Benefits as an Element of Job Satisfaction
In 2009 and 2010, 60% of respondents cited benefits as a very important factor when ranking elements that contribute to their job satisfaction, according to the SHRM 2011 Employee Job Satisfaction Research Report. Even more telling was that benefits were ranked second only to job security (63%) in both years.
The trend changed during 2011: just 53% of respondents cited benefits as very important for job satisfaction, behind many other factors, including job security (62%), opportunities to use skills/abilities (60%), compensation/pay (59%) and relationship with immediate supervisor (55%).
However, this does not mean that benefits are no longer important for the welfare of workers. Instead, it suggests that since employees are getting fewer offerings or paying more for certain benefits, they are valuing other aspects of their jobs more highly. It also suggests that the acceleration of economic growth could result in the reinstatement or improvement of benefits packages as revenues and profits improve for many employers.
The full version of SHRM’s Workplace Visions, Issue 3, 2011, is available