Benefits vs. Needs
Did you ever stay a little too long at a company with an awful culture because it paid the bills and provided health insurance for your family? I know I have. I’ve also, unfortunately, had to leave a company with one of the best cultures because they couldn’t pay me a fair wage or provide any benefits. Don’t get me wrong, I appreciated the occasional Starbucks gift cards and the opportunity to be a big fish in a small pond, but when it came down to paying my mortgage or getting Starbucks once a month, I chose my home.
Maslow’s Hierarchy of needs can give us insight into creating the best benefits package for our employees. Companies should consider not just what is “fun,” but what TRULY meets the needs of employees when aiming to recruit AND retain the best talent.
If an employee does not have physiological and safety needs met, they can’t truly appreciate company benefits that serve their love and belonging, esteem, and self-actualization needs. Employees need to have access to quality shelter, clothing, and food by earning a fair wage, while also being able to take care of themselves mentally and physically through covered insurance costs and access to free counseling services. Forbes Advisor did a survey suggesting these same insights.
Once those “most requested” benefits are met by employers, employees can better appreciate all the fun “perks” or even add-ons that provide additional ways to meet their physiological and safety needs. Check out the list below for some ideas and links to companies and resources that may help you implement these “fringe” benefits.
As human resources consultants, we can meet with our clients and help guide them toward what benefits may help them recruit and retain as well as best fit their team. We can also provide contact information for trusted benefit brokers, companies that put on virtual events, and excellent professional development training. Reach out to our team to learn more about how to better meet your employees’ needs through your benefit offerings.