Salary is important. We all want a salary that reflects how much work we put in, and it’s commonly believed that in order to attract the best talent in a given industry, you have to pay top dollar.
Attracting top talent isn’t always about the money. In fact, there are many other compensatory factors, in addition to organizational culture and work environment, that go into a candidate’s thought process when considering a career move.
A recent survey by Glassdoor revealed that 79% of respondents preferred additional benefits to a higher salary.
“The desire for benefits over extra pay is especially prevalent with the younger set, those aged 18-34: 89% of them said they’d prefer benefits or perks to a pay raise. Compare that to the response of those aged 55-64, the majority (66%) of whom said they’d prefer a higher salary over perks and benefits,” says Alexandra Bosanac in Canadian Business.
Benefits Employee Value More Than a Raise
Based on the survey results, here are the top benefits and perks that employees are more concerned about than getting a raise in pay or higher salary:
- Health insurance
- Vacation and paid time off
- Performance bonus
- Paid sick days
- Retirement plan/pension
- Flexible work schedule
- Office perks
- Employee development programs
- Employee discounts
- Wellness programs
- Stock options
- Paid paternal leave
- Childcare assistance and commuter assistance
- Diversity programs
While some of these benefits are financial in nature, it’s clear that employees are seeking out compensation that is a combination of salary, health benefits, and flexibility, providing them with a strong work-life balance.
“Offering added perks and benefits could be a useful recruiting tool. Millennial employees flock to employers that will help them achieve a healthy balance between work and their personal lives,” adds Bosanac.
Shifting Your Recruiting Approach
There is a clear shift in what up-and-coming generations are looking for in terms of employment. Companies need to pay attention to this shift, and adjust their recruiting practices and re-evaluate how employees are compensated for their roles.
Here is what you can do:
- Review current compensation plans
- If you don’t already, consider offering health and wellness programs to employees
- Get input from your employees about preferred workplace benefits and elements they would like included in your organizational culture
More Recruiting Tips
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Financial Services & Insurance, Marketing Communications & Media, Emerging Tech & Telecom, Consumer Goods & Retail, B2B & Industrial, Technology, Accounting & Finance, HR & Operations and Mining & Engineering. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.