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Telecoms industry's benefits most generous, says Vestd study
Mon, 19th Feb 2024

A recent study conducted by equity management platform Vestd has concluded that the Telecommunications industry offers the most generous benefits packages to potential employees. The research comes amid findings that up to 70% of UK workers are considering a job change in 2024.

The Employee Benefits Index by Vestd used the job search engine Indeed to identify 20 regular benefits featured in job posts and applied industry-based filters. Using a unique calculation model, Vestd divided the number of roles containing these particular benefits by the total number of UK jobs advertised on Indeed. Industries were ranked and presented a weighted score out of 100, with their final score out of 2000 based on the percentage of jobs offering each benefit.

Securing third place in the Employee Benefits Index, the Telecommunications sector scored 802 points on the scale. Observations of more than 3,300 job adverts exposed that a company bonus scheme was the greatest frequently offered perk within the sector. The Aerospace & Defence, Government & Public Administration, and IT industries were also identified as leaders in supplying tantalising benefits packages to seek out and attract prospective employees.

Sharing his insights on the study's results, Ifty Nasir, founder and CEO at Vestd, said: "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."

Nasir added: "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 to the need for other industries to follow suit."

The research examined perks ranging from flexible working hours to holiday entitlement. Innovative and unique offerings such as office perks were less appealing to those seeking employment, suggesting a shifting trend in the sort of benefits employees deem valuable. It highlights the importance of a competitive benefits package for employers looking to attract top talent, especially in a job market where 70% of the workforce is reportedly seeking new roles.