HR needs to focus less on salary and more on inclusive perks
Majority of employees are still satisfied with their current jobs, according to a new report, but this doesn't mean all of them want to stay.
A new report from SkyNova revealed that 89% of employees are satisfied with their current jobs, with majority of them still reporting satisfaction with the following benefits:
- Income (75%)
- Health insurance (71%)
- Dental insurance (64%)
- PTO (63%)
- 401k (62%)
Still, this doesn't mean employees aren't considering switching employers anytime soon, as the report also found that 33% of workers plan to look for a new job in the next six months, with another 22% planning to search for a new position within the next year.
What could make employees stay?
Not all employers might be able to grant employees the wage hike that they're looking for - and while this could risk losing talent, the SkyNova report found that some employees would be willing to stay a couple of years more as long as they were given more benefits in return.
For one, the report found that employees would stay for 4.6 more years if they were offered three months paid maternity/paternity leave. They would stay for 4.4 more years with their employer if they were offered a four-day work week.
They would also remain for 4.1 years more if they were given unlimited time off. They would stay for 3.6 years if given vacation stipend.
"Clearly, employees are already on board for this workplace change. Unlimited PTO was also compelling to some workers but not drastically more than vacation stipends or free lunches," the report read.
Read more: Listen to your people before you change their benefits, says HR coach
SkyNova pointed out that their findings can give a strong case for four-day work weeks if employers remain hesitant about the arrangement.
"Employees wanted this perk more than any other and were willing to stay at their current roles — without a salary increase — for more than four years just to enjoy a four-day workweek," the report read.
"Fortunately for employers, current examples of companies with four-day workweeks appear highly successful. In industries where it is possible for employees to achieve the same results in fewer hours, this may heighten overall productivity, improve work-life balance, and reduce turnover."
