Employees are more than ever looking for better workplace benefits that will help them cope with the current economic climate and the workplace dynamics post-pandemic.
A new survey by Business Name Generator surveyed over 1,000 UK office workers to find out what perks they will value most in 2023 and how employers are adapting benefits packages to the current economic climate.
Nine out of ten employees believe that working from home improves happiness and productivity
The most valued benefit is work-from home flexibility. A staggering 94 per cent of those who get this say it improves their productivity and happiness at work. However, only 27% of office workers currently receive this benefit.
More than nine out of ten (93%) respondents value flexible working hours and location. Brits want their jobs to be able to accommodate their lifestyles in light of the evolving working environment.
The least valued benefit is the cycle to work program. Only 37 percent of recipients agree that this improves their productivity and happiness. Childcare vouchers (52%), and volunteer days (55%), are also on the list.
Top 10 Most Valuable Workplace Benefits in the UK:
| Rank | Benefit | % of respondents who agree that this benefit increases happiness and well-being | The percentage of respondents that have this benefit |
| 1 | Flexibility of Working from Home (WFH). | 94.0% | 26.7% |
| 2 | Flexible working hours | 93.0% | 28.4% |
| 3 | Flexible working location | 92.7% | 19.0% |
| 4 | Bonuses for the year / quarter | 87.9% | 14.8% |
| 5 | Extra annual leave (a maximum of one extra day than the legal requirement). | 87.4% | 17.4% |
| 6 | Paying overtime | 85.7% | 26.4% |
| 7 | Market Value Salary | 85.1% | 8.7% |
| 8 | Unlimited annual leave | 85.0% | 2.0% |
| 9 | Holidays / Trips for Business | 84.0% | 7.5% |
| 10 | Investment opportunities | 83.3% | 5.4% |
The survey revealed that the Gen-Z workers (18-24 years old) ranked a cost-of-living payment as the most important benefit. Those aged 55 and older, however, rated a wide range of benefits more important. These included a four day work week or the ability to bring your pet to work.
35% of Brits find job advertisements that do not include salary information to be a “red flag”
Business Name Generator’s study also revealed that the biggest concern for job seekers is a lack in salary information. More than 60% of respondents agreed this was a “red flag”.
Nearly half (46%) of Brits say that they wouldn’t consider applying for a position that did not offer good monetary benefits, and 37% say that they would reject a job without good benefits for their wellbeing. The cost of living crisis is continuing, and it’s evident that Brits are more concerned about monetary benefits than wellbeing benefits.
The most shocking statistic is that nearly one-quarter (23%) of employees have quit their job due to a lack in benefits.
Since the cost-of-living crisis, less than a third (33%) of Brits has received extra monetary assistance from their employers.
Employees are more dependent than ever on workplace benefits, thanks to the cost of living crisis. In an interesting finding, Business Name Generator surveyed more than 1,000 US-based office workers and found that American firms appear to offer greater benefits to their existing staff as a result of the cost-of-living crisis.
Just over a third of US workers (36%) have received additional money since the cost-of-living crisis. In the UK, just a little over a quarter of employees (28%) experienced the same.
Since the crisis in cost of living, US employees also enjoy more non-monetary benefits. 31% of them have enjoyed free lunches at work and reduced travel. Comparatively, only 21 percent of UK employees receive this benefit.
The majority of Americans (45%) – compared with 37%) – said that their company was open to suggestions for workplace benefits.
Chloe Chai is the spokesperson for Business Name Generator. She adds:
The cost of living crisis is not going to end anytime soon, and workplace benefits will remain a major issue for employees. Staff will eventually vote with their feet and leave companies that fall short of their expectations.
It’s more important than ever for companies to review the benefits they offer in order to retain and attract top talent. Flexibility and extra monetary support were rated as the top benefits for UK office staff. Ignore it at your own peril.”
