Business Beat
Hourly Workers Say Benefits Are Just as Valuable as Compensation for Employee Retention CareerPlug
Though the last couple of years were stressful for most, if anything good came out of the pandemic era, it’s that employees of all industries began reevaluating their employers and their relationship to work. For the first time in a long time (or possibly ever!) employees realized that the power was in their hands to demand more from their employers. They began to take stock and reprioritize what was most important. Many people left their jobs — 47.4 million people in 2021 to be exact. And though there are many different reasons why workers quit, one thing is certain: Employers must step up and take the necessary action to retain their team. There are many things that employers can do to meet the needs of their employees, and offering the right benefits is a big one. But are the right benefits actually better than higher pay? Let’s discuss how benefits compare to compensation when it comes to employee retention and which ones are the most important to employees.
This means that when it comes to employee retention, benefits can be just as important as compensation. We asked the employees in our survey to rate which benefits they would be most likely to accept over increased compensation. The table below shows what they had to say.
What benefits do employees want? Health insurance
Though it’s not possible for every business, offering health insurance can lessen the financial burden on your employees
Benefits are just as valuable as compensation
When thinking about retention, raising compensation is a logical first step. In a recent survey of hourly workers, we found that 55% of all employees are currently seeking or will be seeking new employment in order to get a pay increase in 2022, and 64% of those workers seeking an opportunity for a pay raise said they would stay at their current job if their employer gave them the compensation they were looking for. If offering raises isn’t an option for your business right now, what else can you do to keep your employees around? We have good news! 66% of those employees said that they would stay at their current job if their employer offered additional benefits instead of a pay increase.
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Texas Propane • www.txpropane.com
and make medical care more accessible. This can help you attract new talent and retain the current members of your team. Depending on your industry, offering health insurance may have an even bigger impact on employee retention. Here are some of the industries that would most likely accept health insurance over a pay increase from their employer. • 38% in the automotive industry said they would accept health insurance over a pay raise. • 50% in education and childcare • 58% in hospitality, entertainment, and recreation
