When coming up with a benefits policy, you obviously want one which is useful, well-liked and above all, effective. However, it is very easy to miss the mark and finish up with something your employees won’t be interested in.
A recent survey by Hiscox found that only 49% of women and 51% of men are satisfied with the perks their company offers, with those in the North West the least happy in the UK.
So how can you measure the value your employees place on individual benefits? The researchers asked the respondents how much money they believed each perk was worth. They found that a third (35%) of respondents would assign a monetary value of £151-£500 to free personal tech gadgets, and 21% would value the option of working from home at more than £100.
However, the survey revealed that the most satisfying perk of all is receiving a bonus on acceptance of a job offer – despite only 10% of the SME workforce reporting that they actually received such a “Golden Hello” in the past five years.
Additionally, 41% of those polled described paid overtime as a ‘super perk’ they would love to receive. However, only two in five actually have access to it.
The researchers suggest that when it comes to your existing workers, you should make sure you’re rewarding them in a meaningful way by offering the perks they value the most. A workforce that is satisfied by their benefits package are spurred on to provide better quality work, be more productive and provide better value to the business.
And, if you’re providing a perk that employees want, but others in your industry are failing to provide, you could stand out as a top choice if you start to offer it.