Almost 75% of U.S. workers say they are satisfied with their compensation, yet 44% say that they would alter the ratio of cash to benefits if it was up to them.
Peg Buchenroth, managing director, compensation and benefits, Hudson Highland Group says, “The survey reveals a work force with shifting compensation demands that can be hard for employers to decipher and even harder to satisfy.”
The findings unveiled by Hudson examined employees attitudes about traditional and non-traditional pay and benefit programs.
Buchenroth continues, “Though cash is still king, workers are coming to grips with paycheck-squeezing realities like higher healthcare costs and self-funded retirement programs. At the same time, they are placing much greater value on less tangible, lifestyle oriented benefits. People are more interested in having a well-balanced life.”
Buchenroth adds, “Many individuals find elements such as flex-schedules, telecommuting, on-site daycare or more personal time to have greater importance than cash. In fact, employees may forgo additional cash in order to have an improved work-life balance or better opportunities for career advancement.”
While most of these findings confirm a trend going on for awhile, I think in the area of lifestyle is where a company can gain a competitive edge over its competition by customizing lifestyle desires of their employees.
This goes along with what we talked about in last post about asking questions of your employees of how you can help. Understanding their needs, desires and wants and responding to them in a creative way will probably be the best way to keep great employees over a long period of time.
Have you found this to be true in your company?
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