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Four in ten want a flexible reward package

A new survey has found that more than four in ten (43%) UK employees would like the ability to control their benefits and determine the composition of their reward package.

However, this isn’t an option for most workers, according to payroll and HR services provider SD Worx. The majority of employers (83%) still have complete control over their employees’ remuneration.

Asked how they would design their reward package, many employees admitted that they would sacrifice benefits for increased salary and holidays.

More than a quarter (28%) of UK workers said they would prefer to have fewer benefits and instead have more cash.

Meanwhile, 16% would be happy to sacrifice their holiday allowance in exchange for a boost in pay. Another 9%, however, would like to have an increase in holiday (9%) and a corresponding reduction in other benefits.

Regardless of the specific rewards that employees prefer, the desire for flexibility is so high that 69% of UK employees would be more likely to apply for a new job if the prospective employer offered the opportunity for them to put together a personalised remuneration package based on a certain budget.

Taking pay out of the equation, nearly half (48%) of UK employees would opt for extra holiday. Public transport allowance is another popular choice, with almost a fifth (19%) preferring it over a company car (14%) or a leased bicycle (4%).

More than a quarter (28%) would opt for an individual pension scheme.

Flexible working also plays a significant role in the benefits employees would choose, with home working allowances being a key factor for 21% of respondents and 21% wanting a laptop or smartphone included in their benefits package.

Having a good work/life balance is very important to employees, said Jeremy Campbell, chief commercial officer at SD Worx UK & Ireland.

“Mobility and flexible working all contribute to a culture where the employee is in control of their professional day to day life,” Campbell explained. “The ability to tailor a benefits package to suit your individual needs is of great interest for many workers, and businesses need to do more to offer this as standard. Doing so will not only keep current employees happy, it will also help companies find and recruit the best talent.”

Posted on October 22nd 2018

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