Perks or Pay Raise?
A recent survey from Glassdoor reveals that four in five (79 percent) employees prefer new benefits or "perks" over pay raises.
The U.S. Employment Confidence Survey (Q3 2015) from Glassdoor evaluated job market optimism/rehire probability, salary expectations, job security and business outlook, as well as the value employees place on benefits and perks in lieu of pay raises.
Of the 79 percent of employees who reported they want benefits and/or perks over an increase in pay, the most preferred benefit is healthcare insurance (40 percent), followed by vacation/paid time off (37 percent), performance bonuses (35 percent), paid sick days (32 percent) and a 401(k) plan/retirement plan/pension (31 percent).
"As the U.S. economy continues to expand and job market confidence continues to rise, there is no doubt it is a job seeker's market. This is a clear signal to employers that in order to compete in today's labor market, it's not just about salary and compensation, employers should be communicating clearly about non-traditional compensation. Recruiters should take note that touting the benefits and perks offered can help win talent of different demographics, industries and occupations," said Rusty Rueff, Glassdoor career and workplace expert.
Other highlights from the study include:
+ 50 percent of employees expect to receive a pay raise or cost-of-living increase in the next 12 months
+ 15 percent of employees report concern they may be laid off in the next six months, down two percentage points from last quarter
+ 48 percent of employees (including those self-employed) believe their company's business outlook will get better in the next six months