Our Workforce 2020 surveys show that companies are not offering the benefits that are most important to employees—particularly compensation and other financial incentives, which are ranked highest among employees across the globe. Management may argue that companies cannot afford to pay more, but in at least some cases there is evidence that higher pay brings substantial benefits to employers as well as workers.
Why The Container Store Pays Its Retail Employees $50,000 A Year (Business Insider): The Container Store pays its employees nearly twice the national average. CEO Kip Tindell says that, for just two times the cost, he ends up with employees who are three times as productive.
Meanwhile, as executives focus on retaining top talent, companies offering unique benefits are grabbing headlines. And while these incentives may be good for employees, there’s usually something in it for the company, too.
Freezing Eggs as Part of Employee Benefits: Some Women See Darker Message (The New York Times): Some tech companies are now paying for female employees to freeze their eggs—and while some consider this a huge step forward for women struggling to balance childcare with career-building, others think the companies are avoiding putting policies in place for paid family leave, child care, and flexible work.
A Benefits Balancing Act (CFO): A recent study from CFO Research found that three-quarters of finance executives say it is important for companies to offer the right mix of benefits, and many are expanding the range of voluntary benefits they offer. Executive are hoping that more attention to offering the benefits that matter most to employees will help in long-term retention.