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Transitioning to a superior provider is no longer a hassle: If you’re contemplating changing your current workplace pension scheme, the process isn’t as challenging as you might think. Many pension companies (we’re one of them!) What is a workplace pension? are prepared to assist you with the heavy lifting.
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. 401(K) Plan, Retirement Plan and/or Pension. Most companies agree that people are our their most valuable assets.
It is often equated with providing higher wages or across-the-board payraises. It allows your team to exchange part of their income for another useful, non-cash benefit, such as gym membership, a bicycle, a company car or even their pension. Is your company pension more of a hindrance than a help?
Employee benefits are defined as ‘non-salary compensation provided to employees in addition to their salary or hourly pay’ These benefits may include private medical insurance, pension contributions , childcare vouchers, a car scheme , and other perks such as discounts on gym memberships, travel, or education.
Does your company offer inflation raises as well as regular payraises? Fair pay was a given, promotions were expected, and pensions were the incentive for years of loyalty with one employer. Coupled with the near-total disappearance of pensions, job hopping is rapidly becoming the norm.
Research by Glassdoor showed that 63% of employees look for new or additional benefits over a payraise when scoping out job listings, highlighting the increasing value placed on non-monetary aspects of employment contracts.
Variable pay. Supplementary pay. Variable pay - Also called ‘pay at risk,’ this part of the salary package has to be ‘earned’ by meeting or exceeding certain defined criteria. Only hard work pays off! This table breaks it down for easier understanding: Compensation. Overtime wage.
The survey also found that 80% of employees would choose additional benefits over a payraise. Retirement benefits Retirement benefits include pensions, 401(k)s, and other retirement savings plans. They are designed to help employees save for their future and ensure a comfortable retirement.
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. Retirement Plans. Paid Sick Leaves.
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. These are done through various methods like pension schemes, 401(k)s and more. Paid Sick Leaves. Taking care of your health is important.
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