Most employees say higher pay matters more than better benefits
- A new survey by the American Payroll Association (APA) found that 63% of U.S. employees believe that a bigger paycheck is more important than better benefits. More than 34,000 employees were polled.
- "A wage increase is easy for workers to understand. The value is clear and immediately apparent," said Paychex's compliance director Mike Trabold in a statement. On the other hand, an unpredictable regulatory environment makes benefits harder to understand.
- During National Payroll Week, the APA shares information with employees that helps them better understand their paychecks and become better informed about how they're paid.
In studies on what employees expect from their jobs, many cite less tangible things like advancement opportunities and feelings of productivity over money. The APA survey, however, serves as a reminder that pay increases are still very important to workers.
But employers shouldn't let a focus on wages keep them from offering quality benefits. A comprehensive benefits package can still attract talented candidates — especially since paychecks aren't likely to increase by much this year, according to various analyses. Employers may want to review how they communicate their total compensation packages this year in light of stagnant raises.