A benefit boost: benefits on the rise
Totaljobs analysed data from over 21 million UK job adverts to discover any significant changes employers have made in the past 12 months. The analysis found that household bill support appeared in 68 times more job adverts in 2022 than in 2021. The next biggest increase was electric car schemes, appearing eight times more compared to 2021. Amidst the cost-of-living crisis, job adverts highlighting instant wage access also more than quadrupled in a 12-month period.
Other benefits that have appeared in significantly more job adverts this year include, 4-day-working weeks and a home working allowance, both more than doubling compared to the previous year.
Money on the mind: staff satisfaction and security
The research, which also surveyed over 7,600 professionals, reveals Healthcare workers are the most dissatisfied with their salary (46%), followed by those working in Education (44%), and Science and Social Care (both 40%).
Of those who feel dissatisfied with their salary, just under half (49%) feel they are paid unfairly in light of rising living costs. A similar proportion feel that their salary does not reflect the time and effort they place into their work (48%) or that their salary is not enough to live comfortably (48%). A further sixth (16%) feel they are paid unfairly compared to their peers and colleagues.
In contrast, the industries with the highest levels of salary satisfaction all fall in the private sector. Property and management recorded the highest levels of salary satisfaction (82%), followed by construction (81%), finance (80%) and IT (79%).
81% workers say that a higher salary would give them greater job satisfaction, with the same amount saying it makes them more loyal to their employer.
Sought After Benefits
With childcare climbing the policy agenda, the report also shows how valuable the right support can be for workers. 41% would be happy to skip a pay raise to get their most desired benefit. This is highest for those wanting childcare support (54%), commuting assistance (52%), full-time remote working (51%), parental support (49%). The report suggests that the rising cost of living is having a disproportionate impact on women, with men more likely to ask for a pay rise or feel comfortable with negotiating salary.
Commenting on the report, Julius Probst, European Labour market Economist at Totaljobs said: “Recruitment has held strong despite rising economic challenges and although salaries are rising, we’re seeing massive shifts in the benefits employers are offering to attract and retain talent.
“In this market, it’s become apparent more than ever that employers must ensure they are offering salary and benefits packages which truly work for all employees. Pay, benefits, the employee experience – all of these factors are vital in attracting and retaining talent. Salary benchmarking, benefit reviews and transparent communication are key as the rising cost of living puts an even greater spotlight on pay than ever before.”