You may be surprised to learn that 79% of employees would prefer an enhanced benefits package to a salary increase. With this in mind, hiring managers are missing a trick if they don’t highlight the benefits of a role when advertising a new job. We spoke to Tom Rees, Associate Business Manager at Computer Futures, to find out more about the value of a good benefits package to candidates.
Key stats on the value of benefits
When a candidate’s considering taking on a new role, salary is understandably a hot topic of discussion, yet benefits and perks have often been considered an afterthought. Interestingly, a recent study revealed that almost 4 in 5 people value a good set of benefits above salary increases. Furthermore, 55% of employees are more likely to accept a job with a lower salary if excellent benefits are on offer. Tom is unsurprised by these findings, saying, “Now, when a consultant is qualifying a job, we’re less likely to focus purely on the salary and are more interested in highlighting the full package on offer. Jobs come with so many additional benefits that this can really entice candidates and make all the difference to an offer being accepted.”
According to this survey, more women than men value benefits over a pay increase. Younger professionals are also more likely to prefer perks to more money; 89% of employees aged 18-34 would rather a good set of benefits, while on the other end of the spectrum, only 66% of employees aged 55-64 prefer benefits. Interestingly, regardless of age, gender or personal circumstance, the majority of each subsection of society surveyed prefer benefits. Tom offers an explanation to this, saying, “When you consider something like pension, it’s more likely that people in later stages of their career will have this sorted. For junior professionals starting their career however, perks like a good pension will be a huge selling point.”
The most valued benefits
When looking at these findings in more detail, we’re able to see which perks people value the most. The most popular benefit across the board was found to be healthcare. Good holidays, a performance bonus, and paid sick days were next on the list. Interestingly, 3/4 candidates also said they’d be much more likely to accept a job with flexi-time. According to Tom, “Flexible working’s becoming the commonplace for most businesses. As such, most companies now offer some basic form of flexible working benefit.”
At Computer Futures, we work hard to ensure we place candidates in an environment that suits them, and this includes finding a company that can offer the benefits package they’re looking for. Tom expands on this, “A big part of our role is obviously negotiating salaries for successful candidates. However, we also endeavour to find out which benefits are most valuable to candidates and, a lot of the time, we’re able to work with our clients to tailor a benefits package. This is all part of our consultative partnership service and why the excellent relationship we build with both candidates and clients is so important.”
Increase in employee retention and productivity
Good benefits don’t just get candidates through the door; they’ve been proven to increase productivity. According to an additional survey, employers who believe they have a good work-life balance are, on average, 21% more productive. Furthermore, good perks are also more likely to keep good employees in a job. 72% of employees said the ability to tailor their benefits package would increase their employer loyalty, and 36% said a good benefits package would motivate them to stay in their current role. It appears that if companies offer attractive benefits, they’re more likely to see an increase morale and, as a result, employee retention.
Importance of showcasing benefits
At Computer Futures, we understand quality candidates are attracted by benefits. Dominic Spencer, Digital Content Executive at Computer Futures agreed, “On average we see a better response to adverts with a good benefits package than those without. We make sure all benefits on offer are made very clear to candidates, appealing to the best talent possible in the market.”
So many organisations disregard the importance of promoting their benefits package. If you’re looking to hire, working with a company like us ensures your benefits are fully highlighted to all candidates from the start.
Similarly, if you’re looking for a new position and want to ensure you’re getting a benefits package that suits you, you’ll be in safe hands with our team. Whatever your situation, contact Computer Futures today and find out how we can help you reach your potential.