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Employees Prefer Benefits to Raises

Published Friday, June 29, 2018

 

Four in five employees prefer benefits or perks to a pay raise, according to new statistics gathered by SCORE, a network of volunteer, expert business mentors.

Employee perks are growing in popularity for both employees and employers. Perks are privileges granted to employees in addition to their salaries and benefits, which have little to no cash value. 42% of full-time employees reported having no perks at all.

Employees consider the following perks when choosing a job:

  • Flexible hours: 88%;
  • More vacation time: 80%;
  • Work from home options: 80%;
  • Student loan assistance: 48%;
  • Paid maternity/paternity leave: 42%;
  • Free gym membership: 39%;
  • Free snacks: 32%; and
  • Weekly free outings: 24%.

Perks contribute to employee satisfaction by:

  • Creating a better quality of life 53%,
  • Making employees feel valued 49%, and
  • Improving employee physical and mental health 44%.

Most common employee perks include:

  • Flexible working hours: 32%;
  • Professional development: 28%;
  • Fitness and health perks: 19%;
  • Food and snacks: 19%; and
  • Working from home: 14%.

Source: SCORE and HR Answers.


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