It is understood that a competitive benefits package is crucial for attracting and retaining talented employees. Research by Investors in People found that 44% of respondents cited a good benefits package as an important factor when searching for a new job. Along with research by Glassdoor finding that around 79% of respondents would prefer new or additional benefits instead of a pay rise. Employees certainly value a good benefits package alongside salary in their job role.
Recently we conducted a survey about ‘’law firm employee benefits’’ where we wanted to see how employees feel about their current benefits. We explored what they most value, what extra benefits they want and if they are satisfied.
What benefits do employees value?
Our research found that 33% of respondents believe annual leave is the most important benefit, followed by 24% valuing a bonus structure as employee recognition.
What extra benefits do employees want?
Following on from ‘what benefits do employees value’ the above question found that 24% of respondents wanted extra annual leave and 19% wanted better bonus schemes. Closely followed by respondents wanting ‘Health Insurance’ as an extra benefit.
One question in the survey asked about employee’s current benefits package. One answer being their holiday allowance:
- 50% of respondents already had 23-25 days annual leave (excluding bank holidays)
- 33% had 20-22 days annual leave (excluding bank holidays)
- 14% had 26-30 days annual leave (excluding bank holidays)
- And only 1 respondent had 30+ days annual leave (excluding bank holidays)
Based on the response to most important/extra benefits wanted, maybe it is time to up the annual leave allowance?
The responses came as a surprise because, when creating the survey, I assumed flexible working would come out on top because of the media profile of flexible working in the work place.
(Just 15% valued flexible working as their most important benefit).
How satisfied are you with your current benefits package?
The survey also explored employee satisfaction where we found only 15% were ‘very satisfied’ with their current benefits package and 51% stating that their package ‘could be better’.
Positively, 69% fully utilise their company benefits and 43% of respondents stated that their companies benefit package was clearly explained to them when they started.
We hope you found the information useful and thank you to those who took their time to participant in the survey.