Work-life balance and flexibility rank highly.
Willis Towers Research findings show, more than 25% of employees today are at a high risk for turnover. What is more, many of those employees are top performers in their companies, or at least have the potential to become ones.
It is reported in gethppy.com, that business owners have to realize that employee turnover not only costs a lot, it can also easily disrupt the flow of an already effective workforce.
And while most business managers tend to think that money plays a vital role in employee engagement, as well as retention, research suggest otherwise.
According to AON’s Trends in Global Employee Engagement report, top three engagement drivers among the workforce are career opportunities, organization reputation, and recognition.
According to Sarah Arche, a Content Marketing Specialist, understanding what potential employees desire in their benefits package is crucial.
When recruiting, requires a comprehensive look at what competitors are offering, but perhaps more importantly, what applicants really want.
A recent study by LendingTree delved deeply into this topic, interviewing more than 1500 people on their ideal benefits, and revealed that employees prefer to have a better life balance even if it means making a little less in the way of salary.
This means that a hiring manager can leverage a benefits offer with a reduced salary, however it is also important to recognize that your applicant may consider another position (even one with a lower salary) if an alternative job puts together a more enticing set of benefits.
When negotiating a package, the study urges to keep in mind gender and age range with the understanding that these demographics matter significantly when trying to discover places of compromise and where it makes sense to apply pressure or make concessions. Some of this may have a connection to simple psychology, but it is necessary to take this into account when making the right offer to the right person.
Health Insurance and pension matching are the most important elements of a benefits negotiation by a good margin.
Something to keep in mind when approaching applicants of different genders is that, in general, women prefer better health care coverage, while men are geared toward their retirement account.
Of applicants looking specifically for improved health coverage, it appears that people at the age of having young families or those closest to retirement prize better insurance the most.
Paid Time Off is another variable where a little flexibility can open up negotiations on salary. However, it is important to understand which age groups are most likely to respond to this.
Of other benefits, the most desirable is flexible scheduling. More modern offices are finding that it is attractive to offer hours that are less constrained.
Again, it is important to look at the age of an applicant. Older demographics swing much more toward this flexibility, while younger people might be more enticed by something like a free gym membership or lunch.
It is the measure of your applicant that allows you to form the most enticing benefits package. Keep in mind their demographic and what they really want in order to get the best talent at a comfortable salary.