Your organizations may be in the midst of planning holiday parties, gifts or special perks -- but know that cash is what's top of mind for employees as the year's end draws near.
A just-released survey by Glassdoor of more than 2,050 U.S. workers shows that what employees want most from their employers during the holidays -- by a significant margin -- is cash bonuses and salary increases. Results of the survey are summarized in the table below.
This isn't to say that employees don't want to be recognized and appreciated with gifts and perks, or that they don't value flexibility and time off. They do, of course. But as economic (and, for many, employment) uncertainty lingers, the sense of financial security associated with cash appears to be trumping everything else.
So knowing this, what are we to do?
For those without boatloads of money to give out at year-end, I would suggest that one of the best things you can do for your employees is to offer them the gift of cash clarity. Disclose and clearly explain your compensation objectives and priorities. Detail the purpose and workings of your salary and bonus programs. Tell them why things are done the way they are. Share what employees should expect under different scenarios -- this year and going forward.
Fuzziness around compensation provokes mistrust and anxiety - and heaven knows there is already plenty of this to go around. Give employees the facts and information necessary to understand why they are paid as they are, and what their options and opportunities are to earn more.
And if your pay program can't stand up to the light of day, perhaps this is a good time to start on a 2013 plan to review and improve it.