After spending over 20 years of having casual conversations with hundreds of employees of small, medium, and large companies, one issue becomes very, very clear. The biggest benefit they want is cash. The only important benefit is health insurance but that is even optional.
Companies pitch their large group of benefits but most employees glaze over. Discounts on luggage, eating out, and buying cars don’t move employees.
Employees are very clear on what they want from an employer (in this order):
- Being successful – the opportunity to achieve
- Freedom – ability to have flexible scheduling to meet personal needs
- Money – maximize the amount of cash – not a bonus based on elements that the employee cannot control
- Healthcare – comprehensive health care (for older workers – not the youth!)
The HR team can save themselves a lot of effort by stop working on all those extra benefits.
A quick scan of companies show the following extra benefits:
- Housing – furnished and free utilities
- Disability insurance
- Retirement benefits
- Daycare
- Tuition reimbursement
- Sick leave
- Vacation
- Profit sharing
- Vehicles
- Free meals and refreshments at the office
- Gym membership
- Relocation assistance
The list goes on and on and on…
If you look at this list, many employees would be glad to give all of those benefits and just get cash. Increase the pay and lower the benefits.
In a future post, I will discuss the success and flexibility environment – you can get top performers with these two elements.