Introduction
Do you know the benefits employees want in today’s work environment? Some are obvious, others have changed with changes in the economy and the job market. But, if you do not offer candidates what they seek, you will lose out to other more mindful employers.
To know how to attract and retain employees, it is essential to know what modern-day benefits employees want. What do today’s employees really seek from an employer in their jobs, and how might you be able to deliver that in your workplace?
Benefits Employees Want
Here are 6 benefits employees want. They are the top things potential quality candidates may be looking for when they begin a job search:
- Higher Compensation
- Remote Work
- Mental Health Care
- Opportunities for Growth
- Inclusivity, Diversity, and Social Impact
- Flexibility
Let us review them one at a time…
1. Higher Compensation
Higher compensation is one of the most crucial factors that job seekers are looking for. With labor and product shortages, workers have the advantage in the current market.
An article released by the company Indeed states, “…half of job switchers Indeed surveyed received an increase, and those that did received an average salary increase of 52%.”
The publication Entrepreneur writes, “Salary is always a top consideration for new hires — they want stability and to be paid what they believe they are worth.”
Employers looking to find talent in their fields may have to consider how they can manage to increase wages for their new hires and current employees. Otherwise, they may be looking at under-experienced workers, worker shortages, and high turnover rates
2. Remote Work
There are many jobs that require in-person employees. For example, you cannot run a restaurant with remote cooks or a remote waitstaff. Unless people are checking themselves out, you also cannot run a retail store with remote workers.
This explains some of the hiring difficulties that employers in certain industries may be facing.
If your place of work can offer remote work, it may be in your best interest to offer it. Here is why:
- 87% of workers when offered the chance to work remotely will take it, according to McKinsey and Company.
- Employees may prefer a hybrid approach. This is where they can work in their facility some of the time and work remotely some of the time. One survey from Slack reveals that 72% of employees prefer this to either full-time at home or full-time at work.
- Pew Research reports that 60% of workers interviewed would prefer to work remotely if given the chance.
- Another survey conducted by GoodHire reveals that 30% of respondents would not apply to a job that requires 100% on-site jobs.
3. Mental Health Care
Mental health is becoming increasingly important to job seekers. Not only do they want access to mental health care through their insurance plans. But they also want to find jobs that value their employee’s mental health and mental well-being.
These benefits may be most important in potential candidates who are categorized as Gen Z. One study cited in an article by Tribune Content Agency revealed that “31% of Gen Z employees find it difficult to cope with pressure and stress at work, 82% say it is important to have mental health days, and half want mental health training.”
Many modern-day job applicants want to work hard and do an excellent job at work. But they also want their work and career to be balanced with their personal and private lives. It is also important to many workers that their work is valued, and their work environment is healthy.
What that looks like to different workers may vary. But most are looking for a workplace that treats them with dignity and respects their time. They also want employers that seek ways to actively reduce stress in the work environment.
The businesses most likely to hire employees are those showing applicants how they plan to care for their mental health.
The employers that are likely to retain employees are those with a working strategy to maintain the mental health of their employees and reduce unnecessary stress in the workplace.
It is also helpful to have a litmus that can be checked over time to see if the strategies in place actually help the employees.
4. Opportunities for Growth
It is not uncommon for new generations of workers to work at a job for a few years before finding a new one, but many employees would be willing to stay with one company if enough advancement opportunities exist.
In an interview with SHRM, Jon Dusing senior director of learning and development at Paylocity shares, “Every potential employee wants to know two things: ‘What are the skills that I need?’ and ‘What are the programs that you have in place to support me?’”
Candidates who are looking for jobs want to know that they have a chance of growing in a company. They also expect to be given proper training for advancement. This is the case even if they are brought in for an entry-level position.
McKinsey and Company, a global management firm that helps companies, organizations, and governments offer insights into employees that they call “frontline workers.” McKinsey defines frontline workers as “hourly workers, primarily individual contributors, making less than $22 per hour across select industries.”
They have found that many of the people working in this category often lack the ability to advance, which leads to frustrated and discouraged workers. Their suggestion that tapping into these workers for advancements at work can help with employee retention while also being an answer to labor shortages.
They also explain that advancement in pay is unsurprisingly a reason why people want to advance in a company or job, but it is not the only factor.
5. Inclusivity, Diversity, and Social Impact
Inclusion, diversity, and social impact are growing categories that younger job seekers are looking for in a workplace.
The Washington Post writes, “Over the past decade, highly educated young professionals have increasingly prioritized personal values in deciding where to work, whether it is a commitment to sustainability, philanthropy or social impact.”
Many young workers want to work for a company whose hiring practices, agendas, and business practices they can support.
The Washington Post continues by saying that many millennials and people from the Gen Z generation want to work for places that hire a diverse workforce. They also want to have a work atmosphere where conversations about diversity and race issues can be discussed openly.
One survey by Glassdoor shows that “76 percent of employees and job seekers said a diverse workforce was important when evaluating companies and job offers.”
It is also especially important to many workers today that their employers share their values and beliefs.
Some employees want their place of business to be vocal about their opinions on what they would consider being important social or political issues. However, this can be a fine line, as companies that openly share their political opinions can risk losing employees who do not share the same values.
Human resources experts say it is important for employers to listen to their workers. Paul Wolfe, a human resource expert quoted by CNBC expressed, “The best companies are going to listen to many opinions. People want to feel seen and heard, even though the company may not completely agree with them all the time.”
6. Flexibility
Like remote work, flexibility in the workplace is a common desire of many employees. Workers want to attend a doctor’s appointment or their child’s recital without missing necessary work requirements. Or having to take time off from work.
Flexible work hours have been a preference for millennials and Gen Z for some time, but post-pandemic has shown the possibilities for flexible work schedules and remote work.
One caveat, however, is that some studies show flexible work schedules can lead to burnout or reduced productivity. A likely reason for this is that an employee who does not have a set schedule (and especially one who is working from home) can feel like they are working all the time.
For a flexible (and remote) worker to succeed, they need to be able to have a clear boundary between their work and home life. This can be much more difficult when you are working from home and your work and home life seemingly compete with one another.
Harvard Business Review writes that “…working at non-standard times such as weekends or holidays significantly reduced people’s intrinsic motivation, making work less motivating and enjoyable.”
The article identified the reason people felt unmotivated was a cultural mindset that working 9-5 Monday-Friday (and not on holidays) was difficult to circumvent. A person who feels they should not have to work in a given timeframe will feel unmotivated to do so, even if they felt a flexible work schedule was desirable.
Harvard Business Review suggests a shift in mindset that allows workers to reshape their ideas about ‘normal’ working hours.
Pulling Together Benefits Employees Want
Many employers have found it difficult to find, hire and then retain a solid workforce. You must find out the benefits employees want in a work atmosphere and provide them to limit your trouble finding workers. Review our suggested 6 benefits employees want and connect with the right types of candidates that would be a good fit for your organization. in
Of course, competitive compensation is significant in attracting job seekers and in retaining high performing workers. But that is only one element in employee recruitment and retention. Additionally, to retain employees is to treat them well and provide them necessary training and advancement opportunity in your firm. That is what employees want above all. Remember these suggestions and good recruiting!
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If you need assistance finding individuals who possess greater productivity qualities, contact one of our recruitment professionals Today.