Employee Benefits, or lack of, give a great impression of a business. The perks of the job tell your employees how you value their work, the culture you are trying to build and how they are a part of the company’s future.
The tough part for businesses is knowing which benefits your staff actually want. Recent Research from Total Jobs (Total Jobs, 2017) suggests there is one benefit that employees want over and above all others.
According to the study, an annual bonus is the number 1 employee perk wanted by employees. As this will be inevitable be tied to performance, as most bonuses are, it’s good news for companies who can offer this benefit as it creates long-term buy-in from employees. It’s clear to see why an annual bonus featured so highly in the study. A basic wage of an employee is fundamental for doing the job, but could an annual bonus be a key indicator in how well employees do in that role? Would they work harder?
Creating buy-in also poses the question if a profit share or company equity can work as an employee benefit, however small the proportion of ownership might be?
Here is a list of the top 10 benefits that employees want:
1. Annual Bonus – 42%
2. Pension – 36%
3. Flexible working from home – 32%
4. Learning and Development Program – 30%
5. Private Healthcare – 21%
6. Money for Training – 16%
7. More than statutory holiday – 14%
8. Car Allowance – 14%
9. Accommodation – 9%
10. Unlimited Holiday Allowance – 8%
Surprisingly, pensions came second at 36%. In 2018, this shouldn’t be seen as a perk, more a requirement of law.
The study also showcased what employers are actually using as company perks. Top of the list is a pension (offered by 74%) and staff parties (62%). Over half offer a learning and development programme (51%), while 39% allow working from home.
As Employers, if you have an excellent benefits package, it’s essential to use this in any job advertisements, as it might be the reason for a candidate submitting their details, or not.
If you would like to discuss how you can integrate employee benefits into your business, workplace pensions or any other benefit, please get in touch with us on 01302 244 977.
This information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific course of action.Publish date: 29th June 2018