Partner Article

Forget Workplace Perks: Employees Would Prefer the Cash

If you’re a business offering oodles of staff benefits, new research this winter might come as a surprise. A study from CV-Library, the UK’s largest job site, reveals how UK workers believe ‘workplace perks’ are pointless and that most would rather bank the money, especially in the post-Christmas months when money is notoriously tight.

At a time when employers are having to fight harder than ever for the top talent, the job site conducted research amongst over 2,400 UK employees to ascertain how they really felt about the ‘perks’ on offer. Findings revealed an overwhelming sense of indifference and disappointment:

• Almost a quarter of staff (24.3%) are provided with workplace perks by their employer
• However, of those that receive workplace perks, 24% advised they would rather have the money and a further 48.8% only rated their ‘perks’ as ‘OK’
• If given the choice, 84.5% of employees would rather receive a pay rise or bonus instead of workplace perks…
• …But if forced to pick a perk, most would choose to have more time off (40.8%) or something practical that saved them money, such as a gym membership (17.1%)
• Only 2.1% of employees would opt for quirky perks, such as massages at their desks, or a Yoga class at lunch
• Over half of employees (50.8%) believe perks are ‘just a fad’ and would rather see the money!

Furthermore, almost three quarters of UK employees (71.2%), believe that businesses are guilty of positioning basic staff necessities as a ‘workplace perk’, suggesting that some companies may be trying to jump on the bandwagon without investing any real time or effort.

However, it’s not all doom and gloom; one in five staff that receive perks in the office advise that they are happy with the benefits on offer, suggesting that some businesses are getting it right.

Lee Biggins, founder and managing director of CV-Library comments: “When run effectively, workplace perks can go great lengths to creating a happy and productive workforce. However, it’s important that perks aren’t used as a replacement for fair salaries and bonus schemes, especially if you’re bringing staff on-board in January, when many employees experience a funding-drought after the Christmas period. Today’s candidates have more power than ever, so if businesses are looking to attract the best talent then they must remember that these perks should only be used as a complementary measure, and not as a substitute.”

For further information on CV-Library, visit www.cv-library.co.uk

This was posted in Bdaily's Members' News section by Michelle Smithson .