What do Employees Value More than a Pay Increase?

Chris Freitas • Sep 09, 2023

In the effort to keep employees motivated and efficient, many businesses assume that employees will only respond to a bigger paycheck. While competitive compensation is undoubtedly important, it's not everything – there are several factors that employees often value even more than a pay increase. In this blog, we'll explore some of these factors and how you can motivate your staff without inflating your expenses. 

 

Comprehensive employee benefits 

Employee benefits are hands-down the most highly sought-after feature for employees. Employee benefits not only make employees' lives easier but also contribute to their overall well-being. Employer-sponsored group health plans can be more attractive to employees than a mere bump in their salaries for two big reasons: 

Simplified Healthcare Access: Navigating the complex world of healthcare can be a daunting task. Employer-sponsored healthcare plans streamline the process, making it easier for employees to access the medical services they need. This not only reduces the administrative burden on employees but also ensures that they receive the necessary care without worry. 

Cost Savings: Group health plans can offer lower per-person costs compared to individual plans that employees may find. This means that employees can enjoy comprehensive coverage without breaking the bank. 

For employers who partner with KBI Benefits, there's even more to gain. By working with KBI Benefits, businesses can provide their employees with high-quality healthcare while securing up to 30% savings on their current employee benefits costs. It's a win-win situation that keeps both employees and employers happy and financially sound. Speak with a KBI Benefits agent today to learn more. 

 

Effective work-life balance 

Encouraging employees to disconnect from work-related emails and messages outside of business hours promotes a healthy work-life balance. When employees have designated time to relax and unwind, they return to work more refreshed and productive. This approach also boosts morale and productivity while at work, since the employee can look forward to uninterrupted relaxation time when they’re done. 

Flexible hours and remote/hybrid work are also extremely attractive benefits that employees often look for. While this benefit will look different for each company, offering flexible work hours or remote work options can significantly improve employees' lives. Lengthy commutes can be a significant source of stress for some, while rigid 9-to-5 schedules may hinder others' work-life balance. Allowing employees to choose what works best for them can reduce stress, enhance job satisfaction, and ultimately boost productivity. 

 

Meaningful Work and Career Growth 

Employees want more than just a paycheck; they crave purpose and opportunities for growth. Aligning individual roles with organizational goals and values can greatly increase productivity, as it helps employees realize they’re meaningfully working towards a larger goal. Additionally, providing learning and development opportunities shows that you value your employees and their professional development. This not only enhances their job satisfaction but also contributes to increased productivity. 

Investing in employee training and development is also crucial. Employees who lack the necessary skills to perform their jobs effectively may experience increased stress and decreased productivity. A robust onboarding process and ongoing training opportunities demonstrate your commitment to supporting employees' mental well-being and preventing costly mistakes. 

Providing supplemental learning opportunities for employees that want to learn more about the company’s other departments can help employees improve their morale. Perhaps the employee would be happier and more productive in another position – they wouldn’t learn this about themselves without a little support from management. 

 

More than a paycheck 

While a competitive salary is undoubtedly important, it's not the sole factor that motivates employees. By offering comprehensive employee benefits, fostering effective communication, providing flexibility, aligning work with purpose, and creating a stress-free workplace, businesses can motivate their staff without significantly increasing their expenses. 

For businesses looking to motivate their employees while keeping an eye on their budget, KBI Benefits is ready to help. Our clients often see up to 30% savings on their employee benefits expenditures due to the level of industry expertise at their disposal. Speak with a KBI Benefits agent today to start strategizing. 


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