Everyone loves them, but just how many does an employer need to offer?
According to a recently released 2023 Salary Guide by Robert Half, a talent solutions company, organizations are under pressure to offer higher compensation to current and new staff in an era of quiet quitting and on the heels of the “Great Resignation.”
Beyond adjusting pay, how else can employers attract and keep the best and brightest in a competitive hiring market?
Going into 2023, employers should know:
- Wellness programs & mental health perks are a must
- Salaries are trending upward
- Workers want raises
This post will share insights to the survey and how employers can continue to impress in a market where there are more job openings than job seekers.
What Employees Want When it Comes to Workplace Perks
There’s no question that the hiring market has become increasingly competitive and a stressful situation for employers needing reliable talent. As long as plenty of job openings are readily available, workers can have their pick and have the upper hand in the hiring process.
According to the recent Robert Half survey here’s what to expect next year:
- Salaries need to go up - In the survey of more than 1,500 U.S. hiring managers, 46% of employers are offering higher starting salaries to snag skilled candidates. The same study found that 83% of employers who increased the base pay for new hires also made adjustments for current employees.
- Raise requests are on the way - Because of inflation and the need to keep up, employers can expect to hear more workers want raises. The survey found that 55% of workers feel underpaid, adding more pressure on companies to up salary ranges. Of those surveyed, 48% plan to ask for a raise if they don’t get one. What’s more, 41% of workers would consider changing companies for a 10 percent pay increase.
- Better perks are enticing - Thanks to the challenging hiring market, more than eight in 10 companies added new perks, including remote work, mental health resources, and wellness programs. Need ideas for good perks? An example: Parson Partners offers a variety of benefits to keep workers happy including a 3% 401K contribution, unlimited PTO, 100% employer-paid basic life insurance, and 99% employer-paid medical and dental plans. Workers also get a $1,000 work-from-home stipend to help them buy tools for productivity.
These days it’s easier than ever for employees to make themselves more marketable when it comes to getting a raise. In fact, the Robert Half survey found workers aren’t afraid of professional and personal development. Of those surveyed, 33% were acquiring new skills and certifications while 50% worked on responsibilities outside of their job description.
The internet and social media have made it much easier for workers in the same industry to compare notes. By continuously evolving and updating your workplace perks, your company puts itself in a better position to hire and keep top talent.
What Are the Best Employee Perks?
The workplace is ever-changing, especially after the global pandemic. Workers have re-prioritized and reconfigured their lives. They know they have to work to live, but they also know it can be more under their own terms than it may have been in the past.
Because of this, leaders must take time to review their current workplace culture and environment to see if benefits are aligned with what workers need. The best employee perks are the ones that your employees want the most. Get even more insightful information by asking new candidates (either during the interview or after) what benefits or workplace perks would be most beneficial to them. Their answers may directly influence your next benefits review meeting.
Ask for feedback (positive and negative) and review your employee benefits at least once a year with your leadership teams. Scrap what doesn’t matter and always be on the lookout for ways to offer more job satisfaction through workplace perks.
Retain and Recruit Talent With Smart Company Moves
Companies that do the same old marketing and recruiting tactics are likely to find recruiting pools small and frustrating in 2023. Don’t want to be in this position? Following the lead of hiring trends and looking into employee needs in the workplace will keep your workforce stable and satisfied.
The way we work has significantly changed. That means employees are looking for job security while also landing a role that offers more than just a paycheck. The pandemic, social and political turmoil, and shifting hybrid and remote work opportunities, have opened employees up to new ways they can work and live.
By keeping in mind that flexibility and a willingness to change are paramount to your success as a company in the recruiting realm, you’ll find the hiring process much easier in the upcoming years. Aim to keep your best workers while also recruiting ones who will stay with you for the long haul.
After all, a company is only as valuable as the workers it has on payroll keeping it afloat. Treat them well with workplace perks that matter and a paycheck that pays well to build a team that sticks with your organization for the long haul.
What are your employees’ favorite workplace perks? Share in the comments below!