New study shows
A new study by SmallBusinessPrices.co.uk reveals a huge differences in what people want compared to what they get, such as 6% of employees currently receiving travel and company car benefit, although 16% of staff surveyed would rather have transport benefits over a pay rise.
What people get vs what they want
- 20% of employees receive an employee discount, however only 11% of the workers asked wanted one of their benefits to be employee discounts.
- Additional holidays/sabbaticals and flexible working hours are considered high priority work benefit, as 28% of people asked say they would prefer the benefit over a pay rise.
- Although training is critical to career growth, only 3% of staff would prefer the perk over a pay rise, compared to the 12% receive the benefit.
Gender gap happiness
Men and women in terms of happiness with company benefits are relatively similar – both rise and decrease in the same areas, however they do fluctuate in terms of percentage.
- 18% of men consider themselves very happy with the company benefits they receive, whereas women are less happier with the work benefits – only 14% of women consider themselves very happy.
- More women appear to sit on the fence in terms of job benefit satisfaction: 45% described themselves as somewhat happy, compared to the 42% of men. This trend continues into neutral feelings for company benefits, as well as somewhat unhappy. Overall, both men and women ranked very comparably. Men ranked highest at both ends of the spectrum, with 4% of men considering themselves very unhappy with the benefits they receive compared to to only 2% of women.
Generational differences
Each generation has concerns and priorities unique to their demographic, so employers have to mindfully determine which company benefits suit their workforce.
- As a result of property prices, 29% of Generation Z and 22% of Millennials (24-38 year olds) would be tempted to apply for a job with £4000 housing contribution, while only 16% of Generation X (39-52 years old) and 15% of Baby Boomers (53-60 years old) would have the same consideration.
- 3% of Generation X and 2% of Baby Boomers looked at one years’ parental leave as an important company benefit. Interestingly, 11% of Generation Z said they’d tempted to apply for a job if a years parental leave was a work perk, as did Millennials.
- Health insurance and death in service is a major concern with Generation X and Baby Boomers – 49% of them consider it as a work perk compared to the 20% of Generation X and Millennials.
Ian Wright, from SmallBusinessPrices said: “ Job perks are taking the stage as an increasingly important factor in people’s career choices, which is why some employers are raising the bar and even going beyond the standard travel card loans, “cycle to work” schemes, flexible working times and health insurance benefits. The right company perks and benefits can improve a workforces happiness, boost productivity as well as attract the right employees.”
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