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May 22, 2015
Newsletter ArticleTotal Rewards Survey Results Released
Total rewards, simply put, are anything and everything an employee receives and recognizes as valuable or rewarding. AgCareers.com conducted an online survey to help the agricultural industry develop stronger benefit and incentive packages for employees. The survey was completed by 1,795 individuals in 2013 and included questions to help employers understand what motivates employees.
SATISFACTION
Outside of direct compensation, 97% of respondents considered benefit and reward programs important to their overall job satisfaction at some level. Nearly 30% of respondents were dissatisfied with their current or recent employer’s total rewards program.
| Questions evaluated what affected respondents’ satisfaction as an employee of the company or their satisfaction with their employer. Over 75% of respondents agreed, at some level, that a company’s social responsibility initiative directly impacts their overall satisfaction with their employer. A friendly and amiable work environment is important to 90% of respondents, who agreed at some level that the relationships/friendships developed with their coworkers greatly impact their satisfaction with their employer. It is interesting to note that there was no difference between genders in response to this question. Employers’ efforts to be innovative and make industry advancements also impacted overall employee satisfaction for more than 90% of respondents. |
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CONCERNS
Respondents were given a list of statements and asked to select all that were an existing concern for them or their family. The top three concerns were adequate retirement savings, work/life balance and health care costs.
When comparing employee concerns across the different generations, the top concern for Generation X and Y was work/life balance. The top concern for Baby Boomers was adequate retirement savings
MOST VALUED
Respondents were asked what rewards and benefits they valued most, regardless if it was offered or not by their current or most recent employer. The most valued reward/benefit for each generation was health care benefits. Generation X and Baby Boomers both selected retirement savings plans as one of their most valued benefits, while Generation Y put more value on flexibility and opportunities for advancement. The value of paid time off decreased slightly from generation to generation.
Female respondents valued paid time off, flexibility, professional development and learning opportunities significantly more than men. Meanwhile, male respondents valued vehicle benefits significantly more than women. The full report includes a detailed breakdown of responses by gender and generation, thus providing important insight to employers for developing a customized total rewards program.
UNUSED BENEFITS
Respondents were questioned about rewards and benefits offered by their employer that they do not participate in or utilize. The most underutilized benefit was Employee Assistance Programs (EAP), which provide confidential counseling and advice services. The next highest unused benefit was tuition reimbursement, followed by child-care assistance and gym membership.
DETAILS
More information can be found in the full report of the survey results from AgCareers.com; click the following link to download a free copy: Total Rewards Survey Results. The Total Rewards Survey Results demonstrate how employees feel about rewards and benefits. Determine how your company’s practices compare to the results and consider altering your total rewards program to align with what employees’ value most.
