Ideas about employee benefits are changing. Gone are the days of a free eye test and 20 days’ annual leave cutting any ice. A new generation is demanding more – and getting it – from fertility benefits to performance bonuses, and long-service rewards in the shape of cars and luxury holidays.
Our ultimate guide to employee benefits illustrates the latest popular and emerging benefits around the UK. Download your free copy today for ideas that will benefit your workforce.
While not every business may be prepared to offer high-end perks, those that can are seeing the pay-off in employee retention and attraction.
At the end of 2022, Reed carried out a survey of 5,000 professionals, asking for their thoughts on work, from salary to job security, and the all-important benefits in between.
Shockingly, the survey revealed a huge number, 28%, said they do not receive any organisational benefits at all. Flexi working was the most common perk received, as indicated by 23% of workers, among a list that included life insurance, performance bonus, and the ability to purchase additional annual leave. Second and third most commonly-received benefits were financial: annual salary increments (19%) and a company pension higher than the required amount (18%).
In comparison to the perks those respondents said they wanted in these testing economic times, financial benefits ranked unsurprisingly highly – with 43% placing it top of the wishlist. However, flexi working and a four-day week tied in second place with 36% finding them desirable, indicating the importance for employers to take a more relaxed approach to physical workplaces and hours. With millions of desk-based roles successfully undertaken remotely throughout the pandemic, a demand for a full return to the office can be off-putting to jobseekers anticipating greater flexibility in their working day.
It’s wise to research what your existing workforce most values before grabbing the coattails of any passing trend that could end up unaffordable and underused. Run regular employee surveys to find out their concerns and desires, and as a way of improving employee engagement. When you understand what motivates your workforce, you’ll be in a stronger position to help them, attract new workers and keep them.
By downloading this eBook, you will discover our pick of benefits that most inspire the UK workforce in 2023, with expert insight and tips.
Employee recognition programmes
Health and wellbeing
Career and life coaching
Learning and development
Get your free ‘Ultimate guide to employee benefits’ today.