UK employees are attracted to perks such as pensions and share schemes above anything else, according to a PricewaterhouseCooper (PwC) survey.
The data showed that 2,400 UK employees said that they place the biggest value on tax efficient savings, like pensions and share plans. 65% of respondents opted for contributions to their pension pots, while around one half (49%) said they’d participate in a company share scheme. Company cars and medical insurance were chosen by 28% of those surveyed.
Perhaps predictably, the number of respondents demonstrating a preference for workplace pensions increases with age. This means that 70% of those aged 40 and older are choosing to invest in company pension schemes, in comparison to 56% of respondents who are in their twenties and climbing the career ladder. Pensions are of higher value in the public sector and are 5% more popular with men than women. Share schemes are 9% more popular with men than women and also tend to be more highly valued by older workers.
When it comes to using a one-off extra £500 to spend on workplace benefits, pensions come out on top again (26%), while 20% would choose to add to their holiday leave and a smaller number (17%) would take the cash! This suggests that while employees claim they value pensions and share plans more highly, if they’re offered a one-off payment to fund additional benefits, the picture’s more balanced. Many employees chose more time off work, showing there’s a balance between short and long-term benefits.
As well as this, the research showed that when employees are offered the opportunity to exchange 5% of their pay for a new employee benefit; they choose not to. This demonstrated that employees are unlikely to give up cash for tax efficient benefits; employers should target their benefits spend accordingly and communicate what they offer.
However, one thing that’s important is that employees can enjoy the space in which they work. For millennials this is vital, along with work/life balance. It’s not all about the old school perks anymore – as the younger generation rises through they ranks they will have all sorts of ideas about the kind of environment in which they want to knuckle down.
Ok, not every employer can provide beanbags and chill out spaces like some of the trendier tech companies can, but at the very least they could offer comfortable surroundings and desirable spaces. Here at Robert Holmes, we can provide expert knowledge and support for those looking to buy offices in Wimbledon or the surrounding areas. Sumptuous greenery and a town village ‘feel’ mean that we can give you the option to enjoy living in one of the most beautiful parts of London.
London’s one of the best places in which to work, live and start a business. A recent survey showed that when over 200,000 people asked which cities they’d consider moving to for work, 16% cited London! So it’s always a good bet to rent and buy office spaces in SW19. Just ten miles from London’s city centre, it’s a great place to live and work, so make sure you contact us for more information on offices for sale in the area.