Perks & pay: for employees earning less than £30K.

What’s more important, perks or pay for employees earning less than £30,000 a year? 

If you keep your eye on the jobs news, you’ll spot a common theme. Researchers always want to know more about your working values and how these compare to each other. The perennial question tends to include ‘what matters more to you, your salary or your…!’ (As a case in point, we recently reported on the topic of company culture versus salary level.)

Today’s source specifically explores the parity of the work benefits package and salary for the ‘under £30,000 workforce’.

Perks or pay?

In this instance, the title suggests that they’re ‘just as important’ as each other – and many of the employees surveyed place more weight on other work-life benefits.

  • 45% of respondents are happier when offered learning and development opportunities
  • 36% value flexible working hours, including ‘leniency in start times and/or breaks’
  • 26% already enjoy non-typical work schedules
  • ‘Frequency of pay’ is briefly mentioned as an additional motivator
  • Candidates are also eager to source jobs local to home (27%)

The income issue:

This sample explores the ‘Hidden Heroes’ workforce: those who earn an average salary of £16,403. This comprises employees in multiple sectors and across a variety of working ages.

So, from the above findings, you may think this group just isn’t as reliant on their income. However, many of the respondents express financial concerns.

  • Over 1/3 are ‘unsure or worried’ about covering their general bills
  • While 72% do not think they’d be able to fund ‘a large unexpected’ payment
  • Alongside this, 54% of this employee group report feeling ‘underpaid’
  • Millennials most often relate to feeling ‘overqualified’ (45%) for their roles
  • And the hospitality and catering industries contain the greatest number of workers who feel overqualified (54%)

What this tells us…

Employers looking to attract candidates for openings of this salary level would be smart to explore their wider benefits packages. What else could be offered to motivate and incentivise employees? Small changes could prove invaluable to professionals.

Naturally, extending benefit schemes across the entire workforce helps companies to maintain a competitive advantage.

For further recruitment advice, please call the office on 01225 313130. 



The latest salary news

Sharing four of the latest salary news findings. How many of these ongoing issues can you relate to?

1) The monthly money struggle

Source: onrec

  • The majority of people (64%) are working beyond their contractual hours. Yet more than half of employees (55.1%) are struggling to meet their financial needs at the end of each working month.
  • Respondents are working anywhere from £1,607.08 to £12,045.60 of unpaid overtime each year.
  • Still, most workers (61.8%) are entering their overdrafts before the month is out, while almost 1/3 of respondents (32.2%) are unable to clear their credit card on a monthly basis.
  • In addition, 74.9% of people think they’re currently underpaid for their job role.

2) Working in insecure, low-paid positions

Source: Personnel Today

  • It can’t help matters that 1 in 6 UK employees are undertaking ‘insecure, low-paid’ jobs.
  • This accounts for 5.1 million people; 2 million of which are working parents.
  • Younger workers are most affected. That said, 46% of those working insecure, low-paid roles are over the age of 35.
  • As a result, the Living Wage Foundation has launched a new campaign titled ‘Living Hours’. This calls for organisations to pay the ‘real Living Wage’ as well as committing to advance notice for shift workers, more accurate contracts, and minimum working hours.

3) The over-30s still require financial support

Source: HR News

  • With the above findings in mind, it’s little surprise that many employees aged over 30 are still asking for financial help from their parents.
  • This age group is the most likely to request financial support (45%).
  • 42% of parents also admit to diving into their ‘own savings and disposable income’ to provide support, even though this may affect their own financial security in the future.
  • We’re not talking small sums either. 1 in 5 parents has contributed more than £11,000, with 1 in 10 giving more than £21,000 to fund large purchases, such as cars and homes.
  • The top 10 purchases that are being funded by parents are listed here.

4) The fear of asking for a pay rise

Source: HR News

  • Despite the prevalence of financial concerns, more than 1/2 of employees are afraid to ask for a pay rise.
  • Some people don’t know how to phrase their requests (16%), others don’t want to appear greedy (15%),  or are ‘scared of asking the boss’ (12%) or simply worry they’ll be ‘turned down’ (12%).
  • Although, 37% of people feel so confident in requesting a pay rise that ‘nothing would stop them’ from doing so.

Salary tip: regularly researching local jobs in your sector will help you to gauge whether you’re receiving (and/or paying your team!) a competitive salary.