Sixty Percent of Employees Favour Perks Over Free Beer Fridays: A Shift in Employee Benefits

by XPRESS, 19 June 2024

The hospitality industry, encompassing food markets, restaurants, cafés, pubs, and hostels, is increasingly prioritising employee perks to attract and retain talent. Loungers, a UK-based hospitality firm managing Brightsides, Lounges, and Cosy Clubs chains, recently organised LoungeFest for its 7,000 employees, featuring food stalls, music, rides, and parties.

Perks have evolved beyond mere superficial incentives and now play a critical role in job choices. A survey by Open Study College revealed that 60% of workers consider perks a significant factor in their decision-making process for new positions. To adapt to changing expectations, companies are providing a variety of attractive perks, ranging from high-performance bonuses to private health insurance. Some employers are also offering on-site perks like fitness classes or catered meals as they encourage employees to return to the office. However, the trend towards flexible work arrangements remains a challenge. According to a study by Yonder and MoreySmith, around six out of ten respondents prefer going to the office only if the benefits offered outweigh their travel costs.

Certain perks and benefits are so crucial to applicants that they are almost as important as salary considerations. Perks can include tangible benefits such as gym memberships, on-site baristas, massages, and parties, as well as intangible benefits like remote work or enhanced parental leave that improve employees' quality of life. Rob, a new father from East Lothian, faced a job decision when his partner became pregnant. The company's generous enhanced paternity leave policy significantly influenced Rob's choice to accept the job offer, seeking a better balance between work and family life.

While some companies may use perks as part of a superficial strategy known as "perkwashing," genuine efforts can lead to greater employee satisfaction and reduced turnover, ultimately fostering a positive work environment.