Financial rewards and flexibility are now among the most important benefits for UK workers when seeking a new role, according to a major new survey by leading employment agency, Reed.
The survey of 5,000 employed adults of all ages across the UK revealed evolution in the priorities of many individual workers, in the light of the continued rise in the cost of living.
The study found that the most attractive benefit when looking for a new job is an annual salary increment, with 43 per cent of respondents citing this as being important.
This was followed by a four-day working week and flexitime, both coming in at 36 per cent.
However, the survey also revealed that, currently, only 23 per cent of workers have access to flexitime, with 19 per cent enjoying an annual salary increment, and just 8 per cent being able to work a four-day week (on full pay). Interestingly, more than a quarter – 28 per cent – said they did not receive any benefits at all from their workplace.
A fifth of respondents were actively looking for new job opportunities, with 38 per cent also considering this step – and insufficient financial reward was cited as the top reason for individuals to be either actively searching or considering a move.
Commenting on the findings, Ian Nicholas, Global Managing Director at Reed, explained: “The current cost-of-living crisis is clearly impacting on the benefits that employees value.
“Some of the other peripheral workplace benefits, such as insurance, healthcare and discounted gym memberships, are currently seen as less important when compared with a guarantee of increased financial reward to keep pace with inflation.
“It is abundantly clear that financial stability is the driving factor for many – they need to know that they can continue to afford the basics, at the very least, and so are seeking roles which will guarantee that through an annual increment on their pay. They are also much more likely to be seeking to move on if that is not available.”
Ian Nicholas added – given that in many sectors it is still very much a seller’s market when it comes to attracting and retaining top talent – companies need to carefully consider and review the overall packages they offer and ensure they focus on the things that matter most.
“In many ways, things have come full circle in the workplace. Salary used to be the primary driving factor for many, but gradually other ‘softer’ benefits, and benefits in kind, started to make up a greater proportion of the packages on offer,” continues Ian.
“While this might be all well and good in less difficult economic times, the harsh realities of life in the UK today, with the cost of living continuing to rise rapidly, have driven many employees to consider what really matters to them right now – and that is a guarantee of financial stability.
“Some companies may have been able to increase salaries to keep pace with the rate of inflation, but this is certainly not the case across the board.
“However, businesses that are serious about accessing and holding on to top talent would be well advised to reassess the benefits packages they offer to their colleagues to ensure they contain the financial elements that really matter at this moment – as this will engender loyalty in the short, medium and long terms.”
For further information on the services available from Reed, visit www.reed.co.uk.