- Only one of the top three benefits offered by employers matches any of the top three benefits important to employees
- 44% of employees would be tempted to move roles for a better salary/benefits package, according to an annual survey of almost 23,000 UK professionals
- Close to a third (30%) of professionals cite an appealing work-life balance with flexible working options as the most important factor when considering a new role
Employers are urged to update their benefit offerings as research by recruiting experts, Hays reveals discrepancies between benefits offered compared to those coveted by employees. The most important benefits for UK employees were in excess of 28 days’ annual leave, pension provision above the legal minimum and health insurance. Only pension provision matched any of the top three benefits offered by employers.
Childcare vouchers are offered most by employers (59%) but wanted by the least number of employees (11%) according to data from the Hays Salary & Recruiting Trends 2019 guide. Cycle to work schemes and eye care vouchers are other commonly offered benefits which rank as the least important to employees. Employers are urged to reconsider the benefits they offer to their current and future workforce, as even for those not planning to move roles, 44% would be tempted by a better salary/benefits package.
Yearly improvements necessary for a multigenerational workforce
Disparities in what benefits are offered by employers and preferred by employees remain largely unchanged since the year prior, particularly in the case of childcare vouchers and cycle schemes. Research over the last two years shows that high numbers of employers offer these benefits despite few employees considering them important.
Since the previous year employers have successfully adjusted their offerings of annual leave, above statutory maternity/paternity leave and pension provisions above the legal minimum which now better align with their employees’ preferences. While positive steps have been made in these areas, employers are encouraged to review their employees’ preferences year on year to increase benefit uptake.
Employers should also consider adapting offerings to the differing generations in the workplace. Training and/or professional certification support showed the biggest difference in generational preference, with half (50%) of Generation X stating it is their most important consideration for a new role compared to just 28% of baby boomers. With workers at differing stages in their careers, it’s important for employees to recognise this and tailor their benefits accordingly to their internal audiences.
Employers continue to underestimate appeal of flexible working benefits
In light of rising preferences for flexible working options, employers are encouraged to offer more benefits which recognise employees’ work-life balance. These benefits will most successfully target baby boomers, almost half (49%) of whom believe their work-life balance is between average and very poor compared to 37% of Gen Z who gave the same rating.
Offering flexible working benefits will aid recruitment as well as retention, as close to a third (30%) of professionals said an appealing work-life balance with flexible working options is the most important factor when considering a new role. This is compared to only 18% of employers who deem this to be important for attracting staff, revealing just how much employers underestimate the appeal of offering a positive work-life balance.
Barney Ely, Director of Hays Human Resources, commented:
“A competitive salary is no longer enough on its own to attract staff, and the overall package is increasingly important to workers. Our research shows that a high proportion of professionals would be tempted to move roles for better salary and benefits package, career progression opportunities, and the pursuit of a better work-life balance.
Offering benefits which better align to a range of candidates and generations will give organisations the ability to access a greater untapped talent pool who are looking for the right offer. Presenting a varied and innovative benefits package which appeals to a diverse audience will be a key element of hiring this year, especially in a skill-short market.
Benefits that aid work-life balance, such as a generous holiday entitlement and fitness memberships are also attractive to employees. This is of increased importance considering older generations’ negative evaluation of their work-life balance. Being clear about flexible working options as well as salary and benefits will make you stand out as an employer and help to appeal to candidates.”
-Ends-
For further information please contact:
Helen Flannery
Senior PR Executive, Hays
T: +44 (0) 203 0400 282
E: [email protected]
About the report
Salary data in the Hays UK Salary & Recruiting Trends report is compiled using information gathered during 2018 from Hays offices across the UK. It is based on job listings, job offers and candidate registrations. The recruiting trends and benefit data is based on a survey conducted in June 2018. The survey was completed by almost 23,000 employees and employers from organisations of all sizes and sectors.
About Hays
Hays plc (the "Group") is a leading global professional recruiting group and is celebrating its 50th anniversary this year. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2018 the Group employed 10,978 staff operating from 257 offices in 33 markets across 20 specialisms. For the year ended 30 June 2018:
– the Group reported net fees of £1.072 billion and operating profit (pre-exceptional items) of £243.4 million;
– the Group placed around 77,000 candidates into permanent jobs and around 244,000 people into temporary assignments;
– 19% of Group net fees were generated in Australia & New Zealand, 26% in Germany, 24% in United Kingdom & Ireland and 31% in Rest of World (RoW);
– the temporary placement business represented 58% of net fees and the permanent placement business represented 42% of net fees;
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Chile, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA