Dive Brief:
- Employees at small and medium businesses say that unconventional benefits are important to their job satisfaction, according to the results of a new survey by HR services provider TriNet. These benefits include flex time, remote work, unlimited paid time off, commuter benefits and volunteer time, the 3,000 survey respondents said. Employers that provide non-traditional benefits like these will see improvements in employee morale, employee retention and company culture, participants concluded.
- Flexibility in work hours and schedules topped the list of benefits that translate to employee satisfaction. The benefit drew an average of 4.38 out of five possible points. Work-life balance followed close behind at 4.36.
- Paid leave — excluding vacation, sick days and paid time off — ranked next on the list and was a high priority for millennial workers. Extended paid time off was the highest ranked benefit by those age 25 to 34.
Dive Insight:
For many businesses, the tight applicant market is driving a focus on hiring and retention efforts. But for small- to medium-sized companies, competing with the largest players on wages and traditional benefits alone can feel impossible.
Instead, unconventional benefits, especially those that permit flexibility, can go a long way. The payoff for companies that create the work-life balance employees say they crave may take the form of loyalty, which means good retention rates.
Employees say they're looking for workplaces that support their desire to balance their personal and professional lives, and they'd like to work for a company that supports their values, too — including family responsibilities and more. Companies that don't offer flexibility tend to see higher rates of turnover and lower satisfaction on the job as more candidates look for the benefits a less structured work day can provide.