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Employee Benefits News

Latest News
12 Feb 2018

Overtime, flexible working, welcome bonuses: what perks do employees value?

What´s the most popular perk offered by employers, and what perks will help keep employees engaged in their jobs?

Specialist insurer Hiscox recently investigated the perks available at small and medium-size companies across the UK with a survey of more than 2,000 employees of SMEs.

The most common perk offered by employers is enhanced sick pay (additional to statutory sick pay), with 58% of companies offering it as standard, Onrec reports. More than two in five (41%) SMEs offer their employees paid overtime and almost two in five (38%) offer maternity, paternity or shared parental leave beyond the statutory requirement.

Among the not-so-common perks on offer are duvet days (1%), free cocktail hours (1%), and a slide in the office (less than 1%).

Perhaps not surprisingly, employees rated a “Golden Hello” (welcome bonus) as the most satisfying perk, despite only 10% of those surveyed having received one in the past five years. The most common amount of the bonus was £5,500.

The research also revealed differences between male and female employees when it comes to how they view various perks. For example, men are twice as likely as women to be interested in a cycle to work scheme (10% vs 5%), while more women (36%) than men (29%) would be interested in a job that offered flexible working hours as standard.

Hiscox also said that many of the perks that employers offer either go unused or leave workers underwhelmed, highlighting the importance of offering benefits that will motivate your workers.

The company has launched the Workplace Perks tool — available at https://www.hiscox.co.uk/business-blog/uk-best-workplace-perks — which allows employers to select the demographic information of their workforce in order to find out the best perks for attracting and rewarding their employees.

Similarly, employees can use the tool to learn which benefits to ask for, with insights into the perks their peers receive.

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