Benefits and Perks That Employees Value Most in 2019

There’s no doubt that millennials dominate the present workforce. As a result, the way employees perceive compensation and benefits has drastically changed in recent years. Gone are the days when traditional benefits are seen as the norm. Today, companies are increasingly seeing the trend of employees valuing flexible and highly creative perks.

As employees start to see more value in benefits beyond salary, companies are playing catch-up in order to stay relevant. This poses a real challenge to traditional companies, since startups have paved the way for creative rewards programs for employees.

Defining modern compensation and benefits

The pure definition of compensation and benefits has gone a long way from what it was decades ago. Long before the digital era that we currently live in, workers greatly valued tangible benefits like gold, jewelry, and even real estate assets. Today, the modern workforce has redefined what they really want to get in exchange for their efforts. This has set the definition of modern compensation and benefits for employees.

Businesses now look into innovative rewards, because many startups have redefined what perks can be. This culture of offering perks and benefits, which emphasizes on dynamically-changing employee needs, is setting the bar for future compensation and benefits trends as well. In fact, even top executives have noticed and realized why flexible perks and benefits could help in avoiding work burnout.

For many modern workers, what they think of compensation and benefits goes far and beyond just plain salary. Millennials, in particular, are putting more value in non-monetary compensation. These benefits include flexible work arrangements, more paid time-offs, special kinds of rewards like attendance- and performance-based benefits, and recognition and awards for being valuable employees, among many other things.

Shifting from traditional to creatively unconventional rewards

The modern workforce is drawn towards changing, flexible perks that suit their ever-changing needs and wants. They demand benefits that fit their lifestyle, and can be changed based on how they see fit. Work-life balance is also a top priority, since many employees have many interests and pursuits outside of the workplace.

Many studies affirm that today’s employees are looking for ways to make their company benefits and perks work for them – not the other way around.

One of the top things that employees value the most is training and development programs. Our most recent report on the State of Human Resources in the Philippines for 2019 shows that a significant number of employees would like companies to provide them training and development opportunities. They believe that these programs help their careers grow, which they consider as an invaluable asset.

Having flexible work hours, competitive pay, medical and retirement plans, and a company that advocates great working culture are some of the top things that modern employees value the most. Other benefits that bring great value and importance to employees include travel perks, annual or biannual all-expense-paid company outings, continuing education programs, and gym memberships, to name a few.

Understanding the needs of the modern employee

For businesses, offering creative perks is just one way to attract and maintain talent while also keeping up with today’s workplace trends. For employees, working hard also means living smart, since they can now enjoy perks that suit the way they live.

More employees want to achieve a great balance of work and play through rewards that make more sense to them. Companies should understand the fact that employees now look beyond salary to motivate them at work. Startup and established businesses alike feel the increased pressure of keeping up with today’s trends in compensation and benefits, but it’s important for them to be relevant despite economic challenges.

Employees appreciate company stability and job security. A well-thought compensation and benefits structure rounds it all out.

How new benefits and perks affect companies

Companies try to be as creative as they can to stay relevant towards current and potential employees. Startup companies are notable for standing out in their pursuit of attracting and keeping loyal talent. How do startups do it? It starts in their creative ways of delivering employee rewards.

Employees also prefer companies that offer performance-based compensation structure, as opposed to tenure-based.

While employees look for more flexible work arrangements, companies also look for ways to accommodate without impacting operations too much. Some work types can’t be made flexible, but businesses should consider it to keep employees happy and loyal.

It’s true that the compensation and benefits landscape is evolving because of the modern workforce. It makes perfect sense for businesses to motivate employees to be productive while also rewarding them with flexible perks.

Modern employees value individuality more than ever, while also aiming for their personal and professional goals. This is why formulating a great compensation structure is vital to employee satisfaction and business growth.

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