Salary is not the only variable that employees factor when considering a company to work for or job to keep or leave. While pay is obviously a primary concern – after all, the reason people work is to earn a living – there are a number of other variables employees consider when deciding where to work. An employee’s benefits package is often just as important. However, which benefits are valued most by employees depends on the employees and their particular circumstances. A woman with small children might value flexible work hours and a Flexible Spending Account for child care while a man nearing retirement might value a company’s 401K plan and more vacation time. One might say that the benefit of a benefit is in the eye of the beholder.
That hasn’t stopped government from weighing in on the matter. In the recent State of the Union address, for example, one employee benefit that was given the spotlight was paid sick leave. Touting it as ‘middle-class economics’, President Obama challenged Congress to pass a federal mandate that provides paid sick leave for all employees, saying “Send me a bill that gives every worker in America the opportunity to earn seven days of paid sick leave.” In fact, three states and 15 cities have already passed measures requiring employers to provide paid sick leave to all full-time employees. Under current U.S. labor law, employers are not required to provide short-term paid sick days or longer-term paid sick leave. As companies and government weigh the pros and cons of what types of employee benefits to support, it might be useful to consider what benefits are needed and wanted most by employees. Companies that want to be top in their industry and want to attract the best talent must go beyond salary to offer benefits that employees want most. Continue reading
