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Job perks and benefits are less important than peer recognition, career progression and general job satisfaction for the 16-24-year-old ‘millennial’ generation, according to recent findings.
However, they increase in importance with age: an overwhelming 70% of 35-44-year-olds do take them into consideration when job-hunting, showing a huge generational gap.
The research conducted by Direct365 also revealed that 57% of the UK public do not consider employee perks and benefits when on the job-hunt.
The same survey showed that only 40% of 18-24-year-olds claim they are interested in job perks, compared to an overwhelming 70% of 35-44-year-olds.
This is supported by findings from the Institute of Leadership & Management (ILM), which found that 17% of 2,000 people surveyed said they were looking for a new career due to feeling underappreciated.
The ILM study found that lack of progression is the number one reason for people wanting to move on, with just over a quarter citing it as their main reason.
Despite the fact that extreme employee incentives are as popular as ever – with Google offering employees nap-time and Netflix’s free holiday schemes – workers tend to look for peer recognition, company cars and flexible working hours.
Phil Turner, Head of Digital at Direct365 said that extreme incentives may work for the short-term, but workers have begun to look for more useful, applicable solutions:
“The problem with a lot of job perks are that the companies offering them don’t take into consideration what the employee could really use. Fun incentives may look great on paper, but the reality is very different and companies should be working to give staff what they genuinely want. Perks that make your working day a little easier will always be attractive – not to mention peer recognition, appraisals and real career progression. These are priceless.”
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