Employees' Favorite Work Perks:
By Kate Lorenz, CareerBuilder.com Editor
What motivates you and makes you happy when it comes to work? Hawaiian shirt days, bagel breakfasts and foosball tables? Or is it the pay, time off and career development?
Workers are telling us that they aren't happy: whatever "cutting edge" perks were offered during the dot-com boom aren't important now. According to a recent CareerBuilder.com study, the number of workers who say they are satisfied with their jobs has dropped from 57 percent in December 2003 to 52 percent in May 2004. One-in-four workers say they are dissatisfied with their jobs.
Research conducted this year by the Employee Benefit Research Institute reported that 77 percent of workers believe the benefits a prospective employer offers are very important in their decision to accept or reject a job.
Additionally, the MetLife 2003 Employee Benefits Trend Study found that, among employees who are highly satisfied with their benefits, roughly two-thirds say that their benefits are an important reason they stay with their current employer (69 percent) and are satisfied with their job (64 percent). But, less than one-third of workers today are satisfied with the benefits provided by employers - a drop of 9 percentage points from one year ago.
Richard Laermer, author and founder of RLM Public Relations, says experience now shows us that a foosball table isn't really a benefit. What savvy job hunters now seek are employers who provide a clearly defined work role with clearly mapped out career possibilities.
"People have learned to see through the flashy, but ultimately meaningless perks so generously handed out during the IT boom," says Laermer. "They are tired of feeling tricked in to productivity: Hawaiian shirts don't make them more motivated. They want concrete benefits: more holidays, better career prospects and stability at the work place."
More and more, companies are looking at employees' necessities when determining benefits. They ask: "Does it benefit a significant portion of the population?"; "Does it fit our culture?"; and "Does it make good business sense (retaining top employees while maximizing dollars spent)?"
At SAS, a North Carolina-based business intelligence software and services company, benefits are viewed as part of an overall business strategy aimed at attracting and retaining top talent. What's most popular? Employees love the childcare (four centers serving over 600 kids), the free on-site health care center, and the recreation & fitness center. In addition, SAS supplements its benefits with less expensive, "convenience benefits" which help employees take little responsibilities off their already-full plates including dry cleaning, car detailing, oil changes, hair salon, massage, seasonal tax assistance and UPS shipping.
Work-Life BalanceOne third of workers say they are dissatisfied with their work-life balance, according to a recent CareerBuilder.com survey. Robert Smith, CEO of Robert Smith and Associates, a marketing firm based outside of Chicago, tried several tactics to motivate employees before finding one that worked. "I tried more money. I tried weekend getaways. I tried free lunches. Nothing worked as good as letting my people set their own schedule," Smith admits. "When we matched their natural personality and habits our sales shot through the roof. I have sales people who work half days and still hit quota."
Quality of LifeBurnout is prevalent among the majority of workers with 68 percent reporting feeling burnout at work. Forty-three percent of workers sometimes suffer from burnout while 25 percent report often or always feel burned out. To combat this, employers are seeking ways to ease stress in employees' lives. The Boston office of international PR firm Porter Novelli aims to do this with a variety of tactics. To make everyone's commute less stressful, the office pays for either monthly parking in the garage or all subway passes and most of commuter rail passes. A summer hours policy consists of giving employees an additional six days off between Memorial Day and Labor Day as a way to encourage people to get out of the office and enjoy the summer. Employees are allowed 2 days per month and cannot be carried over. Freddie Mac offers web-based concierge service which allows employees the flexibility to get more done in less time. Everything from florists to dog-walkers is available at employees' fingertips. The company says by helping employees integrate their personal and professional responsibilities it not only boosts morale but productivity as well.
Career DevelopmentMany companies are offering ways for career development and learning opportunities, including paid training, tuition reimbursement, or reduced cost for college classes. United Way uses computer certification to attract and retain employees by helping them attain Microsoft Office Specialist certification. This has been a cost effective way for the company to enhance employee well-being, improve retention, and not break the bank.
Family FriendlyChicago's Children's Memorial Hospital is not only committed to the health and wellness of its young patients, but also employees with children or grandchildren. LifeWorks is an integrated Employee Assistance Program (EAP) and Work/Life Balance Program. The Children's Summer Program, which is free for children and grandchildren of employees, is a two-week program about exploring healthcare careers while developing an appreciation for the family member's profession. The hospital offers college scholarships for children of employees who are studying to become health care professionals. And, the Bright Start college savings plan is a qualified tuition program and gives parents, grandparents, friends and family the ability to give the gift of a college education.
Voluntary BenefitsVoluntary benefits - for which the employee pays all or most of the cost - allow employers to provide easy, convenient and affordable access to a range of financial and group insurance products, according to Jim Gemus, senior vice president and head of MetLife's Voluntary Benefits business. The most common voluntary benefits offered by employers are optional term life insurance, long-term care insurance, and auto and homeowners insurance. Prepaid legal services, retirement planning and vision benefits are also becoming increasingly popular. Often, these are offered with group rates and other advantages that might not be available to employees had they purchased the product on their own. Frequently, employees enroll in and access these benefits online. Voluntary benefits also offer flexibility in choosing benefits that best fit employee needs. For example, employees who are also caregivers for an elderly relative might find long-term care insurance to be an attractive option, while someone who is about to buy a home might prefer to purchase a legal services plan.
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