Money can’t buy you love, but it can buy a lot of important things. Which is why it’s interesting that a recent Employment Confidence Survey by Glassdoor named some of the other things that employees would actually rather have over a pay raise.
Yes, we’re talking about perks--but not, perhaps, the ones you might think.
And not everyone wants perks over a boost in income. The study showed that contrary to what you might think, younger workers (89 percent of those 18-34 and 84 percent of those 35-44) prefer perks over pay raises, while those aged 45-64 preferred raises (70 percent of those 45-54 and 66 percent of those 55-64).
Just what kinds of benefits or perks are we talking about? Here’s the list in order of preference:
- Healthcare insurance (i.e. medical, dental): 40 percent
- Vacation/Paid time off: 37 percent
- Performance bonus: 35 percent
- Paid sick days: 32 percent
- 401(k) plan, retirement plan and/or pension: 31 percent
- Flexible schedule (e.g., work from home): 30 percent
- Office perks (e.g., free lunch, casual dress): 19 percent
- Employee development programs (e.g., on-the-job training, professional development): 19 percent
- Tuition reimbursement: 18 percent
- Employee discounts: 17 percent
- Gym membership or wellness programs: 16 percent
- Stock, stock options and/or equity: 16 percent
- Paid parental leave (i.e. maternity leave, adoption assistance): 13 percent
- Childcare assistance (e.g., on-site childcare, financial assistance): 13 percent
- Commuter assistance (e.g., company shuttle, commuter checks): 9 percent
- Diversity program: 3 percent
It is perhaps unsurprising that in a society where healthcare is not universally covered by the state in a meaningful way, that should top the list. Paid time off is another one that makes sense--it’s stressful to take time off when you know you can’t actually relax because you’re not getting paid. You may be taking a break, but your landlord isn’t.
According to Rusty Rueff, Glassdoor career and workplace expert, “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.”
In other words, quality talent is looking at a lot of different factors when it comes to what they want out of their job. Money may make the world go round, but being able to go to the dentist on your employer is pretty appealing, too.