Studies have proven that in all industries, including STEM industries, salary and career opportunities are the two biggest incentives for candidates when it comes to choosing a place to work. However, according to a recent survey by Glassdoor, over a third of people admit to choosing a company over another based on the extra perks. Increasingly, the desires of candidates are shifting and they tend to be more interested in a good work-life balance rather than a big pay package.
Besides, job perks don’t only attract new talent – they also help with staff retention. According to Capita’s latest employee insight report, nearly 70% of staff are more likely to stay with a company if they feel they are offered good benefits.
Perks teamed up with salary increases are the best combination to keep your workforce satisfied and motivated, creating a nicer working environment and boosting productivity overall.
In this article we investigate the UK’s favourite perks.
Flexible working hours
Rather than the traditional nine to five, companies are increasingly offering Flextime – allowing employees to work when suits them best.
Some employees will like a lie in and come to work later. Others, notably parents, may prefer to come in earlier and leave when school finishes, to spend time with their children.
Offering employees this flexibility means they work their 37.5 hours when they feel most motivated and will help them attain a better work-life balance.
Interestingly, 30% of people would rather have the option to work from home rather than get a pay rise.
Many roles don’t require employees to be in the office every day. Giving staff the option to work from home from time-to-time helps them save money and time by avoiding their daily commute.
This perk is especially useful for those employees who live further away or have families.
Childcare help and additional parental leave
High childcare costs often put new parents off returning to work or persuade them to work part-time. A good way to attract and retain new parent employees is to offer onsite childcare like a nursery or to help out with childcare costs.
Being a parent is stressful enough – if companies can help relieve some of that stress then these employees can be more relaxed at work and consequently be more productive.
Another attractive perk for soon-to-be parents is extended parent leave. Again, this won’t cost a company much but will keep these employees satisfied and encourage them to return after their parental leave.
Office outings are a great way to boost office morale and help with team building.
They can create a community feel in the office and build staff confidence.
Office outings are especially useful for newcomers to get to know their peers. When applying for a company, the prospect of feeling welcomed into the company community straightaway can be appealing.
Extra holiday time
Holiday time is precious – and the more a company offers, the more attractive it becomes.
Furthermore, holiday time allows staff to rest and rejuvenate, keeping them happy and relaxed.
Some companies have gone as far as allowing employees to take unlimited paid leave – leaving them the choice to have time off whenever they wish and avoid feeling burnt out.
Other favourite perks worth considering
There are many other popular company benefits that can attract candidates and satisfy current staff – some others include:
- Entertainment for the office (pool table, drinks on Fridays, office pets…)
- Free food
- Retirement plan
- Performance benefits
- Health and life insurance
- Gym memberships
So, if you are looking to recruit or are struggling with employee retention, it may be worth reconsidering your company benefits.
Many of these don’t necessarily cost much – but will have massive returns on investment in terms of employee satisfaction, overall productivity as well as more candidates applying for your company.