Younger employees are a great deal more likely to take risks with pay and demonstrate a larger interest in remuneration, according to the latest report by PricewaterCoopers (PwC).
PwC conducted a study of 2,400 employees and asked whether younger workers would swap £1,000 of their annual salary for the opportunity to receive a performance based bonus – of £5,000 – 36% of respondents under the age of 20 years said ‘yes’.
However, only 20% of respondents replied the same when figures for all ages were taken into account and only 18% of those aged 40-59 years would opt for this change.
A change in workplace needs
The younger generation of staff also expressed a larger interest in workplace training; with 25% of those aged between 18 and 24 years saying they would choose a four day workplace training scheme over a cash bonus.
This generation of younger employees also noted they would value company car schemes (32%) and free gym memberships (20%).
Younger staff also value discounted food while at work; with 43% of the younger generation stating they would enjoy a discounted canteen.
Moreover, more than half of employees under the age of 20 years added they would sacrifice 5% of their salary to receive free food and drink at work.
Understanding the diversity of a workforce
PwC also found gender differences in terms of workplace benefits with medical insurance being valued higher amongst female workers (32%) than their male counterparts (24%).
On the other hand, company car schemes were favoured higher amongst males (29%) than females (21%).
Performance and Risk Partner at PwC, John Harding, added that benefits schemes are not a “one size fits all” activity.
Harding noted that employers must understand their workforce and its diversity when deciding on a reward programme.
PwC found the most popular benefits across all employees were:
- Discount shopping vouchers – 44%
- Assistance with mortgage rates – 37%
- Medial healthcare – 36%
- Additional holiday entitlement – 35%
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