Offering productivity-enhancing benefits that employees value is more important than a 10% pay raise, according to a new study !
Nicolas BEHBAHANI
Global People Analytics Leader | Future of Work | Leading Global HR Analytics, Driving Business Growth
?? Nearly half of employees rank a four-day workweek (51%) and unlimited paid time off (49%) as the most interesting benefits an employer could offer.
?? A whole list of benefits that, for many employees, sit higher in importance than a 10% pay raise.
?? A recent study published 安永 shows that every 10 hours of additional vacation their employees took, their year-end performance rating improved by 8%.
?? Half of Gen Z and Millennials believe that family-related benefits like parental leave are more important than a 10% pay raise, but that interest drops off dramatically for Gen X and baby boomer populations, at 29% and 17% respectively, according to a new interesting research published by Reward Gateway Edenred using data ??from a survey of 1,000 US-based employees.
?Satisfaction levels with benefits differ across industries.
?? Researchers have observed that satisfaction with benefits varies significantly across industries, as reflected in the data: Satisfaction levels in Manufacturing, Technology, and Financial Services exceed 80%, while the Food and Beverage industry has the lowest satisfaction rate at 66%.
?Perceived employee benefits influence productivity.
Researchers found that employees say that three factors have the most impact on employee productivity:
?? Receiving time off (46%) Those who vacationed more were also significantly less likely to leave the firm.
?? Financial- (e.g. 401k, stock options) (43%)
?? Insurance-related benefits (42%)
?? Also factors related to Growth (35%), health and wellbeing (30%) and family-related benefits (26%) all fell within the mid-range for making employees feel more productive at work and are more important than a 10% pay raise to over 30% of surveyed employees.
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?? Employees feel that education (22%) and transportation-related benefits (21%) are the least likely to impact their productivity at work, they’re also less important than a pay raise for around 40% of employees.
Research shows a marked preference for unique benefits, especially regarding flexibility; more than one-third of employees (35%) consider flexible workday start and end times as a desirable benefit from potential employers.
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This interesting research indicates that a range of natural benefits may be more advantageous for employee productivity than a raise in compensation. Undoubtedly, employee needs are multifaceted and differ widely among individuals. However, a general comprehension of employee necessities in 2024 can offer insights into engaging and retaining top talent. Furthermore, the more an organization tailors benefits to an employee's specific needs, preferences, personality, or role, the more valued and recognized the employee is likely to feel.
?? Thank you Reward Gateway Edenred researchers team for these insightful findings:
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3 周Understanding and respecting employees' diverse needs will not only enhance their productivity but also foster a sense of belonging and loyalty towards the organization. Nicolas BEHBAHANI
Head Human Resources - Marketing
3 周Thanks Nicolas BEHBAHANI for sharing yet another insightful research paper. To boost productivity, organizations are adopting a **Total Rewards Model** that offers holistic benefits, focusing on employee well-being, growth, and recognition. 1. **Wellness Programs**: Tailored support for physical and mental health, with flexible work options. 2. **Insurance**: Customized health and life insurance, addressing diverse family needs. 3. **Wealth Creation**: Retirement plans, stock options, and financial planning to reduce stress and align goals. 4. **Merit-Based Incentives**: Transparent performance rewards that motivate high achievers. 5. **Learning Investment**: Personalized career development and mentorship to enhance skills. 6. **Flexibility**: Remote work and flexible hours to improve work-life balance. 7. **engagement and Recognition**: Regular feedback and growth opportunities to drive engagements, loyalty and satisfaction. This strategy meets employee needs comprehensively, fostering engagement and improving productivity.
Human Resource Professional | MBA | Coporate Recruiting Professional- ASA | Ex-Wirtgen Group,A John Deere Company
3 周Insightful! It’s time for organizations to view benefit packages not just as a cost, but as strategic investments in productivity, engagement, and loyalty. An innovative approach could be a ‘Benefit Personalization Program,’ enabling employees to customize their benefits based on their life stages and personal needs. This could include options like extra family leave, mental health days, or career development funds, directly aligning with what employees value most. Thank you for sharing these valuable insights!
People Business Partner | HRBP | RRHH | P&C | People Operations | Gestión del Talento | área Manager
3 周Nicolas BEHBAHANI interesting research! In many companies today, diversity is prevalent, with up to four different generations living side by side. Tailoring and customising benefits packages to the different needs and priorities of each group is key. Doing so not only promotes recognition, well-being and a sense of belonging, but also boosts overall performance and motivation.? Listening to employees and adjusting strategies to this diversity is what makes the difference.
Industry Veteran | Exploring Future of Work | Great Manager’s Coach & Mentor
4 周?? Thanks for sharing, Nicolas BEHBAHANI. ?? Kudos to the Reward Gateway Edenred team for these insights! ? Personalisation is important - “different strokes for different folks”. ?? Understanding & addressing diverse employee needs is key to engaging + retaining top talent. ??♀? In my view, the most important factor that helps employees thrive is meaningful work. When employees find purpose in their tasks, they are naturally motivated to invest their own time in their passions & learning. As we say in India, if you pray to Lord Sarasvati (goddess of knowledge), Lakshmi (goddess of wealth) will follow. ?? Drawing from Herzberg’s Two-Factor Theory, which highlights the importance of both hygiene factors (like salary + benefits) & motivators (like meaningful work + recognition), we see that employees are most motivated when their basic needs are met & they find intrinsic value in their work. ?? Tailoring benefits to support employees’ pursuit of meaningful work & personal growth can be more impactful than a pay raise. PS: The class of employees - matter.