According to a survey by Drewberry Insurance, a quarter of UK employees are unsatisfied with their benefits packages. At one time, decent pay would have been enough to attract and retain talent, but in the modern world of work, it’s taking a lot more to make businesses stand out from the crowd.
If you want to create a package that your team will love, stick around as we share some of 2023’s most desirable employee benefits and why they’re worth the investment.
Work-life balance tops the charts
Unsurprisingly, the need for a healthy work-life balance has emerged as a front-runner for today’s employees. Not only does it help to improve their mental health, but it can benefit businesses too, as those with a good work-life balance are more efficient, productive and motivated.
Some employee benefits to consider to support work-life balance include:
Flexible working hours
A recent survey by CIPD found flexible working to be the most popular employee benefit offered by businesses, with 83% of respondents wanting to be able to make their hours work for them, to get a better work-life balance.
By offering flexible start and finish times, you can help your team to avoid busy commutes, as well as fit in better with childcare arrangements for working parents.
Remote or hybrid working
Many employees got to experience remote or hybrid working during the pandemic, and a large proportion of those have never looked back. Not only does this form of working fit in better with busy lifestyles, but it’s helped businesses to cut their costs too.
Four-day work week
Over the past year, many businesses have trialed condensing the normal five-day week into four days, and have found that 78% of employees are happier and less stressed. What’s more, 63% of businesses who have participated have found it easier to attract and retain talent.
Changes to holiday
Some businesses have been taking some new approaches to annual leave and their employees are loving it!
Netflix, ranked by Forbes as one of the best employers in the world, has been offering unlimited annual leave. Employees just need to get sign off from their manager, putting more focus on what people get done, rather than how many hours or days they’ve worked.
A global law firm, Linklaters, are improving inclusivity by allowing staff to exchange any of the 8 UK bank holidays for other days off throughout the year, to allow employees to take time off for other religious holidays such as Eid and Hanukkah.
Other common holiday benefits are accruing an extra day’s holiday for each year worked, as well as closing the office over key periods, such as Christmas.
More and more employees are making the most of remote working and combining it with travelling and working whilst they are abroad. This growing trend means employees can take extended trips away, without using up all their annual leave.
Other top perks
In a recent LinkedIn survey, 45% of people said they left their old jobs due to concerns over lack of progression, so it’s really important to keep staff motivated and engaged by offering relevant training opportunities.
Health and wellbeing sessions
A recent report, commissioned by Cigna, found 59% of workers would consider taking a job with a company that offers better wellbeing benefits than their current employer.
Providing access to relevant support networks and running health and wellbeing sessions are some great ways to help your team successfully navigate any struggles they may be having.
A big benefit for staff is cheaper travel to work, whether that be a subsidised train or bus ticket, company cars or a petrol card. Supporting environmentally friendly programmes like the cycle to work scheme, is also a great way to boost your green credentials and attract eco-conscious employees.
For many working parents, the offer of discounts for childcare, or creche facilities, will help to make things more manageable for them. You could also consider offering term-time working, which is something Amazon are leading the charge on for parents and grandparents who work in its warehouses.
Even the smallest things will make your staff feel more appreciated. Everything from having tea and coffee facilities to a snack corner they can raid during the day is enough to boost morale and make the workplace that much more welcoming.
Another perk that has risen in popularity is the dog-friendly office. Given that studies have shown that dogs bring added health benefits, such as the reduction of stress, depression and anxiety, we think it’s a great idea for offices where this is viable!
It’s important to take a break from ‘business as usual’ every now and then. Team trips and social activities are found to boost morale, improve relationships and build trust amongst your employees.
Investing in your employees and their future is considered a key benefit for many. In fact, CIPD found that 62% of staff wanted a minimum of 6% employer contributions to their pensions.
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