Paid sick leave tops the list of benefits and incentives that matter most to British employees, according to new research by HR and payroll software provider CIPHR.
Perhaps unsurprisingly, after two years of pandemic-led disruption and rising living costs, among the most popular employee benefits are those which help supplement squeezed incomes, support people’s health, and encourage work-life balance.
For over two-thirds (67%) of the 1,001 people polled, sick pay is the employee benefit that they value most, followed by flexible working hours (57%) and pension contribution matching (46%) – where employers offer to match employees’ pension payments on top of the minimum auto-enrolment requirements.
Mental health and wellbeing support ranks fourth. Receiving a performance bonus and working a four-day week – enabling employees to earn the same wages for fewer hours – are in fifth and sixth place (selected by 40%, 39% and 37% of people respectively).
Next on the list, in seventh place, is extra holiday allowance, which, interestingly, was preferred by more people than unlimited paid leave (32% vs 18%).
Being able to save money on purchases via an employee discounts scheme (30%), having a flexible working location (27%), and receiving a market-value salary (26%) complete the employees’ top 10.
When it comes to employee benefits, every individual’s requirements and priorities differ, of course. And the order of importance varies depending on who is being asked. For workers over 45 years old, for example, getting their pension contributions matched (to help them build a bigger pension pot faster) appears to be more beneficial than being able to work flexible hours (59% vs 45%). For those under 45 years old, who are further away from retirement, it’s the opposite – with more people in this age group ranking flexible working hours higher than pension contribution matching (57% vs 42%).
There are also a few differences between what male and female survey respondents want from their employers’ benefits packages. Statistically, women place more importance on receiving help towards childcare assistance than a market-value salary (27% vs 21%). More men, on average, favour being awarded a performance bonus over being paid a market-value salary (45% vs 34%).
Here’s a rundown of the top 15 benefits and perks for all employees:
- Paid sick leave (67%)
- Flexible working hours (57%)
- Pension contribution matching (46%)
- Mental health and wellbeing support (40%)
- Performance bonus (39%)
- Four-day work week on full-time pay (37%)
- Extra holiday allowance (32%)
- Employee discounts scheme (30%)
- Flexible working location (27%)
- Market-value salary (26%)
- Childcare assistance (23%)
- Health insurance or cash-back plans (21%)
- Extra paid day off for birthdays (21%)
- Extended paid parental leave (20%)
- Death benefits (18%)
- Unlimited paid leave (18%)
The full list – featuring the top 25 most important benefits and incentives to employees – is available to view at https://www.ciphr.com/survey-infographic-the-benefits-incentives-employees-value-most.