While it is definitely possible to build up your employees and attract top talent by offering regular raises (especially if these raises outpace the rest of your market and your competitors), it turns out that there are plenty of other employee perks your team wants more than a pay raise – and the more of these parks that you are able to offer, the more likely you are to attract and keep the kind of talent you need to dominate in today’s ultra competitive business environment.
Unfortunately, a lot of otherwise smart and savvy business owners and managers just don’t look at things the way that their employees do. Instead, they tried to throw more and more money at their employees to “win” their loyalty, when it wasn’t money (more money, anyways) that the employees were looking for to begin with.
Here are just some of the employee perks your team likely wants a lot more than another bump in pay!
According to Glassdoor, more than 40% of employees that responded to an Employee Perks Survey said that they wanted health insurance – quality and inexpensive health insurance – far more than they wanted another bump in pay.
This really shouldn’t surprise anyone, especially considering the fact that health insurance when purchased separately from an employment package is so ridiculously expensive and only continues to get more and more expensive with time.
On top of that, there’s a lot of insecurity and instability in regards to health insurance in the United States right now, and anything you can do to alleviate that stress and frustration for your employees by offering them quality health insurance is going to go a long way towards winning the kind of loyalty you need to compete these days.
More vacation time and paid time off
Compared to the rest of the developed world, the United States lags dramatically behind nearly everyone else when it comes to offering bonus vacation time and paid time off.
You don’t necessarily have to cut a single workday from every single workweek the way that some companies have to increase vacation time and create three-day weekends every single week, but the more you do to boost vacation time – especially paid time off – the more loyalty and top talent you are going to be able to generate for your company.
Performance bonuses are a big perk
Monetary incentives like incremental pay raises are only going to trigger a certain (and relatively low level, at that) amount of excitements, loyalty, and attraction to top talent in any industry, but performance bonuses and performance-based pay on top of salary is a great way to dramatically improve not only the happiness of your employees but also their productivity and their output.
By tying at least some of the compensation that goes to employees to the performance that they put out and the results that they produce you are able to incentivize better work, faster work, and more impressive results. This is a fantastic “carrot” for employees today and one of the most requested perks in today’s modern workforce.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Pretty Happy at Work: Healthy Ways to Love What You Do and all topics related to Singapore Business, if you are interested about Company Registration Singapore visit our website.
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