Which Benefits Do Employees Value Most?

Perk-filled offices like Google sound like dream places to work, but do employees truly benefit from the novelty?

We’re living in a world where employee benefits are more varied than ever before but research suggests that what most employees would be happy with more simple benefits.  

Retirement plans 

A recent survey found that over 90% of respondents rated a retirement plan as their most valued employee benefit. As the average life expectancy continues to climb, it’s unsurprising that most people rank the knowledge of a secure future higher than anything else. Offering a competitive pension contribution and a retirement plan that meets your employees’ needs is now more valuable than ever. 

Life assurance 

Knowing that your family and loved ones will be looked after in the event of your death is something that offers considerable peace of mind to all of us. Life insurance is a clear and open way to offer that safety net to your employees and is something that more and more benefits packages now include. A great way to boost this benefit at minimal additional cost is through a salary sacrifice scheme that allows employees to increase their level of cover. 

Paid leave 

Paid leave is the most common and expected employee benefit. Paid leave helps workers achieve financial stability, allowing time off for holidays or health reasons without worry. Time off to rest will boost your employees’ mental and physical health, which should in turn create a more productive workforce. Although you have a legal responsibility to provide a certain amount of annual leave, offering more than average will impress employees and position your business above competitors in the job market. 

Working from home 

With modern lifestyles and family structures becoming more diverse, being able to work from home has become increasingly valuable to employees, especially parents, in recent years. This option could be offered as an alternative to a pay rise, as it won’t cost the business, but employees’ could save on big expenses such as transport, childcare and lunch. Although some bosses worry it will impact productivity, employees are likely to be more energetic without the effort of travelling and will build a trusting relationship with you.  

So, before you offer novelty perks to your employees, ensure that what you’re offering is in line with what they actually desire.