Whether it is health and wellbeing benefits, flexi-time or staff discounts – employee benefits can improve job satisfaction, as well as help employers attract and retain staff.
A recent study by Adler Business Gifts found that company benefit schemes are extremely important to employees. In fact, half of the UK-based respondents said that they would consider applying for a job based on the employee benefits offered alone.
Of the respondents, 64% of creatives said they would consider quitting their job if their employer were to alter or remove perks on offer. 1 in 3 creatives would also prefer an extension to their benefits package than see a pay rise, compared with 11% of respondents in other industries – indicating just how important benefits packages are to creatives in particular.
Company perks are significant not only in terms of helping with the recruitment of new staff, but in retaining existing employees too. Over the past year or so, Brand have noticed employers making much more of an effort to retain and better motivate their marketing and creative staff in the current candidate-led market through enhanced benefits packages.The results of our Marketing Salary Survey 2018 found that the top benefits in the eyes of UK marketing professionals were:
Evidently, whether a business is focusing on employee retention or hiring new talent, it is important for them to pay particular attention to providing a great benefits package for their staff. These benefits packages can be seen as expensive to put together; however, using the example of the top 3 benefits to marketers, often these benefits are either offered as standard anyway such as contributory pensions, or are inexpensive on the whole/are an investment in talent such as flexible working and paid training courses.
Adler recommend that employers who are aiming to improve their company benefits look at their packages like a pyramid, as pictured below. The core benefits are at the bottom of the pyramid, these are benefits such as pensions and bonuses.
In the middle is scaleability, this is where you can increase/improve benefits on offer with years of service and performance. For example, rewarding staff who stay loyal to the company by increasing the employer contribution made to their pension or giving more holiday/flexi-time allowances. Scalable and adjustable benefits like these not only reward loyalty and long service, but also allow companies to easily monitor and review the perks on offer. And based on the survey findings, the more proactive a business is with updating employee benefits, the happier the employees will be and the longer they’ll stay.
On top of the pyramid would be the smaller, ‘feel good’ benefits that employees can enjoy every day and help brighten their experience, such as free food and drink, gifts, gym memberships and healthcare. There are also many other ‘inexpensive’ company benefit ideas out there.
What perks does your business offer? As a marketer, does your employer offer the 5 most important benefits found in our Marketing Salary Survey results? Do the benefits increase over time? At Brand, employer contributory pension increases with years of service, as does holiday and flexi-time allowances, we also then get breakfast and drinks provided everyday and a number of other benefits which make employees feel appreciated, and the office a happier place!