Employee benefits schemes are a great way to attract new talent and keep existing staff happy and motivated. The well known company review site Glassdoor reports that nearly 80% of employees would choose a good benefits package over a pay rise, with 60% considering benefits a major factor in whether they would accept a job offer.
Specifically, more women (82%) than men (76%) prefer benefits or perks to a pay raise. And, younger employees ages 18-34 (89%) and 35-44 (84%) prefer benefits or perks to pay raises when compared to those aged 45-55 (70%) and 55-64 (66%).
Not all employee benefit packages and schemes are included as standard, but are instead offered as ‘salary sacrifice’ options for employees to choose from. Having these extra bonus’ can act as an indication that an employer or prospective employer is actively invested and interested in their employees well being and happiness in the workplace.
Below are a few examples of some of the most popular work perks:
- Holiday allowance: 37%
- Flexible working: 35%
- Health/Life insurance: 33%
- Competitive pension plan: 31%
- Performance bonus: 30%
- Employee development programs: 19%
- Office perks (free lunches/drinks, casual dress etc): 19%
- Employee discounts: 17%
- Gym memberships: 16%
- Share schemes: 16%
- Extended paid parental leave: 13%
- Commuter assistance/Car parking schemes: 9%
Flexible Working Policies:
Flexible working is the name given to any type of working pattern which is different from an existing one, they are rapidly gaining in popularity and might include:
- Flexitime, which allows changeable working hours around agreed core times.
- Working from home or remotely for part or all of the time in a hybrid agreement.
- Changing working hours to fit with and around school hours or care arrangements.
- Compressed hours, working usual contractual hours but in fewer days.
- Staggered hours which allows starting and finishing working days at different times.