Last month, Forbes published an article evaluating the 10 top employee benefits in the US and Europe. With the cost-of-living crisis making life difficult for everyone, employers must step up and support their employees during this challenging time. Recent statistics reveal that working parents, particularly those with children, spend more than two-thirds of their salaries on childcare. This is in addition to the cost-of-living crisis, which is causing the pridriving up the prices of essential productstheir top 10 most-valued employee benefits on a survey by global HR and payroll company Remote, which interviewed 10,000 full-time workers in the US and Europe. We asked our community on LinkedIn what they valued most about flexible working, holidays, and pensions.
Here are the results:
Flexible working: 86%
Holiday: 11%
Pension: 3%
Flexible working took the lead by a huge amount, so, based on our poll and Forbes article, here are our top 10 most-valued employee benefits in the UK:
1. Flexible work hours
Flexible working was voted the top benefit by our Investing in Women community. We strongly believe that flexible working plays a huge role in helping to close the gender pay gap. Aside from giving working parents the time and space they need to support their children whilst working in a fulfilling role, flexible work greatly benefits all employees. One of these benefits is improved productivity. A survey by Airtasker found that flexible workers, on average, work 1.4 days more each month than traditional office workers, thanks to using their time more efficiently and effectively. In a year, that’s more than 16.8 days!
2. Holiday
11% of our Investing in Women community voted holiday pay as their most-valued employee benefit. We all know the benefits of holidays and the importance of taking a break for our mental and physical health. Simon Briault of the Federation of Small Businesses told the BBC: “It is important for employees to take time off they are entitled to. Everybody needs a break to relax and unwind. In the long run, it will be beneficial for the employee and the employer alike,” continues Simon, “because it helps to reduce ill-health and absenteeism.”
3. Pension
While only 3% of our community selected pension as their most-valued employee benefit, research by HR and Payroll software provider CIPHR found that pension contributions were valued most by 46% of respondents. In Forbes’s US-based article, pensions and retirement plan offerings are valued highly. Morgan Stanley at Work’s second annual State of the Workplace Financial Benefits Study shows that 93% of employees prioritise retirement planning assistance when choosing where to work.
4. Early Friday Finish
According to Engage Employee, 87.6% of employees say leaving early on a Friday is their most desired perk. This shows how highly work-life balance is valued. Many of our blog posts and expert LinkedIn Lives focus on how to supercharge your work-life balance, so helping your employees along the way will be hugely valued. You can discover more tips about transforming your work-life balance here.
5. Four-Day Work-Week
Many surveys indicate that a four-day working week falls halfway down the top 10 employee benefits. Since the start of the year, there has been growing interest and debate about what a 4-day working week would mean for working parents and for employee productivity in general. Some benefits include increased workplace productivity and reduced mental health detriment from overworking. However, as our previous article suggests, we must recognise the critical issues at the heart of the paid/unpaid labour paradigm.
6. Health Insurance
According to surveys by Drewberry Insurance, around 32% of people in the UK seek private health insurance as part of their benefits. While the Forbes article demonstrates that health insurance is more valued in the US due to our NHS, the increasing strain on the NHS is leading more emplnumberto seek private health insurance as a company benefit.
7. Miscarriage Leave
Last year, many large companies introduced extra support for employees who have experienced miscarriages. People Management states that in the previous six months alone, Channel 4, Monzo, Barking and Dagenham Council, online grocer Abel & Cole, digital agency Hallam, and sustainable period brand Modibodi have all introduced miscarriage policies within their companies. They further state that Claire McCartney, senior policy adviser at CIPD, says a pregnancy-loss policy helps employees know that employers will support them. “It’s really important that managers acknowledge the loss and are empathetic,” she says, adding that, when appropriate, it is also a good idea for employers to ask what support individuals might need and to remember that partners might also need help.
8. Tech Benefits
Since the Coronavirus pandemic, the importance of at-home tech in employees’ ability to work effectively from home has become increasingly apparent. Many employers have offered employees a work-from-home budget to purchase tech or office equipment to support them and make their working days more manageable. TechBenefits states that hi-tech incentives allow your employees to enjoy more of what they earn without breaking the bank – a valuable and cost-effective measure – you’ll benefit from a happier, more engaged, and more motivated workforce at no extra cost to your business.
9. Paid Self-Care or Mental Health Days
In the Forbes article, paid self-care/ mental health days are ranked highly, with the pandemic pushing mental health and burnout into the spotlight. A recent Harris Poll survey shows that 23% of employees say their employer has introduced new mental health services since the pandemic.
10. Private Dental Insurance
Dental care is something we take for granted until we lose our teeth. However, dental care is just as important as regular checkups. Having a dentist can help prevent serious problems. Dental care is worth considering.
While the cost of living crisis is making it increasingly hard for both employees and employers, it is worth evaluating the long-term benefits that adding these employee benefits to your company policy will bring, and the changes they will make to your employees’ working and personal lives.
If we have not included your company’s employee benefits on this list, let us know what you would like added.
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