Employees With Benefits

Employees with Benefits Exploring the importance of employee extras From complimentary coffee to tuition reimbursement, companies offer all sorts of extras to attract and retain employees. How important are perks to your workforce? Perk Preferences Some perks are more common than others, and employees without them show a preference for remote work and gym membership. Perks* Have Want 71.6% 28.4% Companies with perks Companies without perks 46.7% 34.6% 31.8% 24.1% 20.2% 19.4% 11.8% 12.6% 11.3% 8.6% 8% 4.4% Free gym membership Flex time/ Free food or Recreational games (e.g., Ping-Pong) Casual dress code Mentoring/ development remote work catered lunches programs *Survey respondents chose multiple answers. Of Extra Importance How important are perks to job hunters? 31.2% 33.8% Moderately important Somewhat Not 25.2% important important Very important 9.8% How long are employees staying with their employers General trends in employee tenure may explain why extras are used to retain talent. Ages 16-24 Ages 25-64 Ages 65+ 10.2 years 10.3 years 10.3 years 9.9 years 9 years 8.8 years 4.9 years 5.1 years 5.2 years 5.4 years 5.5 years 4.9 years 4.4 years 4.6 years 4.6 years 4 years 4 years 4.1 years 2004 2006 2008 2010 2012 2014 The Perks of Tenure The cost of hiring a new employee is approximately 1.5x-3x an employee's salary, according to Eric Koester of MyHighTechStartUp. What's the age analysis for employees who prefer a salary increase? 44% 52.8% 42.6% 36.1% of employees would take a salary increase over workplace perks. Ages 45-54 Ages 35-44 Ages 25-34 To the Extreme Companies are thinking outside the box to make their employees happy. Here's a sampling of perks, from the most unusual to the very generous. Egg-Freezing Coverage Concierge Services Free Tuition Google and Apple will cover the SC Johnson's concierge service lets The J.M. Smucker Company expense of freezing eggs for employees focus on work instead of offers free tuition, rather than interested employees. everyday tasks and chores. tuition reimbursement. Even the smallest of perks can make a big difference. Know your employees, listen to their requests, and discover strategic ways to leverage employee perks for your business. COLUMN Sources: Bureau of Labor Statistics | "How Much Do Perks Matter?" TINYhr Blog, 2015, TechnologyAdvice Research | Money.CNN.com Jobvite FIVE