A recent report has revealed that businesses within the Telecommunications sector are leading the way in offering the most attractive benefits packages to job seekers.
The Employee Benefits Index, conducted by equity management platform Vestd, came to light following new findings that suggest up to 70% of UK workers are considering a new job in 2024.
Utilising Indeed, Vestd searched for 20 common benefits listed in job descriptions, categorising the results by industry. The number of jobs advertising these benefits was then compared to the total number of UK job listings on Indeed to determine industry rankings.
To compile the overall rankings, each industry received a weighted score out of 100, based on the percentage of jobs offering each benefit. These scores were then added together for a total out of 2,000, with higher scores indicating better benefits packages. The Telecommunications industry secured the third spot on the Employee Benefits Index with a score of 802.
An analysis of over 3,300 job descriptions identified bonus schemes as the most frequently offered benefit within the Telecommunications industry. Other industries providing competitive benefits packages included Aerospace & Defence, Government & Public Administration, and IT.
Ifty Nasir, Founder and CEO of Vestd, commented on the findings: “While many companies like to shout about the office pool table or mini bar, we’re seeing people veering away from these sorts of quirky benefits while on the hunt for their next role.
“Given the cost of living crisis, employees are now on the lookout for tangible benefits that offer a true reward for their hard work or help them to achieve their day-to-day duties in the role. Employees are much more inclined to buy into the ethos of the company if they’re given shares as part of their compensation package. According to our research, 45% of businesses that responded said that having a share scheme in place made it easier to attract talent.
“It’s interesting to see the likes of retail and hospitality among the biggest providers of share options and expected industries but it certainly draws attention for the need of other industries to follow suit.”
For the full research and index, please visit: https://www.vestd.com/blog/uk-businesses-benefits-report
