The younger generation is taking up a higher percentage of the workforce in recent years with graduate schemes and junior positions growing in popularity in the workplace. Businesses are constantly looking for new ways to attract the most talented and skilled employees through modern and attractive incentives, but what workplace benefits are people really looking for?
Rewards and incentivisation platform, BeeLiked, has conducted research into the ten most wanted incentives and rewards in the workplace, according to its new survey of under 30s this month. The report details exactly how companies can attract the best UK talent in 2021, and how to actively engage and retain employees after onboarding them.
Britain’s top 10 best incentives according to the results:
1. Financial bonuses
2. Increased paid leave allowance
3. Additional early finish days
4. Wellness related packages
5. Company dinners and social events
6. Vouchers or gift cards of choice for food
7. Complimentary lunch or dinner
8. Vouchers or gift cards for experiences (events or classes)
9. Gym or fitness membership
10. Vouchers or gift cards of choice for drinks
From the list we can see that there is definitely a transition from incentives that would be considered appealing to the traditional workforce 20-30 years ago, such as complimentary lunches and gift cards.
This transition is arguable down to these types of incentives just being considered ‘part of the package’, and are actually rewards that should be offered regardless of performance or external factors. As a result of these incentives becoming the standard for the modern workforce, and things that should be expected, employers have had to invest more in attracting the best new talent.
Below are further breakdowns of exactly what the data revealed about the top incentives in the study.
Financial bonuses
Financial bonuses are the most popular request when it comes to workplace incentives which is understandable as money is important to us all, especially for the younger generation who may be looking to get on the property ladder or start a family. It turns out that 37% of UK workers want financial bonuses as their biggest reward for hard work and the age group requesting this incentive the most are those in their late 20’s.
Increased paid leave allowance
It has been proven that those in their early 20’s appreciate a work-life balance highly as they value the extra time off the most. This isn’t surprising as starting off in the working world for the first time can prove a big culture shock to young people, so having enough annual leave allows them to take time off if they feel they need a break or to help ease them into the routine of full-time work.
Additional early finish days
Similar to extra allowance, early finish days are something employees are big advocates for. Allowing employees to finish early occasionally is a great way to reward them for their hard work and provide them with extra time to relax, get jobs done and enjoy their favourite things out of work.
Wellness related packages
Wellness packages are the most popular benefits amongst those new to the workplace. Mental health has been much less taboo in the younger generation, and they are hyper-aware of this in the workplace. Offering a good work-life balance, as well as wellness packages, show that companies value an employee's mental health just as much as they do themselves, which can be an attractive proposition to new talent.
Company dinners and social events
Everyone is familiar with the ‘work hard play hard’ phrase and it turns out that we want our employers to keep this in mind when planning company incentives. Monthly dinners or drinks are a great way to create a bond amongst the team and also to simply socialise and have a laugh. It’s important to celebrate everyone’s achievements and special occasions and you can’t go wrong with a work social event.
It is important for employers to reassess the organisation’s workplace incentives regularly to ensure they are the right fit for the evolving team of employees and to appeal to modern times. You can view the full report of findings here: https://www.beeliked.com/blog/britains-best-incentives-the-conclusive-findings-into-what-attracts-uk-talent-in-2021