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.