The number and range of employment benefits has risen considerably in recent years. Benefits play an important role in attracting and retaining top talent. With demand for talent in 2023 so accute, expect benefits to be wide-ranging.
Common elements of an offer of employment, outside of basic salary, can include; Pension contribution, Annual bonus, Professional fees, Exam support, Life Insurance, Health Cover, Company car, etc.
When considering a job offer it is best to take a moment and calculate the total reward being offered. We can best illustrate ‘Total Reward’ with an example. An offer of employment includes:
Total Reward
| Description | Amount (£) |
|---|---|
| Basic Salary | £ 40,000 |
| Employer Pension contribution 6% | £ 2,400 |
| Annual bonus to 15% | £ 6,000 |
| Life Insurance | £ 250 |
| Company car allowance | £ 6,000 |
| Total Reward | £ 54,650* |
*This example assumes that a full 15% bonus is achieved.
Not all benefits have a measurable financial value…
It is also very important to realise that a range of other benefits, which may not be directly attributable to a financial value, can be highly valuable to a potential employee. Examples of such benefits can be; promotion, change/increased responsibility, transferability, flexible start and finish times, work-from-home/flexible working arrangements, additional/enhanced holiday leave, learning and development opportunities, enhanced maternity/paternity leave, etc.
Below is a list of financial and non-financial benefits, that the team at Abacus Careers has seen offered by clients in the last 12 months. This list is comprehensive but not exhaustive, the important item to note is that one rule does not fit all in respect to benefits.
At different stages of our lives, we value certain benefits more than others…
Employer pension contributions are not a key focus for those at the early stages of their career, their focus tends to be maximising take-home pay. The best employers tend to have a strong base of core benefits for all staff to avail of, they then provide additional benefits for staff who perform at higher levels in the organisation. Taking time to bespoke the benefits offering is just as important as making the correct basic salary offer.
Benefits List
Pension
Cycle to Work
Car Allowances
Exam Support
Professional Advice
Childcare Vouchers
Paid Study Leave
Company Share Scheme
Clubs & Societies
Company Merchandise
Discount Scheme
Enhanced Family Policies
Gym Membership
Holiday Purchase
Laptop/Mobile Phone
Paid for Volunteering
Paid Overtime
Private/Subsided Healthcare
Staff Events
Subsidised Canteen/Vending