New study reveals the employee perks we really want in 2023 – and it’s not a cycle to work scheme

More than ever before, employees are looking for improved workplace benefits to support them against the current financial climate and match the post-pandemic workplace dynamic. 

With this in mind, a new survey from Business Name Generator has surveyed just over 1,000 office-based workers in the UK to reveal the perks that they value the most in 2023, and how their employers are adapting their benefits package to suit the current climate.

More than nine in 10 employees say working from home is the most important benefit for improving happiness and productivity

It comes as no surprise that work from home flexibility is the most highly-valued benefit, with a staggering 94% of those who receive this benefit saying it increases their work productivity and happiness, however just over a quarter of office-based workers are currently receiving this (27%). 

Flexible working hours and flexible working location come next, with more than nine in 10 (93%) of respondents valuing these benefits. In the light of the changing working landscape, Brits are eager for their jobs to fit around their lifestyles.

A cycle to work scheme ranks as the least-valued benefit with just 37% of those who receive this agreeing that it helps to improve their productivity and happiness, with childcare vouchers (52%) and volunteer days (55%) also among the least popular.

The top 10 most valued workplace benefits in the UK:

The survey also revealed that a cost of living payment is the most important benefit of all for the Gen-Z workforce (aged 18-24) whilst those aged 55 and over favour a wider range of benefits from a 4 day working week to being able to bring your dog to work.

Three in five Brits consider job ads that don’t include salary information a ‘red flag’

The biggest bugbear for job hunters is a lack of salary information, Business Name Generator’s survey also reveals, as more than 60% of respondents agree this is a ‘red flag.’

Further to this, almost half of Brits (46%) say they wouldn’t apply for a job that doesn’t have good monetary benefits and 37% say they wouldn’t apply for a job that didn’t have good wellbeing benefits. As the cost of living crisis continues, it’s clear that monetary benefits are more important to Brits than wellbeing benefits.

Perhaps the most damning statistic however, is that almost one in four (23%) employees say they have left a job because of a lack of workplace benefits. 

Less than a third of Brits have received additional monetary support from employers since the cost of living crisis

The cost of living crisis has made workplace benefits more vital to employees than ever. Interestingly, Business Name Generator’s survey – which also included more than 1,000 US office-based workers – found that American companies appear to be offering greater benefits to existing staff in light of these pressures.

A greater number of US employees have seen additional monetary benefits since the cost of living crisis, with just over a third (36%) receiving more paid overtime, annual bonuses or one-off cost of living payments – compared to just just over a quarter (28%) in the UK.

Similarly, US employees have seen more additional non-monetary benefits since the cost of living crisis, with 31% enjoying the likes of free lunches in the office and subsided travel. This compares to just 21% in the UK.

A high 45% of Americans – compared to 37% of Brits – also said their company is open to hearing about what workplace benefits its employees want to see.

Chloe Chai, spokesperson for Business Name Generator, adds: “With no end in sight to the cost of living crisis, workplace benefits will continue to be a sticking point for employees. Ultimately, staff will vote with their feet by leaving companies who lag behind their expectations. 

“It’s never been more important for companies to re-evaluate the perks they have on offer to retain and attract the best talent. The results are clear – flexibility and additional monetary support are the most important benefits to UK office staff. Ignore this at your peril.”