Offering the right benefits and incentives is critical for companies looking to attract and retain the best employees.

Our Workforce 2020 surveys show that competitive compensation is the most important benefit for employees, followed closely by bonuses and merit-based rewards. Not only do employees say competitive pay is important-they also say more money would increase their loyalty and engagement with their current company.

But cash isn’t the only benefit that’s important to employees. Respondents also likely say career development, training opportunities, and a good work environment play a part in their loyalty to the company.

Héctor Cerviño of Banco Compartamos in Mexico (one of the HR executives we interviewed as part of our research) puts it well: “First of all, you have to pay well.  It sounds very simple, but you have to pay well. If you pay well, then you can talk a lot about, you know, flex time, home offices…That’s all the cream in the coffee. But you have to have the coffee.”