Staff prefer old-fashioned pay to new-fangled benefits

Employers struggling to keep talented staff should think twice before offering them imaginative employee benefits, a survey suggests.

Money up front was, unsurprisingly, the favourite option in the survey of 400 London-based staff in financial and professional services firms, conducted by the recruitment firm Joslin Rowe.

A total of 14% chose 100% salary as the best option, while 69% preferred a combination of 70% salary and 30% benefits. Just 3% opted for a 50-50% split between the two.

As many as 63% would be happy to move to a company that does not even offer a benefits package, and 82% would not move jobs for larger benefits and a lower salary. However 84% were encouraged by their benefits package to take their existing position.

Long-established benefits were valued more highly than some of the newer ones. Only 3% saw any value in stress counselling as a benefit, though 20% received it. A mere 16% valued a dress-down day, though it was offered to 55% of the sample.

The most valued benefit was healthcare. It was followed by flexible benefits, contributory pension, mortgage subsidy, flexitime and a company car.

Company share schemes played no role in the compensation of 88% of respondents, and those who had one said this had not deterred them from seeking employment elsewhere.

Flexitime was offered to just 18% of the sample and subsidised mortgages to 13%.

Membership to a gym appeared to be the only perk which was valued as much as it was on offer.