In the ever-changing work landscape, what makes employees stay in a job and succeed goes beyond just their salary. Our 2023 Salary Survey focuses on benefits received, but also what benefits those would choose if they had the option.
The results of our 2023 survey show the most common benefits are;
Free carparking – 55.6%
Company bonus – 44.3%
Health Insurance – 38%
When asked if you could choose your own benefits package, what would be your top three benefits, these came out top;
Company bonus – 50%
Health Insurance – 41.3%
Flexible Working – 34.4%
Free car parking
This has increased from the 2021 results, why? We’re not sure! Could it be a coincidence, or, in the face of rising living costs, is this a small gesture from employers that recognise people have less disposable income but also encourages those with the option of hybrid working to come into the office to preserve company culture?
Free car parking came 4th in the benefits respondents would choose, with 30% opting for this as a top three benefit, so it is something that employees value.
Company bonus remains a big hit, coming out on top in 2021 as well, having a company bonus scheme in place incentivises employees to work hard and also reap the rewards.
It’s also the most popular benefit with 50% of respondents choosing it in their top three. With the current cost of living crisis, the possibility of topping up salaries is important to employees and a way of creating an attractive package when accepting a new role.
However, we’re seeing a steady decline from our 2020 survey to now in company bonuses being offered as a benefit.
Health is wealth, and after the pandemic and strains on the NHS, it’s not surprising to see health insurance listed as a top-rated benefit by employees.
Flexible working is the only benefit that appears on the top three desired benefits, and not on the top three most common benefits.
We have a whole blog on flexible working trends, here https://www.morepeople.co.uk/blog/2023/11/flexible-working-trends
Other benefits that have increased in popularity since the pandemic include Wellbeing Schemes. It's a nod to your overall health, both body and mind, making work a place where you can feel your best. Surprisingly, employee wellbeing schemes are on the rise, with 25% of respondents reporting to have them, but, only 9% of respondents would choose one as a top three.
Early finish on Fridays, a day off for your birthday and an option to buy more holiday are all benefits that have grown in the last two years.
Interestingly, Staff Discounts are the only benefit that many receive (37%), but score low in popularity – only 12% would choose them as their top three.
In a nutshell, the 2023 trends show that it's not just about the job; it's about creating a workplace that cares about you – your wallet, your health, and your happiness. As workplaces evolve, employee benefits are getting simpler, and more about benefitting that work life balance.