Other Benefits
Offering Perks to Separate from the Pack
Technology
Most technology benefits decreased this year, although the reductions were generally very slight. With technology seemingly becoming an even greater expectation in people’s everyday lives, it’s possible some organizations may be gradually reducing the number of extra technology benefits they provide.
Transportation
While transportation benefits have stayed relatively similar compared with last year, there are some interesting trends to note. Electric vehicle charging stations have reached the highest prevalence in the history of the survey, potentially demonstrating a gradual wider adoption of electric vehicles across the country. As government funding is put into electric car manufacturing and subsidies, it’s likely the prevalence of charging stations will continue to increase.
Continue below to explore these benefits and what organizations like yours are offering in 2024.
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Rewarding Employees
Incentive Bonus Plans
Across the board, awards and bonuses benefits have generally decreased a bit since their reintroduction into the survey last year, and incentive bonus plans are no exception. 52% of organizations state they offer an incentive bonus plan, down 1 percentage point from last year, showing that just over half of companies use this as a tool for driving performance and increasing motivation among their employees.
Noncash Companywide Performance Awards
The largest decrease amongst awards and bonuses, noncash companywide performance awards, has fallen to 43%, down 3 percentage points from last year. Although 2 out of 5 employers still see the value these kinds of awards can offer, it’s possible that employers may be starting to pull away from providing them. Whether due to substantial wage increases across many industries in the U.S., thus reducing the budget for these, or even perhaps because employers are thinking these awards do not have as much impact as they once did, it’s possible noncash awards may continue to become even less prevalent. Although showing appreciation for employees is certainly important, especially in an ever-increasing mobile workforce, organizations may feel that the value these awards once held has diminished.
Referral Bonuses
Referral bonuses (58%) have also decreased slightly, although only by 1 percentage point. Even with this slight reduction in the prevalence of referral bonuses, it is clear organizations still see the value they hold in meeting their recruitment needs. Rewarding employees for making successful candidate referrals adds some efficiency to the regular sourcing process, and it may lead to candidates that are more likely to be a good cultural fit for the organization.