There’s a dangerous disconnect afoot when it comes to benefits. And it could be costing your company big money.
Benefits aren’t cheap, which means that you want to be devoting your attention, financial and otherwise, to the ones that will provide the biggest payoff.
But there’s new evidence that might not be happening.
A recent survey by Accounttemps shows that what CFOs believe to be the most coveted benefits today aren’t … if you ask employees.
Take a look at what employees picked, vs. what CFOs thought they would, and see how you can keep your company focused on the right things.
What’s really on their wish lists
The question asked by Accounttemps: “Other than additional compensation, which one of the following do you believe would top your employees’ wish lists when it comes to their jobs this year?”
Here’s how your fellow CFOs peers answered:
- Better benefit plan, such as enhanced healthcare plan: 41%
- More vacation days: 19%
- More scheduling flexibility, such as telecommuting or flexible work hours: 15%
- More training or professional development opportunities: 12%
- Other corporate perks, such as onsite meals and amenities, health and wellness or subsidized transportation: 11%
Now compare that to how employees ranked the same perks:
- More vacation days: 30%
- Better benefit plan, such as enhanced healthcare plan: 26%
- More scheduling flexibility, such as telecommuting or flexible work hours: 19%
- More training or professional development opportunities: 15%
- Other corporate perks, such as onsite meals and amenities, health and wellness or subsidized transportation: 9%
Looks like many folks would take the time over a better health plan.
Of course this was a random sample of employees and your own workforce might rank these benefits differently.
But what the data really drives home is: You never want to assume what’s most important to people. If you do, you could be pumping dollars into initiatives that won’t be as appreciated as others might be.
So how can you ensure your efforts are best aligned?
Solutions that run the gamut
There are any number of strategies you can employ to keep your company’s efforts on track on the benefits front, from formal to informal:
- Survey them. Want to know what your employees value most? Ask them. Even setting up a quick online survey can get folks to rank key benefits in order of importance to you. You’ll never get full consensus, but you’ll likely get a big picture trend of what they care about most.
- Ask them casually. Hopefully you check in with your staffers beyond performance review season. Use those periodic touch bases to see what they care most about now. That’s where you’ll likely get anecdotal info that can help you better understand why employees value what they value. Bonus: You’re showing your team you’re interested in knowing what matters to them.
- Look at what they do, not at what they say. Another subtle way to gauge what’s most important? See what staffers get most passionate about. Your Payroll people can tell you folks sure get riled up when it’s an issue with their paychecks, but what other things are people speaking up about? That may show you where to devote time and dollars.
And remember, no matter which of these (or combination of these) you do, it’s not a one-and-done situation. People’s priorities change, so you want to periodically check in to make sure nothing major has shifted.
Info: For an infographic on the Accounttemps survey, click http://accountemps.rhi.mediaroom.com/2015-03-11-Beyond-Salary-What-Do-Employees-Really-Want-In-2015