Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Top 10 employee benefits at a glance

by Personnel Today 27 May 2003
by Personnel Today 27 May 2003

Richard Branson has bought an island
off the coast of Australia as a reward for staff at his low-cost airline Virgin
Blue. For the rest of us, rewards are normally somewhat more prosaic. Nic Paton
outlines the top 10

1. Cash

The oldest incentive in the book
and, in uncertain times, still one of the most popular. The main downside, of
course, is the expense and the fact that even a small across-the-board increase
can mean a large hit on the books without staff necessarily feeling much
benefit.

2. Bonuses/performance-related
pay

The advantage of being able to
target increases on the best and brightest has to be weighed carefully against
its potentially divisive effect. Bonuses can also be expensive and, after a
time, lose their impact if staff begin to see them as the norm.

3. Pension scheme

An increasingly rare bird –
particularly final salary schemes – and as such becoming a more important
comp&ben bargaining chip. But the retention and goodwill that comes with
having a good scheme has to be set against its cost.

4. Share schemes

Still a useful way to encourage
employees to take a stake in long-term growth, performance and stability. Firms
also do not have to deduct the cost of options from their income, as they must
with salaries. Main drawback? The stock markets, of course.

5. Health
insurance/corporate healthcare/gym access

Increasingly sought after, despite
the cash injections into the NHS. With absence levels still worryingly high,
and an ageing workforce, being able to offer health benefits can be a useful,
and not overly expensive, retention tool. However, its impact can dissipate
over time, particularly if it doesn’t get used.

6. Company car

Still something of a status symbol,
even if changes in tax rules and environmental concerns mean they have become
less of a financial incentive than they once were. Free car parking spaces and,
in London, paying congestion charge tolls can add to the bill, but also the
feelgood factor.

7. Part-time working

Along with flexi-time, annualised
hours and job sharing, part-time working is becoming more common and accepted.
Once the shift in mentality is there, it’s a case of the administration and
monitoring being effective. Its feelgood effect is also relatively long-term.
Downside is the potential administrative burden.  

8. Homeworking

Becoming ever more popular, either
on an ad hoc or formalised basis. The main advantage is giving employees more
control. Main drawbacks: you have to trust them, get the admin and set-up right
and have to manage them from a distance.

9. Concierge services

Still most commonly a benefit for
people at the top end of the scale, but can be a useful perk and retention
tool. A bit of a fringe benefit, and normally provided as part of a larger
package, so its long-term usefulness is a moot point.

10. Sabbaticals

Useful in providing loyal staff with
a breathing space and a chance to reassess their skills, come back re-energised
and bring a different perspective. Main downside is the prospect they might
realise they don’t want to come back at all and the cost and upheaval of
providing suitable cover.

Personnel Today
Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

previous post
LG Philips Displays to close plants
next post
DTI holds its breath on challenge to old rights ruling

You may also like

Barrister wins gender critical belief discrimination claim

27 Jul 2022

‘Patchy’ mental health services failing ethnic minority communities

11 Jul 2022

Global study highlights hypertension treatment failings

8 Jul 2022

NICE sets out new guideline on managing depression

8 Jul 2022

Half of employees struggle to switch off on...

8 Jul 2022

Five steps for organisations across the globe to...

8 Jun 2022

The Search for Talent: Six Major Employer Pitfalls

24 May 2022

Grants scheme set up to support women’s health...

16 May 2022

How music can help to ease anxiety at...

9 May 2022

OH will be key to navigating ‘second pandemic’...

14 Apr 2022
  • 6 reasons why work-based learning is better than traditional training PROMOTED | A recent Fortune/Deloitte survey found that 71% of CEOs are anticipating that this year’s biggest business disrupter...Read more
  • Strengthening Scotland’s public services through virtual recruiting PROMOTED | This website is Scotland's go-to place for job seekers looking to apply for roles in public services...Read more
  • What’s next for L&D? Enter Alchemist… PROMOTED | It’s time to turn off the tedious and get ready for interactive and immersive learning experiences...Read more
  • Simple mistakes are blighting the onboarding experience PROMOTED | The onboarding of new hires is a company’s best chance...Read more
  • Preventing Burnout: How can HR help key workers get the right help? PROMOTED | Workplace wellbeing may seem a distant memory...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2022

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2022 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+