What are the Thoughts of Small Business Employees when it comes to Perks?
Studies show that extra perks play a significant role with job seekers when it comes to picking the right employer. Not offering perks can lead to small business owners watching from the sidelines while their staff looks for brighter opportunities.
As the modern workplace rapidly evolves simply offering thins such as PTO or the ability to work remotely will not suffice. Employers must stay ahead of the curb if they are to remain relevant.
A recent QuickBooks survey showed that the majority of small business employees are happy with their perks however some concerning results were revealed:
- 39% are not satisfied with their current benefits
- 29% say their company provides the bare-minimum benefit offerings
- 39% believe their benefits are better than the majority of their peers
- Just 6% say their company’s benefits package goes above and beyond
Your small business could be in trouble if you are not offering any common perks. 41% of employees state they wouldn’t work for a business that didn’t offer any extra perks.
Before the survey concluded it asked employees how they would view an employer who didn’t offer incentives or perks. Here are some of their top responses:
- The business does the bare minimum – 48%
- They don’t care about their employees – 44%
- This employer is cheap – 44%
- I wouldn’t work for this employer – 41%
- The business is behind the curve – 34%
- The company has a poor culture – 31%
What Role do Employee Perks Play when it comes to Recruiting and Retention?
The survey explored just how important employee perks were when it came to choosing an employer. 41% of small business employees said that benefits are crucial when accepting a job offer, while 75% said a good benefits package would make them choose one job over another.
Furthermore, small business employees that were seeking employment within the past year were asked to list the main factors they were looking for in a new employer:
- Better perks package – 35%
- More PTO – 22%
- New job title – 16%
- Increased autonomy at work – 12%
- New job before the next recession – 11%
It’s not a surprise that employee perks are a major factor when a small business employee looks for a new job. However, what is jaw-dropping is that 87% of employees would take improved benefits over a 5% pay raise.