In the face of the current financial climate and the evolving post-pandemic workplace dynamic, employees are placing increased importance on workplace benefits that support their well-being. In this blog we shed a light on the perks that office-based workers value the most in 2023 and how employers are adapting their benefits packages to meet these changing needs.
Unsurprisingly, work-from-home flexibility emerges as the most highly-valued benefit, with a staggering 94% of workers attributing increased productivity and happiness to this perk. However, only 27% of office-based workers currently have this benefit, highlighting the opportunity for employers to align with employee preferences and optimize their work arrangements.
Flexible working hours and flexible working locations follow closely, with over 90% of workers recognising the value of these benefits. They are eager for jobs that accommodate their lifestyles, allowing them to strike a balance between personal and professional commitments.
While traditional benefits such as annual bonuses and extra annual leave rank high, workers are also keen to experience some lesser-known benefits. Paid overtime, market value salary, unlimited annual leave, company holidays/trips, and investment opportunities also feature among the top 10 most valued workplace benefits. These perks demonstrate the desire for recognition, work-life balance, and personal growth opportunities among employees.
It's not a one size fits all and businesses need to consider generational preferences. With the Gen-Z workforce (aged 18-24) prioritising a cost-of-living payment, while those aged 55 and over favor a range of benefits, including a four-day workweek and the option to bring pets to work. Recognising these preferences allows employers to tailor their benefits offerings to attract and retain top talent across different age groups.
In the competitive job market, salary transparency plays a significant role. More than 60% of workers consider a lack of salary information in job ads as a 'red flag,' emphasising the importance of providing clear and comprehensive salary details. Additionally, 46% say they wouldn't apply for a job without good monetary benefits, underscoring the need for employers to offer attractive compensation packages to attract candidates.
Interestingly, US employers appear to offer more additional monetary benefits and non-monetary perks to their staff in response to the cost of living crisis. With a higher percentage of US employees receiving paid overtime, annual bonuses, cost of living payments, and enjoying additional non-monetary benefits like free lunches and subsided travel, there is an opportunity for UK employers to learn from their American counterparts in enhancing their benefits packages.
At 3ecruit, we understand the evolving landscape of workplace benefits and their impact on attracting and retaining top talent. By prioritising work-from-home flexibility, flexible working arrangements, and understanding the diverse preferences of different generations, companies can build an engaged and motivated workforce. Salary transparency, competitive compensation packages, and a comprehensive benefits portfolio are essential elements in the quest for employee satisfaction.
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