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January 28, 2013

Total Compensation – What Perks and Factors are Important for your Employees?

Filed under: General HR Buzz8:15 am

The area of compensation is one that has expanded to look at not only the dollar piece of compensation, but the “total compensation” package.  This part has always been interesting to me, as the additional components of total comp carry different values of importance among organizations and employees.   Another interesting component is how these perks and factors have changed through the years, based on technology and the different generations.

Recently, CareerBuilder published a survey exploring what factors are important to employees and what motivates people to stay.  With the onset of the new year and the media repeating consistently that  more employees are looking for jobs elsewhere, it is a good idea to know what these 3,900 full-time workers who participated in the survey have to say.

Factors that are important to those surveyed include:

  • 59%               Flexible Schedule
  • 48%               Being able to make a difference
  • 35%               Challenging work
  • 33%               Ability to work from home
  • 18%               Academic reimbursement
  • 17%               Having an office
  • 14%               Company car

As far as perks, these are the ones most requested:

  • 40%               Half-day Fridays
  • 20%               On-site fitness center
  • 18%               Ability to wear jeans
  • 17%               Daily catered lunches
  • 16%               Massages
  • 12%               Nap room
  • 12%               Rides to and from work

So what, ultimately, are the factors that entice employees to stay?

  • 70%               Increasing salaries
  • 58%               Better benefits
  • 51%               Flexible schedules
  • 50%               Employee recognition (awards, cash prizes, company trips)
  • 48%               Ask employees what they want and put feedback into action
  • 35%               Increase training and learning opportunities

“What determines job satisfaction is not a one-size-fits-all, but flexibility, recognition, the ability to make a difference and yes, even special perks, can go a long way,” said Rosemary Haefner, Vice President of Human Resources at CareerBuilder. “Being compensated well will always be a top consideration, but we’re seeing work-life balance, telecommuting options and learning opportunities outweigh other job factors when an employee decides whether to stay with an organization.”

Although some of the survey results may not be practical for your organization or be representative of the needs for your employee population, many of the items listed above are basic fundamentals of doing the right thing.  Our society has changed and consequently the work environment has changed.  We must respond in the right ways to retain employees and improve morale, which ultimately should lead to a successful organization.

More information gathered from the survey can be found by clicking here.

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