Benefits boom | 2 in 3 workers would change jobs for a four-day week

2 in 3 workers would change jobs for a four-day week

Over 20 million Brits would ditch their current job if they were offered a similar role elsewhere with a four-day working week, according to a new study on workplace benefits.

The research, conducted by the experts at iCompario, surveyed 2,000 British workers on their current benefits, and quizzed them on the employee benefits that might tempt them to move on.

As well as a four-day working week (68%), being able to work flexible hours (64%) and the opportunity to earn overtime pay (63%) showed up as the benefits most likely to tempt Brits away from their current employer.

Despite the four-day working week being seen as the holy grail, it was revealed that only one in ten working Brits (10%) currently receive this benefit.

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The cost-of-living crisis appears to be affecting how many of us view work benefits, with one in eight of those surveyed (13%) saying that they would also prefer to get food or energy bill vouchers over traditional workplace benefits like a company pension scheme or private health insurance.

Shockingly, one in nine UK workers (11%) don’t currently receive any work benefits at all.

All in all, there are ten workplace benefits desirable enough for the majority of the UK workforce to consider moving jobs for, if they were offered a similar these alongside a similar role:

Benefits most likely to tempt workers away from their employer:

  1. A four-day working week (68%)

  2. Flexible hours (64%)

  3. Overtime pay (63%)

  4. Remote working (56%)

  5. A company pension scheme (56%)

  6. A private healthcare plan (54%)

  7. Performance based bonuses (54%)

  8. Early finish on a Friday (54%)

  9. Company shares (50%)

  10. Employee discounts (50%)

Over half of emergency service workers such as paramedics and firefighters (56%) admitted they are dissatisfied with the level of benefits they receive in their role, making them the workers most commonly unhappy with their perks at work.

Creative workers are also among those who are most likely to be unhappy with their benefits, with those working in marketing and advertising (50%) and design/ creative roles (42%) demonstrating ‘work perk’ dissatisfaction in large numbers.

A third of those who said that they are dissatisfied with their benefits (33%) said that they would rather receive the cash value of their benefits than the perks themselves.

Workers in Belfast are the most likely to be dissatisfied with their work benefits, with over a third (36%) reporting their unhappiness. Those working in Liverpool (31%) and Newcastle (31%) are similarly unimpressed by the benefits package they receive.

Data from job board provider Adzuna reveals that across all current advertised job roles in the UK, a cycle to work scheme is the most frequently listed benefit – over 50,000 job adverts included this benefit in September 2022.

Company pension schemes (44,085) showed up as the next most likely benefit to be included in a UK job advert, with remote working (41,120), employee discount (40,146), and a company car/ car allowance (33,239) rounding up the top five.

Accounting and finance employers appear to be most likely to offer a role with home working - Adzuna job adverts in this sector listed remote working as a benefit more frequently than any other.

Kerry Fawcett, Digital Director at iCompario said: “The study findings show how important a role benefits can play in retaining a happy and loyal workforce. Many workplace benefits make a tangible difference to people’s lives, and workers are much more likely to stay put in their current role if they feel that their employer is rewarding them sufficiently for their efforts.

“Our study gives some indication of the types of benefits that are most sought-after on a general basis, but employers are likely to want to conduct their own research to ensure that they are offering benefits that employees in their specific sector are looking for – getting this right can play a big part in retaining talent.”

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Paul Lewis, chief customer officer at Adzuna, comments: “In 2022, companies are turning to work perks to tempt talent to join them over their competition. Employees are putting more focus on health, wellbeing and work-life balance, so it’s no surprise to see a surge in jobs advertising perks like wellness programmes or getting your birthday off. Against the backdrop of a burnout epidemic and trends like quiet quitting, the best employers are providing extra flexibility and mental health support to their workforce.

“Cycle-to-work schemes are also becoming an increasingly popular incentive. The pandemic has pushed physical health and mental wellbeing to the forefront of every business and advocating a healthy culture has become a necessity even as the pandemic recedes.

“Cycling to work can improve overall physical fitness, prevent chronic diseases, reduce stress and anxiety and boost wellbeing. For employers, offering a cycle-to-work scheme is a simple way to show jobseekers that the company genuinely cares about their employees as individuals. It’s also a strategy to motivate workers who are used to working remotely back to the physical office.

“Financially speaking, it is a win-win situation for both employers and employees. Employees under the scheme pay less tax and National Insurance Contributions (NICs), while organisations can save nearly 14% on employer NICs.”

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