Modern Day Compensation: What Do Your Employees Really Value?
February 15th, 2012By and large, the business community has been on a massive hiring freeze for the past four years. As rays of sunlight are beginning to creep up along the horizon many businesses are trying to get out of the “belt tightening” frame of mind they’ve been clinging to during that time and enter into a hiring mindset.
The problem remains that the top-notch candidates are few and far between. More importantly, everyone wants to hire them. So, what are employees really looking for when it comes to compensation?
There are primarily four areas of life that employees are really overly concerned with: health, wealth, quality of life today, and quality of life after retirement. With that in mind, these are the most important benefits to most people who are looking for jobs today.
Opportunities to Earn Bonuses
People are willing to go the extra mile to help make the companies they work for profitable. They do it all the time. Most people, especially coming out of a major economic recession, are even willing to take a hit on salary if they believe they can earn bonuses in time to make up the difference. In fact, the opportunity to earn this extra income will have them working even harder to make your business the greatest possible success.
Health Care Coverage
This benefit is actually number one in the hearts and minds of employees at every level of the corporate structure. There is a ton of uncertainty over the upcoming health care bill that was recently passed in Washington. People don’t understand. They have a lot of questions. They are more concerned than ever before that they have adequate health care coverage to care for their families now and in the future.
Dental Care
This one has surprised a lot of people – though certainly not anyone who has paid out of pocket for major dental work in the past several years. It really shouldn’t be surprising that health and dental care weigh heavily on the minds of employees from all economic backgrounds and walks of life. Dental problems have a tendency to escalate if left unchecked and can lead to serious conditions like heart disease, chronic infections, and other illnesses. Dental health is something people are, rightfully so, beginning to take seriously.
Paid Vacation
People work hard. They also like the ability to play hard when the opportunity arises. A generous vacation or PTO (paid time off) package can actually overcome certain salary deficiencies in the eyes of many potential employees so keep this in mind as you establish your employee benefit packages.
401(k) Plans
Retirement is very important for workers today. It may even be more important than at any other time in recent memories. Many employees had retirement funds decimated in the recent recession due to uncertainty and upheaval in the stock market. They are facing a long and hard road to get things back to where they were pre-recession. Some of them may never fully recover. Company contributions and participation in 401(k) programs is an attractive benefit to many job seekers.
The bottom line is that priorities have shifted a bit in the past four years. Where once, the highest possible salary was a primary concern; today, people are more concerned over finding the right package deal for themselves, their lifestyles, and their families.





