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The Benefits Employees Want Most

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The Benefits Employees Want Most
Kimberlea Kozachenko, Senior Leader, Talent Attraction & Acquisition at ATB Financial
Dr. Andrew Chamberlain, Chief Economist at Glassdoor
Lisa Holden, Employer Communications Manager at Glassdoor

Published in: Recruiting & HR
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The Benefits Employees Want Most

  1. 1. © Glassdoor, Inc. 2016#GDCHAT The Benefits Employees Want Most
  2. 2. © Glassdoor, Inc. 2016#GDCHAT •  You can connect to audio using your computer’s microphone and speakers. •  Or, you may select “Use Telephone” after joining the Webinar. •  All lines will be muted to avoid background noise. •  You can ask questions at any time by typing them into the Questions Pane. Webinar Tips for Attendees
  3. 3. © Glassdoor, Inc. 2016#GDCHAT
  4. 4. © Glassdoor, Inc. 2016#GDCHAT Featured Speakers Dr. Andrew Chamberlain Chief Economist at Glassdoor Llinkedin.com/in/chamberlain @adchamberlain Lisa Holden Employer Communications Manager at Glassdoor Linkedin.com/in/holdenlisa @LisaAHolden Kimberlea Kozachenko Senior Leader, Talent Attraction & Acquisition at ATB Financial Linkedin.com/in/kimberleakoz @KimberleaKoz
  5. 5. © Glassdoor, Inc. 2016#GDCHAT agenda why benefits matter more than ever how benefits influence your employer brand the top 5 benefits employees want most PTO case study: ATB Financial 5 steps to successfully implement change key takeaways Q&A
  6. 6. © Glassdoor, Inc. 2016#GDCHAT Why Benefits Matter More Than Ever
  7. 7. © Glassdoor, Inc. 2016#GDCHAT Impact on Talent Attraction Glassdoor survey conducted by Harris Poll, December 2015
  8. 8. © Glassdoor, Inc. 2016#GDCHAT Impact on Talent Attraction •  Benefits… •  Tell a story about your company’s commitment to team member wellness •  Speak to your company’s investment in employees’ financial, spiritual, and personal growth •  Help drive talent to apply!
  9. 9. © Glassdoor, Inc. 2016#GDCHAT Growing Importance Bureau of Labor Statistics National Compensation Survey, March 2016 Glassdoor Jobs Report, December 2016
  10. 10. © Glassdoor, Inc. 2016#GDCHAT Employees Prefer Benefits Over Increased Pay Glassdoor Q3 2015 Employment Confidence Survey
  11. 11. © Glassdoor, Inc. 2016#GDCHAT Top 5 Benefits Employees Value Over Pay Raise Glassdoor Q3 2015 Employment Confidence Survey 31% 32% 35% 37% 40% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Healthcare insurance 401(k) plan, retirement plan and/or pension Paid sick days Performance bonus Vacation/Paid time off Healthcare insurance (e.g., medical, dental)
  12. 12. © Glassdoor, Inc. 2016#GDCHAT agenda why benefits matter more than ever how benefits influence your employer brand the top 5 benefits employees want most PTO case study: ATB Financial 5 steps to successfully implement change key takeaways Q&A
  13. 13. © Glassdoor, Inc. 2016#GDCHAT Job Seekers Want the Full Scoop
  14. 14. © Glassdoor, Inc. 2016#GDCHAT Job Seeker Behavior Glassdoor U.S. Site Survey, January 2016 Glassdoor U.S. Site Survey, January 2016
  15. 15. © Glassdoor, Inc. 2016#GDCHAT Top 5 Pieces of Information Job Seekers Want Employers to Provide as They Research Where to Work: Details on compensation packages Details on benefits packages Basic company information Details on what makes the company an attractive place to work Company mission, vision and values Glassdoor U.S. Site Survey, January 2015 1 2 3 4 5
  16. 16. © Glassdoor, Inc. 2016#GDCHAT Employee Voice Drives Employer Brand Consider the ripple effect of how changes will affect employees Use a thoughtful, structured approach to rolling out changes Be prepared for employee feedback
  17. 17. © Glassdoor, Inc. 2016#GDCHAT Which benefits matter most? Where should my company invest? What benefits boost employee happiness most? You May Be Wondering…
  18. 18. © Glassdoor, Inc. 2016#GDCHAT agenda why benefits matter more than ever how benefits influence your employer brand the top 5 benefits employees want most PTO case study: ATB Financial 5 steps to successfully implement change key takeaways Q&A
  19. 19. © Glassdoor, Inc. 2016#GDCHAT Meet Our Chief Economist Dr. Andrew Chamberlain Chief Economist at Glassdoor Llinkedin.com/in/chamberlain @adchamberlain
  20. 20. © Glassdoor, Inc. 2016#GDCHAT Focus on the Basics
  21. 21. © Glassdoor, Inc. 2016#GDCHAT Top 5 Benefits by Correlation with Overall Satisfaction with Benefit Packages (on a scale of 0-1.0) Rank Benefit Type Correlation 1 Health Insurance 0.7 2 Vacation & Paid Time Off 0.6 3 Pension Plan 0.6 4 401K Plan 0.6 5 Retirement Plan 0.5 Core Benefits Drive Employee Satisfaction Most Glassdoor Economic Research, June 2016
  22. 22. © Glassdoor, Inc. 2016#GDCHAT Popular Perks Rank Lower
  23. 23. © Glassdoor, Inc. 2016#GDCHAT Ancillary Benefits Matter Less Top 5 Benefits by Correlation with Overall Satisfaction with Benefit Packages (on a scale of 0-1.0) Rank Benefit Type Correlation 7 Maternity & Paternity Leave 0.5 12 Dependent Care 0.4 14 Stock Options 0.4 16 Free Food & Snacks 0.4 30 Employee Discounts 0.3 Glassdoor Economic Research, June 2016
  24. 24. © Glassdoor, Inc. 2016#GDCHAT agenda why benefits matter more than ever how benefits influence your employer brand the top 5 benefits employees want most PTO case study: ATB Financial 5 steps to successfully implement change key takeaways Q&A
  25. 25. © Glassdoor, Inc. 2016#GDCHAT PTO Case Study
  26. 26. © Glassdoor, Inc. 2016#GDCHAT 5 Steps to Successfully Implement Change
  27. 27. © Glassdoor, Inc. 2016#GDCHAT Step 1: Examine Your Current Benefits
  28. 28. © Glassdoor, Inc. 2016#GDCHAT Step 1: Examine Your Current Benefits Verify your company’s benefits on Glassdoor Keep core benefits in mind Check your reviews on Glassdoor Gauge employee sentiment Identify trends Solicit feedback, if needed
  29. 29. © Glassdoor, Inc. 2016#GDCHAT ATB Pro Tip: Align With Mission and Values •  Results-focused •  Trust and autonomy •  Empower employees to work how and when works best for them
  30. 30. © Glassdoor, Inc. 2016#GDCHAT Step 2: Research Your Industry
  31. 31. © Glassdoor, Inc. 2016#GDCHAT Step 2: Research Your Industry Ranking on 1-5 Scale of Benefits Criteria by Industry Highest-Rated Benefits Lowest-Rated Benefits Highest-Rated 401(k) Plans Highest-Rated Maternity/ Paternity Leave Finance (3.7) Business Services (3.4) Finance (3.8) Finance (3.8) IT (3.7) Retail (3.1) Education (3.8) IT (3.7) Manufacturing (3.6) Food Services (2.7) Manufacturing (3.8) Education (3.6) Glassdoor Economic Research, June 2016 Measure against competitors Use competitive information to make the case for or against benefits changes
  32. 32. © Glassdoor, Inc. 2016#GDCHAT ATB Pro Tip: Consult with Other Orgs •  Challenges and risks •  Fallout effect •  Wins and fails
  33. 33. © Glassdoor, Inc. 2016#GDCHAT Step 3: Preemptively Test Changes
  34. 34. © Glassdoor, Inc. 2016#GDCHAT Step 3: Preemptively Test Changes Launch an internal survey Host a focus group from different areas of the organization If you have limited capital, you can offer free/low cost perks to offset cuts or to enhance your current package: •  Wellness Programs (gym discounts, team hikes, sports groups, meditation, yoga) •  Volunteer Time Off (VTO) •  Financial Education
  35. 35. © Glassdoor, Inc. 2016#GDCHAT ATB Pro Tip: Offer a Great Experience Piece
  36. 36. © Glassdoor, Inc. 2016#GDCHAT Step 4: Roll Out Changes
  37. 37. © Glassdoor, Inc. 2016#GDCHAT Step 4: Roll Out Changes Be thoughtful and transparent in your approach Develop clear messaging Train leaders Provide an open forum for questions
  38. 38. © Glassdoor, Inc. 2016#GDCHAT ATB Pro Tip: Organize a Change Management Team •  Provide clear vision •  Train leaders •  Communicate expectations and processes •  Roll out in phases
  39. 39. © Glassdoor, Inc. 2016#GDCHAT Step 5: Monitor and Respond to Feedback
  40. 40. © Glassdoor, Inc. 2016#GDCHAT Step 5: Monitor & Respond to Feedback Update your company’s Glassdoor profile Monitor feedback on Glassdoor Continue the dialogue internally
  41. 41. © Glassdoor, Inc. 2016#GDCHAT ATB Pro Tip: Share Employee Stories “ ATB cares for its employees. As a new employee, the banking benefits and preferred rates on mortgages and loans are show-stoppers! The flex benefits allow you to allocate your benefits to the health categories that you value the most. Employee hubs on each floor to enjoy free Starbucks coffee, watch hockey games with co-workers…the list goes on!! ATB Financial Team members have shared their anonymous reviews about benefits on Glassdoor:
  42. 42. © Glassdoor, Inc. 2016#GDCHAT agenda why benefits matter more than ever how benefits influence your employer brand the top 5 benefits employees want most PTO case study: ATB Financial 5 steps to successfully implement change key takeaways Q&A
  43. 43. © Glassdoor, Inc. 2016#GDCHAT Key Takeaways Top 5 benefits employees want most are health insurance, paid time off, pension plans, 401(k) plans, and retirement plans Use competitive information to make the case for or against benefits changes to your senior leadership Use a structured, thoughtful approach to rolling out changes Use Glassdoor to showcase benefits to candidates and monitor employee sentiment as you look to make changes
  44. 44. © Glassdoor, Inc. 2016#GDCHAT glassdoor.com/research
  45. 45. © Glassdoor, Inc. 2016#GDCHAT Questions? Dr. Andrew Chamberlain Chief Economist at Glassdoor Llinkedin.com/in/chamberlain @adchamberlain Lisa Holden Employer Communications Manager at Glassdoor Linkedin.com/in/holdenlisa @LisaAHolden Kimberlea Kozachenko Senior Leader, Talent Attraction & Acquisition at ATB Financial Linkedin.com/in/kimberleakoz @KimberleaKoz
  46. 46. © Glassdoor, Inc. 2016#GDCHAT

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