Four in five employees prefer benefits, perks to a pay raise
Four in five employees prefer benefits or perks to a pay raise, according to new statistics gathered by SCORE, a network of volunteer, expert business mentors. Employee perks are growing in popularity for both employees and employers. Perks are privileges granted to employees in addition to their salaries and employee benefits, which have little to no cash value. Forty two percent of full-time employees reported having no employee perks at all.
According to survey results, employees considered the following perks and employee benefits when choosing a job:
- Flexible hours: 88 percent;
- More vacation time: 80 percent;
- Work from home options: 80 percent;
- Student loan assistance: 48 percent;
- Paid maternity/paternity leave: 42 percent;
- Free gym membership: 39 percent;
- Free snacks: 32 percent; and
- Weekly free outings: 24 percent.
Survey participants explain that perks contribute to employee satisfaction by creating a better quality of life (53 percent), making employees feel valued (49 percent), and improving employee physical and mental health (44 percent).
The most common employee perks reported include:
- Flexible working hours: 32 percent;
- Professional development: 28 percent;
- Fitness and health perks: 19 percent;
- Food and snacks: 19 percent; and
- Working from home: 14 percent
The Gaudreau Group can help employers attract and retain top talent with innovative employee benefits strategies such as Student Loan Assistance programs. Call our Employee Benefits team today to learn more.