It’s no secret that employers are getting creative in recruiting and retaining strong talent. Amazon recently announced they're testing a 30-hour workweek. Airbnb gives employees a $2,000 stipend annually to travel. Netflix recently began offering one year of parental leave to both salaried and hourly employees.
In what has been a tough job market over the past several years, many employers simply can’t offer employees the one thing that is most important to them: money. So employers that can’t pay but still need strong talent have started beefing up their benefits packages and offering various other incentives. And it seems that they’re on the right track—57% of respondents in a recent survey said benefits and perks play a major role when deciding whether to pursue a particular job.
So what matters most to employees when it comes to attracting new talent and retaining good employees? Here are the five top factors that employees say make or break their decision to take or leave a job.
1. It’s all about the Benjamins. Survey after survey indicates that the number one most important thing to employees about a job is salary. And why shouldn’t it be? We all want to be paid what we’re worth (and I could go on a whole coach-y tangent on how we are all worth more than a number, but I’ll spare you!). In fact, salary negotiation is a huge part of the work I do as a career coach. Employers that can afford to pay should do just that to keep the best and brightest on their staff, whether it’s in the form of a pay raise or periodic performance-based bonuses.
2. Good health insurance. This benefit was ranked as the most important benefit in recent research from Glassdoor. Providing employers with stellar health insurance options typically does translate into an additional expense for employers, but it’s an investment worth making not only to incentivize
3. Work-life balance. Employees in a recent survey reported this as being the most important factor to them, other than
4. Opportunities for advancement and professional development. In a recent Gallup poll, 87% of millennials said development is important in a job. When employees,
5. A sense of purpose. Employees want jobs that have
Brownie points to employers who develop programs that allow employees to grow and make a meaningful difference in the world.
Employers need to ensure that they are fulfilling their employees’ needs. Why? Because rates of loyalty to employers are low, and the cost of replacing a good employee is steep. It’s that simple. There’s no better investment a company can make than in the people who keep the organization running and thriving. A significant pay raise is always a strong incentive to keep a good employee happy, but there are plenty of other ways to keep employees engaged in their current roles.
Employers, take note of the perks being offered by innovative companies like Amazon, Netflix, and Airbnb… And step up your game. Ten years ago, how many of us would have scoffed at the notion of negotiating telework days into your schedule with your employer? Yet today, such negotiations are par for the course. That, and then some.
Ashley Stahl is a career coach who helps millennials find their purpose, get job offers or launch their dream business.
Published by Forbes: https://www.forbes.com/sites/ashleystahl/2016/10/12/employers-take-note-heres-what-employees-really-want/#579b93ce1c83