Money isn't the only thing that helps retain workers.
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No surprise here: Most of your employees want a raise. But even if your company can't afford to give all your workers pay increases, there are other ways you can keep them from looking for a new job.
Indeed, 62 percent of workers would consider looking for a new job if they didn't receive a pay increase within one year of starting that position, according to new research from the online career site Glassdoor. But when a pay raise is not an option, there are other perks that keep employees happy: More time off, greater flexibility and additional chances to grow within the company are what employees want most.
Specifically, 61 percent of survey respondents said they would want more vacation days, 52 percent desire more career opportunities and 50 percent would like the chance to have flexible work hours. Other perks that can help keep employees happy include the following:
- Options to work from home or remotely
- Company stock/shares
- Health care subsidies
- Gym memberships
- Opportunities to work on new projects
- Free food and drinks
- Less direct supervision
The study also discovered that more women than men want benefits like flexible work hours and the ability to work from home, and more men than women want shares of company stocks.
The perks they want most aren't the only things dividing men and women in the workplace. A recent report from the White House revealed that on average, women working full-time earn 77 cents for every dollar men earn.
Glassdoor's research found that 42 percent of women don't think they are being paid fairly, and nearly 60 percent of all employees surveyed said they believe employers are in the best position to address pay gaps. The steps employees think businesses should take to reduce the pay gap include having new company policies relating to pay and compensation, clearer communication from senior leaders and human resources officials about how raises are determined, greater pay transparency and new top leaders.
"Now is the time — employers need to take a close look at their salary structure and determine where pay gaps exist, then fix it so employees know exactly where they stand in terms of compensation within their organization," said Rusty Rueff, Glassdoor career and workplace expert. "When employees have a clearer understanding of how they're being compensated without secrecy around salaries, not only can they feel empowered in their current jobs; they're also often motivated to work towards the next level, which can improve productivity."
Those who don't think companies should be fixing this problem on their own said the responsibility should fall on the government: 30 percent said the pay-gap issue should be addressed by Congress, and 14 percent said the president is in the best position to address it.
The study was based on surveys of 1,000 employees and job seekers.
Originally published on Business News Daily.