Office perks have been helping potential employees make career decisions for years now, but what businesses are offering just isn’t cutting it anymore.
Companies are spending small fortunes trying to appeal to candidates far and wide, with entertainment perks being bought left, right, and centre. For example, a company might create a relaxation space where workers can relax during their breaks. Fitted with beanbag chairs, a ping pong table, a small fridge and a fizzy drink dispenser, it might sound to an employer like an amazing facility to give to any employee.
However, despite these efforts to attract and retain talent, more than one in 10 STEM employers saw talent leave for opportunities abroad in the last year. Are traditional office perks really enough to retain employees?
What’s the problem? I was reading an article in The Times, which explained the change in the importance of work perks. I decided to explore the topic and found that employees have revealed what they truly want: sick pay and salary benefits.
A survey of 2,000 UK workers by HR software company Ciphr found that 68 per cent of those polled say sick pay is the most important benefit. Second on the list were pay rises that match or beat inflation, and then flexible working came in third place.
Zest also found that private medical care was high on the list of perks.
Epassi UK found certain perks were better suited to employees than entertainment or relaxation spaces:
- Hybrid working – offered by 57% of employers
- Maternity/paternity support – 45%
- Private medical insurance – 43%
- Workplace savings scheme – 40%
- Company car – 39%
But this isn’t translating to the office.
Research by the Chartered Institute of Personnel and Development (CIPD) found that one in five employers does not have a clear idea of the way their benefits are supposed to impact their employees. Despite research findings, only 48% of employees polled by Zest think their benefits package is inadequate, and 47% believe they get value for money from their benefits.
Joy Waugh, employee benefits consultant at Zest, said of the figures: “As living costs rise, demand for financial support has spiked. Employees are calling for greater investment in benefits packages, especially support for PMI and boosting retirement savings. Employers must ensure they are regularly communicating with employees about their benefits packages and boosting engagement to enhance support and value for money.”
She added: “Employers must ensure that they’re offering the support employees need, otherwise they risk impacting morale, curbing productivity and ultimately losing key talent. In order to boost engagement, employers have to improve communication to understand the needs of their workforce and deliver personalised support that boosts value for money for both employee and employer.”
Of course, employers don’t want to chase their staff off. So, creating a space that provides worthwhile perks is better than decorating with barely-used entertainment devices and furniture. Do you agree?
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