SHRM®
and CNNfn Survey Shows that Benefits are Integral to
Retention Policies
“Even
in a relatively weak economy, the retention and recruitment of qualified,
skilled employees is the foundation of any business, small or large.”*
The “Job Benefits
Survey” conducted jointly by the Society for Human Resource Management (SHRM®) and CNNfn
highlights the impact that benefits have on an employee’s job
satisfaction. Seventy-four per cent of
employees, from large companies, who responded to this survey report that they
are satisfied with their benefits package, whereas only 47% of employees from
smaller companies report being satisfied with theirs. Additionally 87% of employees who report
being satisfied with their benefits package reported being satisfied with their
jobs overall. The data indicate that in
uncertain economic climate stable benefits such as health insurance, child
care, flex-time, and vacation time are appealing recruitment and retention
tools. The results suggest that small
companies, that need to retain talented workers, should to reevaluate how they
invest in benefits: remove programs that
are not working and put those resources into benefits that employees
prefer. To review the study in its
entirety, please link to www.shrm.org/surveys.
Source: Esen,
E. (December 2003). SHRM®/ CNNfn Job
satisfaction series: Job benefits survey.