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16 Employee Perks Your Team Wants More Than a PayRaise [Infographic]. 40% of respondents to Glassdoor’s Q3 2015 employment confidence survey said that they value health insurance more than a payraise. Performance bonuses are a fantastic way to do just that. Performance bonuses are a fantastic way to do just that.
When an employee asks you for a payraise, it’s easy to feel taken off guard. A compensation philosophy defines what’s important at your company when it comes to managing pay. By doing so, you can greatly reduce the likelihood you’ll be approached by your staff with raise requests (and avoid the disruptions).
In her book Keeping the People Who Keep You in Business , Leigh Branham recommends companies actively work to retain key employees, at least the top 80 percent. Bonuses for top performers and performance reviews with the chance of a hike are also good motivators. Here, other forms of monetary compensation are useful as well.
Salary structure, pay grades and bonus plans – Ensure objective criteria are used and aligned with job categories. Be aware that even if these positions have different titles, if the employees are doing fundamentally the same work, they usually shouldn’t be in different pay grades.
The survey also found that 80% of employees would choose additional benefits over a payraise. In addition to the employee's salary and bonuses, an employer may pay it directly or indirectly. Timely And Frequent Bonuses. Employee rewards tied to specific tasks are referred to as task-based bonuses.
Employees Prefer Benefits Over PayRaise. Similarly, 89% of younger employees aged 18-34 and 84% employees aged 35-44 favor benefits to payraises. Below listed are some employee benefits which employees feel are better than payraises: Health Insurance. Bonuses through Time-Off. Performance Bonus.
Employees Prefer Compensation and Benefits Over PayRaise. Similarly, 89% of younger employees aged 18-34 and 84% of employees aged 35-44 favor employee benefits to payraises. Bonuses through Time-Off. They are moving from traditional monetary bonuses to providing paid weekend getaways. Performance Bonus.
Salary structure, pay grades and bonus plans – ensure objective criteria are used and aligned with job categories. A documented framework can help managers stay on an equitable track when making payraise decisions. That can help prevent disparities in pay between different groups due to implicit bias and siloed decision-making.
We have a personal development library, where all employees are encouraged to borrow books from an array of personal development titles. Being part of the so-called “self esteem generation,” they often crave recognition more than a payraise. At SnackNation, we do this in a few ways. One way to curb these losses?
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