What employees really want...

2018-06-13 Jennifer Renney posted:

A recent survey by SmallBusinessPrices who interviewed over 2,000 employees about workplace benefits, has thrown up some interesting results.

As you would expect, preferences differ according to age (and sex), and employees from different generations have very different concerns and priorities, so employers should be careful not to make assumptions about what their staff want, and consider which staff they are looking to retain or recruit.

For example:

  • Help with housing costs: Due to rising property prices, 29% of Generation Z (18 – 23 year olds) and 22% of Millennials (24-38 year olds) would be tempted to apply for a job with a £4,000 housing contribution. However, only 16% of Generation X (39-52 years old) and 15% of Baby Boomers (53-60 years old) said this would be a consideration.
  • Parental Leave: Only 3% of Generation X and 2% of Baby Boomers (39-60 years old) thought one years' parental leave would be an important company benefit, by comparison to 11% of Generation Z and Millennials (18-38 year olds) who said they’d definitely be tempted to apply for a job if a years’ parental leave was a work perk.
  • Medical cover: Health insurance and death in service is a major concern with Generation X and Baby Boomers (39 – 60 year olds) as 49% of them consider it as a work perk, whereas just 20% of Generation X and Millennials saw this as an important factor.

In fact, being offered a perk that is not useful can cause employees to feel resentful and unappreciated, so employers should consider their remuneration packages carefully and tailor this accordingly.

For further information on which company benefits and perks are regarded by employees as beneficial, please click here.

Renney and Co are employment law specialists and can advise you on how to negotiate benefits and terms. If you seek advice on this you can contact us on 01225632240 or email us at info@renneyandco.com with any questions.

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