Here are the most popular office perks and benefits according to employees
When considering where to allocate your budget in terms of employee pay raises and employee perks, consider this: 4 in 5 employees prefer additional perks to a pay raise, according to a study out from Glassdoor.
The Glassdoor Employee Confidence Survey determined that around 79% of employees favored additional perks or benefits to pay raises, with the trend standing out most heavily among women and younger workers. But it’s not just any set of perks. Employees had very specific preferences. Topping the list of perks and benefits that employees valued higher than pay raises were traditional benefits such as:
- Healthcare insurance (40%)
- Vacation/paid time off (37%)
- Paid sick days (32%)
- 401(k), retirement plan or pension (31%)
But less costly and less common perks are hot on their heels. Flexibility, appreciation and wellness are common themes on this list:
- Flexible schedule/telecommuting (30%)
- Office perks like gourmet lunch or casual dress (19%)
- Gym memberships and wellness programs (16%)
See the full list of perks people loved as much or more than pay raises here.
Perks are a clear draw for younger workers
The results of the Glassdoor survey may come as no surprise to those who have been catering to younger workers and/or getting creative in recruitment and retention despite tightened belts in the uncertain economic climate of the past decade.
A Washington Post article noted the 16% increase in companies’ spending on benefits and perks since 2004 as contrasted by just a 2% wage increase in the same time period. While making a competitive wage will always be important, many of today’s workers are prioritizing flexibility, a great corporate culture or perks like wellness programs or gym memberships when they’re choosing an employer.
And for those employees who are looking for creative ways to increase the value they get out of their pay package when a raise is out of the question? Monster.com has a great piece on how to negotiate perks and benefits instead of a raise.