more than just the competitive salary.

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