Employee benefits typically describe employer-provided benefits such as health insurance, retirement plans, vacation and paid time off, holiday pay, disability insurance, life insurance, pensions, college tuition, maternity leave, bonuses, profit sharing, sick days policy, flexible spending accounts, and employee stock ownership plans, to name some of the most common.
Because employee benefits are becoming increasingly costly for businesses (large and small) to provide to their employees, some employers are deciding to tweak -- and in some cases reduce -- their employee benefit offering. Unfortunately, the problem with that is that it has the potential to affect employee morale negatively -- or worse, make it difficult for the employer to attract or retain quality employees.
One solution to this dilemma that employers are turning to is the employee benefits survey. This survey tool uses online survey software to collect employee feedback as to which employee benefits matter the most to them.
When employment giant Monster.com conducted an employee benefits survey asking what employee benefits matter the most to job seekers, for example, they found that healthcare plans, vacation time, and pay raises topped the list.
The Importance of Employee Benefits
While salary is typically the most important factor to employees when it comes to their jobs and in terms of supporting themselves and their families, employees realize that benefits are another highly-regarded value they receive in exchange for their services and contribution to their organization. It is also highly critical today because in many cases, like health insurance premiums and 401K contributions, employees help pay for part of the benefit.
Employees realize that the types, frequency, and number of benefits vary by employer and often shop around when looking for a job. An employer who understands this can get more in touch with the desires and needs of employees when it comes to employee benefits by conducting an employee benefits survey.
While most of the benefits discussed thus far are more tangible in nature. It's important to know that the employee benefits survey tool designed with online survey software can be extended to intangible benefits as well. These are less obvious, but can be instrumental in keeping the morale up for the troops who work in the trenches day in and day out. These may be labeled as perks and are things like awards, pats on the backs, pizza parties, free refreshments, birthday celebrations, and challenging work, which all play an important role in employee satisfaction and employee engagement.
Keep in mind workers compensation and unemployment compensation aren't necessarily considered as employee benefits. Since they are federally required, they are really an employee's right, as opposed to an employee benefit.
In summary, an employee benefits survey can shed incredible light on the employee benefits that mean the most to today's employees and job seekers. Considering the cost of replacing an exceptional employee, understanding what motivates employees beyond the paycheck is vital to the success of practically any business of any size and in any industry.