{"id":6844,"date":"2018-08-09T14:11:27","date_gmt":"2018-08-09T21:11:27","guid":{"rendered":"https:\/\/bwblogdev.wpengine.com\/employee-feedback-reveals-the-true-impact-of-compensation-benefits\/"},"modified":"2022-12-16T08:31:46","modified_gmt":"2022-12-16T16:31:46","slug":"employee-feedback-reveals-the-true-impact-of-compensation-benefits","status":"publish","type":"post","link":"https:\/\/www.betterworks.com\/magazine\/employee-feedback-reveals-the-true-impact-of-compensation-benefits\/","title":{"rendered":"Employee Feedback Reveals the True Impact of Compensation & Benefits"},"content":{"rendered":"

Feedback Tells You If Your Compensation & Benefits Are Hurting or Helping<\/span><\/strong><\/h2>\n

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It’s not earth-shattering news to say that compensation and benefits packages play a vital role in the overall satisfaction levels of your workforce. However, it’s a common misconception that compensation plays a more pivotal role than it actually does. In fact, as we’ve discussed before, inferior compensation relative to marketplace standards, while certainly not helpful in keeping employees content, isn’t the primary driver behind the erosive forces of attrition.<\/p>\n

As both external research and our own vast experience in the space indicate, the real drivers behind attrition often come as a surprise to many employers. While strong feedback programs rely on people data to reveal the true motivations behind workers leaving organizations, there obviously is a certain degree of variance between employers and the forces behind attrition.<\/span><\/p>\n

Rather than placing undue attention on compensation packages, all organizations \u2013 no matter the size or industry \u2013 should focus on creating and fostering a healthy workplace culture<\/a> that places importance on personal growth and a commitment to excellence at both the employee and employer levels. Effective feedback systems are an organization’s best tool to gauge those commitments, continually monitoring for swelling trends that might have significant repercussions in the future if not adequately addressed in a timely fashion.<\/span><\/p>\n

The Power of Benefits<\/span><\/strong><\/h2>\n

One of the more common factors behind an unsatisfied workforce and the inevitable attrition that accompanies it, as uncovered by effective feedback programs like Betterworks Engage, are substandard benefits packages. To that point, according to recent research, nearly 80% of employees would accept additional benefits over increased compensation. Even more enlightening, almost 90% of millennials \u2013 quickly becoming the backbone of the workforce<\/a> \u2013 would take better benefits over higher pay.<\/span><\/p>\n

In fact, according to an Employment Confidence Survey from Glassdoor, the following benefits and perks are often valued more than pay raises, as categorized by the benefit and frequency of preference to higher compensation:<\/span><\/p>\n

\"benefits\"<\/span><\/p>\n

Of course, benefits also play an essential role in attracting new talent to an organization, with roughly 60% of people considering them a significant factor when choosing whether or not to accept a job offer from a prospective employer. For both candidates as well as current employees, however, there’s a consistent list of reasons why workers across the aggregate workforce place so much value on benefits, including:<\/p>\n