When surveyed, 89% of the employers think their people leave for more money but 12% of employees actually do leave for more money.
As the talent market becomes more and more competitive, startups and companies are increasing their focus on employee benefits as a tool to attract and retain top talent.
Today, rewarding your people is more than just about improving their financial gain. People wanted to be rewarded in ways that benefit their wellbeing and lifestyle. Doing so will help keep them motivated, loyal and productive.
It is found that 80% of employees would choose additional benefits over a pay raise.
According to the US Chamber of Commerce Foundation, more than 50% of millennials agree that a quality benefits package influences their choice of employer and over 60% say that benefits are an important reason in staying with an employer.
But benefits aren't just made to satisfy your employees. They can and will improve your business in a number of ways
20 Eye-Opening Statistics:
1. In a survey of 2,000 employees, almost half (43%) said they are looking for a new job, and corporate culture was the main reason.
2. When surveyed, 82% of employees said they'd be more loyal, and less likely if they had more flexible jobs.
3. 92% of employees said that they would be more likely to stay with their job if their bosses would show more empathy.
4. Engaged employees are 59% less likely to seek out a new job or career in the next 12 months.
5. 37% of employees would quit and take a new job that allowed them to work remotely part of the time.
6. A strong learning culture led to 30–50% high retention rates in companies.
Source: Robert Half
7. 70% of 2,000 millennials surveyed said they would quit a job if they lacked high performing and fast technology.
Source: Jive Communications
8. 62% of millennials are willing to quit their job in the next two years and work in the gig economy.
9. 71% of employees would accept a pay cut, just to get a better job.
10. Money is not a problem. In fact, only 12% of employees actually leave their job because they want more money.
11. 89% of bosses wrongly believe their employees quit because they want more money.
Source: Source; Leigh Branham, author of The 7 Hidden Reasons Employees Leave
12. Generation X, employees born between 1961 and 1981, reported the highest levels of stress in the workplace, and thus have the highest risk of leaving your company.
13. Employees who feel they get to use the best strengths and abilities and work are 15% less likely to quit their job.
14. When surveyed, 76% of employees who don't feel valued at work are seeking other job opportunities.
15. Over 70% of "high-retention-risk" employees want to leave because they see no future advancement in the current job.
Source: Willis Towers Watson
16. 20–50% of the reason people quit is burnout, according to almost half of all HR professionals surveyed.
17. In a global study, 60% of millennials have worked at 2 to 4 different companies, and 43% of them feel like their company only cares about profits.
Source: O.C. Tanner
18. 42% of millennials, who have worked at 2 to 4 different companies, said their job creates a huge amount of stress, and 36% feel their job has a negative impact on their health.
Source: O.C. Tanner
19. 30% of employees would consider quitting if they were unhappy at work, and 79% of employees said their bosses didn't care about their happiness level.
20. Organizations with poor onboarding programs have double the chances of experiencing employee turnover.
Source: Why Employees Quit: 20 Stats Employers Need to Know
If you are a startup, we believe perks and benefits are probably the last things on your mind. Therefore we have created a list that can be easily affordable and even goes overlooked that we often fail to mention while onboarding new talents.
Employee Stock Options
Employee Development Programs
Yoga & Health Retreat
Snacks & Beverages
Awards & Recognitions
Sports & Video Games
As the talent market becomes more and more competitive, companies and startups are increasing their focus on employee benefits as a tool to attract and retain top talent for the overall future of the company.
Rewarding your people is more than just about improving their financial gain. People wanted to be rewarded in ways that benefit their wellbeing and lifestyle. Doing so will help keep them motivated, loyal and productive in the workspace.
We have realized that there's plenty of options you can consider that don't cost you fortune also is very affordable. Sometimes the little things can go a long way. Cheers!