Working for love or money? Employees say love matters more

Survey shows caring culture, strong benefits more important than high pay

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--When they’re on the job hunt, would-be employees prioritize finding a caring company, fulfilling work and better benefits over dollars and cents, according to a survey by Monster.com in collaboration with employee benefits leader Unum (NYSE:UNM).

“Employees, job-seekers and human resources leaders understand the importance of a caring corporate culture in recruiting and keeping a talented workforce”

In the survey of 468 job-seekers, the top-rated item on would-be employees’ wish lists was a company “that truly cares about the well-being of its employees.”

Eight-seven percent of those surveyed rated that quality very important in their job hunt – and the result was nearly identical for both the employed and unemployed respondents.

Other priorities for people seeking employment were:

• A challenging and fulfilling position, which 84 percent of respondents identified as very important.
• Job security, rated very important by 82 percent.
• An attractive benefits package, which 74 percent of those surveyed rated very important.

Coming in lower in the rankings were questions of dollars and cents: A high base salary was very important to 66 percent, and bonuses were very important to a little more than half of those surveyed.

The survey, which also polled human resources leaders, showed a strong connection between caring for the well-being of employees and financial protection beyond the paycheck:

• 86 percent of HR leaders indicated that making sure employees and their families are taken care of should something happen to them is an important reason for providing financial protection benefits.
• 82 percent of workers agreed that being offered financial protection benefits shows that a company cares about the well-being of its employees.

“Employees, job-seekers and human resources leaders understand the importance of a caring corporate culture in recruiting and keeping a talented workforce,” said Mike Simonds, senior vice president for Unum. “Benefits play an important role in supporting that culture.”

The research is consistent with findings of a recent survey of nearly 400 human resources decision-makers commissioned by Unum in partnership with Harvard Business Review Analytic Services.

That study found that the role of corporate culture is perceived as critical to driving engagement, recruitment and retention of a quality workforce:

• An attractive benefits package and an ethical, transparent culture were more likely to be viewed as very important in attracting and retaining staff than were a high starting salary and job security.
• Being a company that cares about the well-being of its staff was twice as likely to be viewed as very important in attracting and retaining staff as providing a high base salary.

“An engaged workforce is crucial to any company’s success, especially at a time when businesses are striving to recover from the economic crisis,” Simonds said. “A supportive corporate culture and benefits that help protect the financial stability of employees help build that engagement.”

About Unum

Unum (www.unum.com) is one of the leading providers of employee benefits products and services in the United States and the United Kingdom. Through its subsidiaries, Unum Group paid approximately $6 billion in total benefits to customers in 2010.

About Monster.com

Monster, the premier global digital employment solution for more than a decade, inspires people to improve their lives. With a global presence, Monster works for everyone by connecting employers with quality job seekers at all levels and providing personalized career advice to consumers globally.

About the survey

Monster.com completed research with 196 employed workers and 272 unemployed workers, all of whom were seeking new employment opportunities through its online employment services. In addition, Monster.com interviewed 190 HR decision makers from a diverse set of industries and company sizes again drawn from among customers of its website services.

Surveys were fielded and completed in October 2010. Nineteen percent of jobseekers were under the age of 35, while 52% were between 35 and 54, and another 29% were age 55 or older. Almost half of fulltime workers (45%) and unemployed workers (44%) reported their current or most recent annual job income as being greater than $50,000. Among HR executives included in the research, 21% represented large companies with 2,000 or more employees, while 39% worked for small businesses with fewer than 100 employees. Another 40% were at medium‐size companies with between 100 and 1,999 employees.