As the focus on employee recruitment and retention sharpens in a recovering economy, many executives may be undervaluing a perk their workforce wants most, suggests new research from Accountemps®.
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When asked which workplace perk they think their employees are most interested in receiving this year, 41% of chief financial officers (CFOs) interviewed said better benefits, and 19% said more vacation days. In a separate survey of workers, however, more paid time off (30%) narrowly edged out better benefits (26%) as most desired in 2015.
The surveys were developed by Accountemps—the world’s first specialized staffing service for temporary accounting, finance, and bookkeeping professionals—and conducted by an independent research firm. The surveys include responses from more than 2,100 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas and more than 320 employees aged 18 and older who work in an office environment.
CFOs were asked, “Other than additional compensation, which one of the following do you believe would top your employees’ wish lists when it comes to their jobs this year?” Their responses were:
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Better benefit plan, such as enhanced healthcare plan |
41% |
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More vacation days |
19% |
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More scheduling flexibility, such as telecommuting or flexible work hours |
15% |
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More training or professional development opportunities |
12% |
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Other corporate perks, such as on-site meals and amenities, health and wellness, or subsidized transportation |
11% |
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Don’t know |
2% |
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Employees were asked, “Other than additional compensation, which one of the following would top your wish list when it comes to your job this year?” Their responses were:
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More vacation days |
30% |
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Better benefit plan, such as enhanced healthcare plan |
26% |
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More scheduling flexibility, such as telecommuting or flexible work hours |
19% |
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More training or professional development opportunities |
15% |
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Other corporate perks, such as on-site meals and amenities, health and wellness, or subsidized transportation |
9% |
*Responses do not total 100 percent due to rounding.
“You can’t underestimate the importance of time away from work,” says Bill Driscoll, a district president with Accountemps. He notes companies should encourage staff to take the vacation time they’ve earned and disconnect while out of the office to relax, recharge, and return with renewed energy.
“Managers can set a good example by taking time off themselves and not checking in when they’re on vacation,” Driscoll says.
He adds that there’s a potential silver lining to the survey results. “Changing a company’s benefits package can be a lengthy, challenging, and expensive process; re-evaluating the vacation policy is fairly straightforward in comparison. Offering additional vacation time shows employees you’re committed to helping them achieve greater work-life balance.”
Every organization’s benefits management can be tricky. With costs rising and budgets getting tighter, many employers are looking to voluntary benefits to fill any gaps in coverage. While healthcare and life insurance tend to receive the most attention, there is another valuable asset to any benefits package—comprehensive legal insurance.
Legal entanglements are going to happen in nearly everyone’s lifetime, and can be a great source of stress. Offering legal insurance provides a safety net for these bumps in the road, and is a wonderful living benefit—it’s not just there for when tragedy strikes. Want to learn more? Start with the free white paper from ARAG®, How Comprehensive Legal Insurance Works for Employers and Employees: Three Typical Scenarios.
Comprehensive legal insurance works for anyone and everyone! Download the free best practices report, How Comprehensive Legal Insurance Works for Employers and Employees: Three Typical Scenarios. Learn More
The advantages of these programs are numerous, and not just for employees—businesses can also reap the rewards. This best practices report shows just how effective comprehensive legal insurance can be in controlling costs, protecting assets, filling coverage gaps, and providing peace of mind for both employers and their workforce.
You’ll learn:
- The basics of voluntary legal benefits
- How comprehensive legal insurance can help with 3 everyday scenarios
- The cost savings of legal insurance programs
- What the advantages are for both employees and employers
- And much more!
These results are interesting considering how often we hear that employees today care most about work-life balance, over compensation and benefits.