Why you need to refresh your company benefits

As the landscape of employee expectations continues to evolve and Labour continues to implement its new plans that are set to shake up the employment process companies are increasingly recognising the importance of offering more than just statutory benefits to attract and retain key talent. Our recent poll sheds light on how critical these additional perks have become in the eyes of job seekers.

We asked, "Would you apply for a job that only offers statutory benefits?"

Yes (benefits are a bonus): 12%

This group sees benefits as a nice addition but not a deal breaker. For them, the fundamentals of a role, such as job responsibilities and company culture, might outweigh the lack of an extended benefits package.? However, this appears to be a minority and highlights the impact choosing to offer basic benefits may have on your application levels.? In a skills-led market could put your business at a disadvantage.

?No (benefits are essential): 48%?

Nearly half of the respondents indicated that benefits are non-negotiable. This highlights a growing trend where prospective employees are prioritising comprehensive benefits packages when choosing where to work. These individuals recognise the value of perks like mental health support, flexible working arrangements, and additional leave, viewing them as essential to their well-being and job satisfaction. With jobs in the market increasing as well as the challenges by companies to retain staff reviewing and focusing on what people really want and what makes them stay will be crucial.

?Maybe (depending on salary): 40%

A significant portion of participants are open to negotiation. For these respondents, a higher salary might compensate for the lack of benefits, suggesting a balanced approach where total compensation—both financial and non-financial—is carefully considered.? With increased costs to both living costs and employers, the demand for higher salaries may start to grow and increase pressure on those smaller businesses that can not compete. Creativity and exploring cheaper or alternative benefits that add savings or value to the employee may help balance this.?

?What Does This Mean for Employers?

We have been seeing a growing demand for benefits over just an inflated salary. A more holistic employee support system giving employees the flexibility to have a work-life balance.? As businesses compete for top talent, offering more than the statutory minimum is not just a nice-to-have—it's becoming a critical component of a compelling employment proposition.

?From mental health resources to flexible working policies, the right benefits package can significantly impact recruitment and retention. For employers, this means rethinking traditional compensation models and embracing a more comprehensive approach.

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