The insider’s guide to work perks
Walking into a salary negotiation meeting can be nerve-wracking for both parties. In an ideal situation, the meeting will end with both employee and employer feeling satisfied they’ve offered and received the best deal possible. But, with below-inflation salaries affecting workers and a growing skills gap affecting employers, it can be a delicate balancing act to make sure both parties are happy.
For some helpful direction that could make a real difference with those tricky negotiations, we’ve created the Workplace Perks tool. The tool uses demographic information about employers and employees to uncover the best – and worst – perks offered by companies across various sectors.
Based on a survey of more than 2,000 employees working in small-to-medium enterprises (SMEs), the tool will help you discover the types of perks typically available to workers, how influential those perks are to job satisfaction, and the monetary value assigned to the perks by the workforce.
Whether you’re an employee or an employer, the insights provided by the tool can help you figure out how best to position yourself for maximum success when negotiating salary, benefits and perks.
Positioning yourself to secure top, peer-reviewed perks
For employees, the Workplace Perks tool can be extremely useful in understanding what perks to ask for and to expect from an employer. Knowing what your peers in similar positions are getting means you can be confident when asking for the perks you’d like included in your benefits package.
Whether you’re interviewing for a new job or negotiating your salary and benefits in your current role, you can use the tool to give yourself a competitive and financial advantage. You can find out what perks job seekers in your position are typically offered, discover which perks you might be missing out on, and use the respondents’ recommendations for the most appealing – and less appealing – perks to shape your decisions.
The tool can also help you find what perks employees find most valuable, so that you can supplement your salary with high-cash-equivalent perks. For example, the survey found that a third (35%) of respondents would assign a monetary value of £151-£500 to free personal tech gadgets, and 21% would value the option of working from home at more than £100.
Optimising workplace perks to target top talent
As an employer, securing the best candidates and retaining your most valued workers means making sure your value proposition exceeds that of your competitors. Keeping your current and prospective employees satisfied can be made easier through the use of our Workplace Perks tool.
By learning which perks workers value the most, and which perks can set you apart from the competition, you’re better able to attract top talent. For example, the survey revealed that receiving a bonus on acceptance of a job offer was the top most satisfying perk for employees. With only 10% of the SME workforce actually receiving a “Golden Hello” in the past five years, adding this perk to your job offer could be one of the most powerful ways to secure a prospective candidate.
When it comes to your existing workers, make sure you’re rewarding them in a meaningful way by offering the perks they value the most. A workforce that is satisfied by their benefits package are spurred on to provide better quality work, be more productive and provide better value to the business.
As a business owner, your workforce is one of your biggest assets, and it makes sense to keep them happy, safe and protected.
Should the unexpected happen to your employees, keep your business protected from unexpected employee injuries or illness with employers’ liability insurance.
At Hiscox, we want to help your small business thrive. Our blog has many articles you may find relevant and useful as your business grows. But these articles aren’t professional advice. So, to find out more on a subject we cover here, please seek professional assistance.