The Benefits Employees Want Most
-
Upload
glassdoor -
Category
Recruiting & HR
-
view
2.098 -
download
2
Transcript of The Benefits Employees Want Most
© Glassdoor, Inc. 2016 #GDCHAT
• You can connect to audio using your computer’s microphone and speakers.
• Or, you may select “Use Telephone” after joining the Webinar.
• All lines will be muted to avoid background noise.
• You can ask questions at any time by typing them into the Questions Pane.
Webinar Tips for Attendees
© Glassdoor, Inc. 2016 #GDCHAT
Featured Speakers
Dr. Andrew Chamberlain Chief Economist
at Glassdoor Llinkedin.com/in/chamberlain
@adchamberlain
Lisa Holden Employer Communications Manager
at Glassdoor Linkedin.com/in/holdenlisa
@LisaAHolden
Kimberlea Kozachenko Senior Leader, Talent Attraction &
Acquisition at ATB Financial Linkedin.com/in/kimberleakoz
@KimberleaKoz
© Glassdoor, Inc. 2016 #GDCHAT
agenda why benefits matter more than ever
how benefits influence your employer brand
the top 5 benefits employees want most
PTO case study: ATB Financial
5 steps to successfully implement change
key takeaways
Q&A
© Glassdoor, Inc. 2016 #GDCHAT
Impact on Talent Attraction
Glassdoor survey conducted by Harris Poll, December 2015
© Glassdoor, Inc. 2016 #GDCHAT
Impact on Talent Attraction
• Benefits… • Tell a story about your company’s commitment to team member
wellness
• Speak to your company’s investment in employees’ financial, spiritual, and personal growth
• Help drive talent to apply!
© Glassdoor, Inc. 2016 #GDCHAT
Growing Importance
Bureau of Labor Statistics National Compensation Survey, March 2016
Glassdoor Jobs Report, December 2016
© Glassdoor, Inc. 2016 #GDCHAT
Employees Prefer Benefits Over Increased Pay
Glassdoor Q3 2015 Employment Confidence Survey
© Glassdoor, Inc. 2016 #GDCHAT
Top 5 Benefits Employees Value Over Pay Raise
Glassdoor Q3 2015 Employment Confidence Survey
31%
32%
35%
37%
40%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Healthcare insurance 401(k) plan, retirement plan and/or pension
Paid sick days
Performance bonus
Vacation/Paid time off
Healthcare insurance (e.g., medical, dental)
© Glassdoor, Inc. 2016 #GDCHAT
agenda why benefits matter more than ever
how benefits influence your employer brand
the top 5 benefits employees want most
PTO case study: ATB Financial
5 steps to successfully implement change
key takeaways
Q&A
© Glassdoor, Inc. 2016 #GDCHAT
Job Seeker Behavior
Glassdoor U.S. Site Survey, January 2016
Glassdoor U.S. Site Survey, January 2016
© Glassdoor, Inc. 2016 #GDCHAT
Top 5 Pieces of Information Job Seekers Want Employers to Provide as They Research Where to Work:
Details on compensation packages
Details on benefits packages Basic company information
Details on what makes the company an attractive place to work
Company mission, vision and values
Glassdoor U.S. Site Survey, January 2015
1
2
3
4
5
© Glassdoor, Inc. 2016 #GDCHAT
Employee Voice Drives Employer Brand
Consider the ripple effect of how changes will affect employees
Use a thoughtful, structured approach to rolling out changes
Be prepared for employee feedback
© Glassdoor, Inc. 2016 #GDCHAT
Which benefits matter most?
Where should my company invest?
What benefits boost employee happiness most?
You May Be Wondering…
© Glassdoor, Inc. 2016 #GDCHAT
agenda why benefits matter more than ever
how benefits influence your employer brand
the top 5 benefits employees want most
PTO case study: ATB Financial
5 steps to successfully implement change
key takeaways
Q&A
© Glassdoor, Inc. 2016 #GDCHAT
Meet Our Chief Economist
Dr. Andrew Chamberlain Chief Economist
at Glassdoor Llinkedin.com/in/chamberlain
@adchamberlain
© Glassdoor, Inc. 2016 #GDCHAT
Top 5 Benefits by Correlation with Overall Satisfaction with Benefit Packages (on a scale of 0-1.0)
Rank Benefit Type Correlation
1 Health Insurance 0.7
2 Vacation & Paid Time Off 0.6
3 Pension Plan 0.6
4 401K Plan 0.6
5 Retirement Plan 0.5
Core Benefits Drive Employee Satisfaction Most
Glassdoor Economic Research, June 2016
© Glassdoor, Inc. 2016 #GDCHAT
Ancillary Benefits Matter Less
Top 5 Benefits by Correlation with Overall Satisfaction with Benefit Packages (on a scale of 0-1.0)
Rank Benefit Type Correlation
7 Maternity & Paternity Leave 0.5
12 Dependent Care 0.4
14 Stock Options 0.4
16 Free Food & Snacks 0.4
30 Employee Discounts 0.3
Glassdoor Economic Research, June 2016
© Glassdoor, Inc. 2016 #GDCHAT
agenda why benefits matter more than ever
how benefits influence your employer brand
the top 5 benefits employees want most
PTO case study: ATB Financial
5 steps to successfully implement change
key takeaways
Q&A
© Glassdoor, Inc. 2016 #GDCHAT
Step 1: Examine Your Current Benefits Verify your company’s benefits on Glassdoor
Keep core benefits in mind
Check your reviews on Glassdoor
Gauge employee sentiment
Identify trends
Solicit feedback, if needed
© Glassdoor, Inc. 2016 #GDCHAT
ATB Pro Tip: Align With Mission and Values
• Results-focused • Trust and autonomy • Empower employees to work how and when
works best for them
© Glassdoor, Inc. 2016 #GDCHAT
Step 2: Research Your Industry Ranking on 1-5 Scale of
Benefits Criteria by Industry
Highest-Rated Benefits
Lowest-Rated Benefits
Highest-Rated 401(k) Plans
Highest-Rated Maternity/
Paternity Leave
Finance (3.7)
Business Services (3.4)
Finance (3.8)
Finance (3.8)
IT (3.7)
Retail (3.1)
Education (3.8)
IT (3.7)
Manufacturing (3.6)
Food Services (2.7)
Manufacturing (3.8)
Education (3.6)
Glassdoor Economic Research, June 2016
Measure against competitors
Use competitive information to make the case for or against benefits changes
© Glassdoor, Inc. 2016 #GDCHAT
ATB Pro Tip: Consult with Other Orgs
• Challenges and risks
• Fallout effect
• Wins and fails
© Glassdoor, Inc. 2016 #GDCHAT
Step 3: Preemptively Test Changes Launch an internal survey
Host a focus group from different areas of the organization
If you have limited capital, you can offer free/low cost perks to offset cuts or to enhance your current package:
• Wellness Programs (gym discounts, team hikes, sports groups, meditation, yoga)
• Volunteer Time Off (VTO)
• Financial Education
© Glassdoor, Inc. 2016 #GDCHAT
Step 4: Roll Out Changes Be thoughtful and transparent in your approach
Develop clear messaging
Train leaders
Provide an open forum for questions
© Glassdoor, Inc. 2016 #GDCHAT
ATB Pro Tip: Organize a Change Management Team
• Provide clear vision
• Train leaders
• Communicate expectations and processes
• Roll out in phases
© Glassdoor, Inc. 2016 #GDCHAT
Step 5: Monitor & Respond to Feedback Update your company’s Glassdoor profile
Monitor feedback on Glassdoor
Continue the dialogue internally
© Glassdoor, Inc. 2016 #GDCHAT
ATB Pro Tip: Share Employee Stories
“ ATB cares for its employees. As a new employee, the banking benefits and preferred rates on mortgages and loans are show-stoppers! The flex benefits allow you to allocate your benefits to the health categories that you value the most. Employee hubs on each floor to enjoy free Starbucks coffee, watch hockey games with co-workers…the list goes on!!
ATB Financial Team members have shared their anonymous reviews about benefits on Glassdoor:
© Glassdoor, Inc. 2016 #GDCHAT
agenda why benefits matter more than ever
how benefits influence your employer brand
the top 5 benefits employees want most
PTO case study: ATB Financial
5 steps to successfully implement change
key takeaways
Q&A
© Glassdoor, Inc. 2016 #GDCHAT
Key Takeaways Top 5 benefits employees want most are health insurance, paid time off, pension plans, 401(k) plans, and retirement plans
Use competitive information to make the case for or against benefits changes to your senior leadership
Use a structured, thoughtful approach to rolling out changes
Use Glassdoor to showcase benefits to candidates and monitor employee sentiment as you look to make changes
© Glassdoor, Inc. 2016 #GDCHAT
Questions?
Dr. Andrew Chamberlain Chief Economist
at Glassdoor Llinkedin.com/in/chamberlain
@adchamberlain
Lisa Holden Employer Communications Manager
at Glassdoor Linkedin.com/in/holdenlisa
@LisaAHolden
Kimberlea Kozachenko Senior Leader, Talent Attraction &
Acquisition at ATB Financial Linkedin.com/in/kimberleakoz
@KimberleaKoz