Let’s talk about benefits – specifically, the “emerging” benefits that tech professionals increasingly desire, and some that businesses are reluctant to offer.
The Dice 2020 Tech Salary Report shows that technologists still desire traditional benefits including, health insurance (83%), paid vacation days (83%) and 401(k) matching (73%). Unsurprisingly, these benefits represent the core needs of tech professionals. But the data also shows that tech professionals increasingly desire “emerging” benefits. That is, benefits outside of the traditional offering, yet augment and improve employees lives.
Some of the emerging benefits that showed increased attention in the past year include college tuition reimbursement (up 7% from 2018), wellness programs up 6%), maternity/paternity leave (up 11%), and paid volunteer opportunities (up 7%). These benefits suggest that technologists are increasingly looking beyond the status quo offering, and instead look to ways that employers can enrich their life in and outside of the workplace.
While technologists seek out emerging benefits, their demands aren’t being completely met by employers. While 48% of technologists consider college tuition reimbursement as important, only 25% currently have it offered. Moreover, while 35% of technologists list paid volunteer opportunities as an important benefit, only 17% have it offered.
For employers used to offering only the “usual” benefits—such as healthcare, PTO, and matching 401(k)—these benefits might come off as strange. However, if your business is looking to hire at a significant rate (or if you’re in a particularly competitive city), developing programs that include these benefits—and communicating that you offer them—can be a significant advantage to hiring faster.
While not every employer can offer a tech salary that will be competitive with tech giants of the world, communicating a positive work-life balance, as well as offering emerging benefits, can be the difference between losing a potential hire and closing the deal.