Do you want a profession that comes with perks? According to the findings of a recent survey conducted by the review website Glassdoor, the areas of finance and technology provide the highest employee perks on average. According to the findings of the survey, the retail and food services industries provide the fewest advantages on average.
According to an earlier study by Glassdoor, which conducts research on job-market trends, nearly 60 percent of job seekers rank benefits and perks among top considerations before accepting a job. This is despite the rise in jobs associated with the "sharing economy," which frequently do not offer benefits to their employees.
For the purpose of the research, Glassdoor analyzed a subset of the almost half a million evaluations of benefits that were made by workers on its website over a period of 15 months (June 2014 to September 2015). Reviewers assigned stars on a scale ranging from one to five, with five indicating the highest level of satisfaction.
Researchers concentrated their efforts on examining eight distinct sectors, namely the business services sector, the education sector, the finance sector, the health care sector, the information technology sector, the retail sector, the manufacturing sector, and the restaurant and food services sector. The company looked at scores for the whole benefits package and separated them into three categories: paid parental leave, 401(k) plans, and free lunch and snacks.
The evaluations that were highest overall went to the manufacturing, information technology, and finance industries, which received 3.72, 3.68, and 3.64 stars, respectively. According to Andrew Chamberlain, the chief economist of Glassdoor, perks receive a boost when employers are fighting with one another for employees or when powerful unions are engaged. On the other end of the spectrum, the retail and food services industries had the least generous benefit packages. They received a total of 3.11 ratings, while others gave them 2.73 stars.
"Even when benefits are granted in those areas, they are poor quality — a double whammy for employees in restaurants and retail," said Chamberlain. "This is a double blow for workers in restaurants and retail."
"Workers who have the greatest access to benefits and the finest benefits are always those with the strongest negotiating power," he added. "Workers who have the most access to benefits and the best benefits." "For example, software engineers or certain quantitative professionals working in the financial industry."
One such business is Salesforce, a cloud computing provider that recently received recognition from the job listings website Indeed as being the most desirable employer in the world. It provides the standard advantages to both one's health and one's finances, and it goes one step further by also providing advantages to one's wellbeing. According to Jody Kohner, vice president of employee engagement at Salesforce, the aim is to enhance employee engagement, which means participation, passion, and dedication. Additionally, the purpose is to ward off rivals who are attempting to lure top talent.
According to a research that was released by Gallup in January, employee engagement has reached crisis levels across all different types of businesses. Only 32 percent of workers in the United States can be considered engaged. 13 percent is the percentage when looking at the whole world.
The wellness benefits offered by Salesforce are designed to address this issue. They consist of seven paid volunteer days per year, one hundred dollars per month to spend on wellness services (such a gym membership, massage, or consultation with a nutritionist), in-office meditation sessions conducted by monks, and mindfulness spaces on every level of the building.
Kohner said that he could not believe how eager our workers were to get this information.
Because of the intense rivalry for highly qualified people in the technology and finance sectors, businesses need to pay attention to what their workers are looking for in their careers. According to Glassdoor, some companies, like Netflix, offer paid parental leave for the first year following the birth or adoption of a child. Other companies, like Airbnb and Zillow, give their employees a yearly allowance of $2,000 for personal travel and pay the cost of shipping breast milk to employees who are away from home.
According to Kohner, "the folks who work here [at Salesforce] are going to be contacted by recruiters all day long," and as a result, "we need to offer our workers a reason to not accept that call." "Culture ends up being the deal breaker because everyone is going to come at you with a really nice offer from a money point of view."
After analyzing the data for three distinct kinds of benefits, namely paid family leave, 401(k) benefits, and free meals, the following table presents the industries that provide the greatest and worst benefits.
Leave for parents: the economy, information technology, and schools
If you place a high value on your family, the fields of banking, technology, and education are among those that provide the most substantial family leave benefits. The industry of finance received a grade of 3.77 out of 5 stars, making it a clear frontrunner. Both information technology (IT) and education were awarded 3.71 and 3.60 stars, respectively. The retail sector (3.41), together with the health care industry, received the lowest ratings for parental leave (3.36.)
He stated, "It's odd that the health business, which is full of medical experts, is behind the curve in terms of maternity and paternity leave." "It's amusing that the health industry is behind the curve in terms of maternity and paternity leave."
Investing for old age: the financial sector, the educational system, and the industrial sector
According to the findings of the research, there was less variety in the way workers valued retirement savings plans (such as 401(k)s) than there was for other types of benefits. At the top of the list was finance, with 3.83 out of 5 stars. According to Chamberlain, it is not surprising that the financial sector would be in the lead when it comes to financial perks.
"I believe that firms tend to react to the fact that those employees tend to care more about it, simply because of their training," he added. "I think that corporations prefer to give wonderful plans."
Both the education industry and the manufacturing industry have earned high ratings of 3.77 and 3.76, respectively, for their 401(k) plans. The ranking of 3.36 indicates that there is one area in which the information technology industry does not excel. According to Chamberlain, the average age of workers in the technology sector is becoming younger, and firms are adapting their benefit packages to better meet the needs of their employees.
"Free dinners and video games can attract the attention of a 25-year-old coder more than a 401(k) match," said Chamberlain. "[T]hese perks might be more appealing to them than a financial incentive."
Workers in the food services, business services, and retail industries, each of which received a grade of 3.28, 3.31, and 3.34, had a particularly difficult time putting money away for retirement.
According to Chamberlain, job seekers in certain areas should do study, as well as strengthen their abilities and train more often. According to him, larger corporations often provide greater perks to their employees than smaller ones do, like Trader Joe's and Costco.
He added that the key was knowing where to search and how to seek for things.
Eaten at the office: the manufacturing sector, business services, and technology
Go to Techland if getting free meals is something that interests you. The illustrious food and snack perks offered by the IT industry helped the sector gain the top rank in this area, receiving 4.06 stars out of a possible 5. Both the business services industry, which received a rating of 3.94, and the manufacturing industry, which had a good rating of 3.9, are also wonderful places to grab a bite to eat throughout the day. The personnel in restaurants and food services gave the meals and snacks a rating of 3.80 out of 5, which was one of the positive aspects of their jobs.
According to Chamberlain, "there is a silver lining for folks in the food service industry."
For a change, those working in finance did not come out on top when it came to receiving complimentary meals and snacks. With a score of 3.76, they were on pace with firms that compensated their employees less well, such as the healthcare industry. When it comes to receiving free meals, educators and retail sales associates are out of luck, since their professions received the lowest scores (3.22 and 3.34, respectively).
According to Chamberlain, there are several things that individuals who work in sectors that, on the whole, provide inadequate benefits may do to advance their careers. According to him, if you want to be as competitive as possible in the job market, you might consider relocating to a place that has a competitive job market and gaining skills and training.
In general, there is greater room for negotiation about pay, earnings, and perks in locations that have lower overall unemployment rates. Chamberlain used the examples of Silicon Valley, Seattle, Denver, and Boulder, Colorado, located in the Western United States, as well as Raleigh, North Carolina, located in the Eastern United States.