What Employee Benefit does 11.5% of UK Businesses Offer?

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28 June 2022 | Updated 30 June 2022

The benefits a company offers its staff can be "make or break" for many current or prospective employees, in particular as the pandemic caused a shift in working habits. 

With this in mind, Paymentsense analysed over 647,000 job adverts to discover the most commonly advertised employee benefits promoted by UK businesses. 

“The workplace benefits offered by companies are becoming increasingly important across the world as new ways of working and employee needs change and evolve,"

– Jon Knott 
Head of Customer Insights, Paymentsense
 

A Common Feature for Job Ads

The cycle to work scheme is a great employee benefit to have and you can request a cycle to work package of more than £1,000. The cycle to work scheme is simple, you choose your bike and hire it for as long as you and your employer agree on and then put the value down to a minimum. The scheme works by paying nothing upfront and payments are then taken from your salary. Overall in the UK 11.5 per cent of jobs are advertised with the cycle to work benefit - which is a nice perk to have, saving money on bikes, plus you get your daily exercise in with your commute to work. 

The Importance of Employee Benefits

“The workplace benefits offered by companies are becoming increasingly important across the world as new ways of working and employee needs change and evolve," said Jon Knott, Head of Customer Insights at Paymentsense.

As a result of Covid-19, it is estimated that 42 per cent of companies are planning to significantly improve their benefit programmes as offering a good salary on its own isn’t enough anymore - more and more workers are looking for benefits that make working somewhere worth it. 

The benefits offered by a company can make a huge difference to an employee’s wellbeing, productivity and loyalty. This ultimately benefits the company too as it will help attract and retain staff, whilst building a positive and rewarding culture.

Smaller businesses might not have the finances to offer big financial perks, but you can still make your company a great place to work. Flexible working hours allow your employees to do what’s important to them, such as dropping their kids off at work or getting some exercise. Hybrid working is also a good option, as it helps you attract talent from a wider pool of people. This can be especially useful if you’re based in a more remote location.” To see the full report, visit Paymentsense here. 

Picture: a busy London street with a bus and cyclist. Image credit: Unsplash.

Article written by Bailey Sparkes | Published 28 June 2022

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