As the focus on employee recruitment and retention sharpens in a recovering economy, many executives may be undervaluing a perk their workforce wants most, suggests new research from Accountemps.
When asked which workplace perk they think their employees are most interested in receiving this year, 41% of chief financial officers (CFOs) interviewed said better benefits, and 19% said more vacation days. In a separate survey of workers, however, more paid time off (30%) narrowly edged out better benefits (26%) as most desired in 2015.
The surveys were developed by Accountemps—the world's first specialized staffing service for temporary accounting, finance, and bookkeeping professionals—and conducted by an independent research firm. The surveys include responses from more than 2,100 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas and more than 320 employees age 18 and older who work in an office environment.
CFOs were asked, "Other than additional compensation, which one of the following do you believe would top your employees' wish lists when it comes to their jobs this year?" Their responses:
| Better benefit plan, such as enhanced healthcare plan | 41% | ||
| More vacation days | 19% | ||
| More scheduling flexibility, such as telecommuting or flexible work hours | 15% | ||
| More training or professional development opportunities | 12% | ||
| Other corporate perks, such as on-site meals and amenities, health and wellness, or subsidized transportation | 11% | ||
| Don't know | 2% | ||
| 100% |
Employees were asked, "Other than additional compensation, which one of the following would top your wish list when it comes to your job this year?" Their responses:
| More vacation days | 30% | ||
| Better benefit plan, such as enhanced healthcare plan | 26% | ||
| More scheduling flexibility, such as telecommuting or flexible work hours | 19% | ||
| More training or professional development opportunities | 15% | ||
| Other corporate perks, such as on-site meals and amenities, health and wellness, or subsidized transportation | 9% | ||
| 99% |
*Responses do not total 100 percent due to rounding.
"You can't underestimate the importance of time away from work," said Bill Driscoll, a district president with Accountemps. He noted companies should encourage staff to take the vacation time they've earned and disconnect while out of the office to relax, recharge, and return with renewed energy. "Managers can set a good example by taking time off themselves and not checking in when they're on vacation," Driscoll said.
Driscoll added there's a potential silver lining to the survey results. "Changing a company's benefits package can be a lengthy, challenging, and expensive process; re-evaluating the vacation policy is fairly straightforward in comparison," Driscoll said. "Offering additional vacation time shows employees you're committed to helping them achieve greater work-life balance."
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