“What kind of benefits does your company offer?” This might very well be the first question a potential employee asks. Benefits can make or break an employee’s commitment to a company. Many talented workers have been lured into changing their job because a different company offers better benefits, or because the benefits their current company offers are of little to no use.
For the sake of employee retention, it’s crucial that companies assess the benefits satisfaction rate of their employees every so often. This will give the employer a better sense of what their workers want, and what they should offer to incoming employees.
What Is Benefits Satisfaction?
While some HR metrics might seem difficult to understand, benefits satisfaction is incredibly straightforward. Simply, benefits satisfaction is measured by conducting a survey amongst employees and hearing what they have to say.
The vast majority of employers offer the most basic of benefits: medical insurance, dental plans, and retirement plans. However, there are plenty of other types of benefits that should be considered when compiling a list of employee benefits:
- Paid time off (PTO)
- Tuition reimbursement
- Transportation stipend
- Designated remote work days
- Workplace meals
While these perks can be highly appealing to current and prospective employees of a company, they necessarily bring about additional expense for an employer. Many employers choose not to have these perks because they don’t want to spend the money, or they believe their employees can do without. However, by conducting a benefits satisfaction survey, companies can see just how important perks and benefits are to their employees.
If employees prove themselves to be capable and high-performance assets to a company, benefits should definitely be on the table. Making a small financial sacrifice can greatly incentivize and motivate a team of employees.
What should you do if you’re an employer whose workers are dissatisfied with their benefits? First and foremost, you should allow your employees to express their thoughts during a meeting.
If you don’t feel the need to conduct benefits satisfaction surveys, or don’t take the ones you do have under consideration, you’re playing a dangerous game. Demeaning the thoughts of your employees in this context can diminish not only their trust in you, but also their loyalty to your company and their overall satisfaction with their job.
While you might not have an enormous budget to give your employees the benefits of their dreams, you can still take stock of what they’re looking for, and reward them where you can. Conducting benefits satisfaction surveys can become the first step to increasing your employee’s job satisfaction, and boosting their morale.