Benefits | The evolution of the benefits package: are you keeping up?

The evolution of the benefits package: are you keeping up?
Promoted by The evolution of the benefits package: are you keeping up?

We’re a nation on the search for more personalised workplace benefits with 11.3 million Brits not satisfied with their current benefits package, according to new research from Get Living the UK’s pioneer build-to-rent landlord.

The study of 2,000 workers revealed that almost half (48%) of Brits would leave their current job for one with better benefits and that 7% would be willing to take a pay cut for better perks.

Get Living – which offers homes for rent in big city neighbourhoods and partners with employers to help find housing solutions for their people through its Preferential Partnerships scheme – found that employees cited increased retirement age and the always-on nature of work as reasons why their companies should offer more for their service.

Flexible working hours and holiday allowance were found to be universally important across age groups, with the younger generations increasingly expecting more from their employers to help with specific issues they face. One in 10 employees who started work this decade want employers to offer help with housing, reflecting some of the challenges Millennials and Gen Z face in this area.

Commenting on the findings, Rosemary Lemon, Group Head of Reward at Hays said: “We know from speaking to our own employees that one of the main financial pressures being put on young people these days is the difficulty of getting on the housing ladder or finding good quality places to rent.

“For those renting, many struggle with the upfront costs of deposits which can be equal to, if not more than, a month’s salary – if people are worried about money it can have an impact on their wellbeing and that can affect how focused and engaged they are in the workplace.”

Responding to the needs of its people, Hays began offering loans to help with deposits and fees before being introduced to Get Living when they learned that they already had a solution to this. Hays is one of 20 businesses signed up to Get Living’s Preferential Partnership programme.

Steven Osei who leads Preferential Partnerships at Get Living said: “When Get Living was established in 2013 we challenged the norms of renting by removing all fees and treating our residents like customers. Then two years ago, we made the bold decision to scrap security deposits. We knew that this was one of the main gripes for our residents and it seemed unnecessary for us to have all this money tied up when we know our residents look after their homes. In doing so we put £3m back into renters’ pockets.

“We also offer three-year tenancies with a resident-only break clause as standard. This means after six months residents can give two months’ notice at any time, giving them the dual benefit of security and flexibility. As our research shows, employees are moving jobs more often and their expectations for how they should be rewarded are changing. To keep up with the competition, employers need to reflect workers more flexible lifestyles.”

Get Living now has partnerships with top employers including Deloitte, Linklaters, Golin and Hays as more businesses are recognising the benefits of taking a vested interest in the living situations of their people to support their overall wellbeing.

When asked about their work/life balance, only 60% of those surveyed said they were happy with this with a third citing issues with their home and commute as the cause of their unhappiness.

Steven continues: “In this hyper-connected world an employer’s duty of care no longer ends at the office door. Wellbeing starts at home and we can support this by offering a simple move in process and quality, well-managed homes.”

On top of Get Living’s market-leading no deposits, no fees and longer tenancies offering, Preferential Partnerships residents benefit from two weeks’ rent free and upgrades them to superfast fibre optic broadband to enhance their home-working experience.

Get Living currently manages more than 2,000 homes across at East Village, the former 2012 London Athlete’s Village in Stratford, and Elephant Central in Elephant and Castle. This spring Get Living will launch a further 500 homes at East Village with Victory Plaza and its first neighbourhood outside of London at Middlewood Locks in Manchester.

To find out more about how Get Living offers a better way of renting for your people, please email Steven Osei at [email protected]

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