Three Most In-Demand Employee Benefits Of 2018

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Many businesses make the mistake of thinking that a higher salary range is what will get the most in-demand tech professionals in the door. Instead, the benefits you decide to offer (or not to offer) could actually be the reason you’re losing out on the most innovative and sought-after candidates.

In fact, according to Glassdoor’s 2017 employee benefits guide, 57% of candidates reported that perks and benefits are among their top considerations when accepting a job. This matters more for tech-based companies because the information technology (IT) industry is one of the industires with the highest-rated benefits, which, given the current tech talent shortage, means candidates are more likely to select the offer that provides them with the benefits they want most.

The good news is you don’t need to increase your investment in your benefits package, you just need to understand your employees better and rethink the limitations of your current benefits.

Work-Life Balance Is Greater Than Trendy Perks

The early tech boom led to the advent of the trendy perks the industry has become known for, such as ping pong tables, free food, laundry services and more. Mondo, the high-end tech and digital marketing staffing agency I’ve worked at for over 14 years, wasn’t immune to the pressure to provide these types of perks throughout the years in an effort to entice talent and increase retention.

While everyone may love freebies, we came to realize that these aren’t the benefits that lead to higher levels of employee satisfaction or improved retention rates. Instead, we’ve put a priority on listening to our employees by implementing quarterly surveys to ask what benefits matter most to them and how we can better support their day-to-day activity and development through benefits. The overwhelming response? Work-life balance.

Expanding your benefits package to include things like flexible scheduling, work-from-home opportunities and unlimited paid time off (PTO) policies that directly impact your employees’ well-being can help give you an edge over a competitor in hiring and retaining talent. According to a recent survey by the Harvard Business Review, benefits that prioritize work-life balance are the second most valued employee benefit following medical benefits. Studies have also shown that employees who work remotely are more productive and have higher rates of engagement.

For tech professionals, the work from home benefit is in especially high demand. In fact, 63% of tech professionals reported they would take a pay cut from to be able to work from home at least half the time, according to Dice’s 2018 Tech Salary Report. So if you think a higher salary will make up for a benefits package that fails to prioritize work-life balance, think again.

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Shutterstock

Many businesses make the mistake of thinking that a higher salary range is what will get the most in-demand tech professionals in the door. Instead, the benefits you decide to offer (or not to offer) could actually be the reason you’re losing out on the most innovative and sought-after candidates.

In fact, according to Glassdoor’s 2017 employee benefits guide, 57% of candidates reported that perks and benefits are among their top considerations when accepting a job. This matters more for tech-based companies because the information technology (IT) industry is one of the industires with the highest-rated benefits, which, given the current tech talent shortage, means candidates are more likely to select the offer that provides them with the benefits they want most.

The good news is you don’t need to increase your investment in your benefits package, you just need to understand your employees better and rethink the limitations of your current benefits.

Work-Life Balance Is Greater Than Trendy Perks

The early tech boom led to the advent of the trendy perks the industry has become known for, such as ping pong tables, free food, laundry services and more. Mondo, the high-end tech and digital marketing staffing agency I’ve worked at for over 14 years, wasn’t immune to the pressure to provide these types of perks throughout the years in an effort to entice talent and increase retention.

While everyone may love freebies, we came to realize that these aren’t the benefits that lead to higher levels of employee satisfaction or improved retention rates. Instead, we’ve put a priority on listening to our employees by implementing quarterly surveys to ask what benefits matter most to them and how we can better support their day-to-day activity and development through benefits. The overwhelming response? Work-life balance.

Expanding your benefits package to include things like flexible scheduling, work-from-home opportunities and unlimited paid time off (PTO) policies that directly impact your employees’ well-being can help give you an edge over a competitor in hiring and retaining talent. According to a recent survey by the Harvard Business Review, benefits that prioritize work-life balance are the second most valued employee benefit following medical benefits. Studies have also shown that employees who work remotely are more productive and have higher rates of engagement.

For tech professionals, the work from home benefit is in especially high demand. In fact, 63% of tech professionals reported they would take a pay cut from to be able to work from home at least half the time, according to Dice’s 2018 Tech Salary Report. So if you think a higher salary will make up for a benefits package that fails to prioritize work-life balance, think again.

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https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2018/04/17/three-most-in-demand-employee-benefits-of-2018/