As The Perkcession Bites, What Workplace Benefits Are Important Now?

With layoffs at Goldman Sachs, Morgan Stanley and Bank of New York Mellon racking up thousands of job cuts, those working in the financial services sector are understandably worried about contagion, and whether their own jobs will be safe.

The collapse of Credit Suisse in March, and its subsequent rescue by rival UBS, as well as the collapse of both Silicon Silicon Valley Bank (SVB) and Signature Bank in the same month sent further tremors through the industry.

Tech, too, is having a tough time. Layoffs.fyi reports that globally, 575 tech companies have let  169,858 staff go since the start of the year.

Job cuts are only one part of the cost-saving puzzle for huge corporations who over-hired during the pandemic and are now forced to reset their workforces in the face of dipping demand, interest rate hikes and uncertain economic headwinds.

Banning benefits

At Meta, a “year of efficiency” is in operation. In addition to the 11,000 workers it laid off at the end of last year, it plans to let 10,000 more workers go. Gone too are perks including on-site laundry, the free food budget has been trimmed.

At Google, things look similar as the tech giant implements a “multi-year” effort to reduce costs. Spending on its cafeterias, fitness classes and the frequency of laptop replacements are all impacted. Stationery too, is taking a hit: staplers and tape will no longer be available on print stations.

Salesforce is showing the specialty baristas at its San Francisco headquarters the door. The company’s partnership with Trailblazer Ranch, a wellness retreat that offers skills workshops along with yoga and other outdoor pursuits, has also been terminated. Plus, its extra paid day off every month for wellness has been revoked.

Deep cuts have also been implemented at Twitter, where Elon Musk has slashed a fertility benefit by 50%, as well as scrapping commuting perks and the ability to expense meals. Twilo has rolled back an allowance to spend on wellness and books, and Goldman Sachs has done away with free breakfast and lunch.

Perkcession

It’s clear that we are in a perkcession, as benefits and non-monetary add-ons are being cut across the board.

For many workers, perks are more than nice-to-haves, with one study finding that over 60% of employees say that benefits are extremely important to their employer loyalty. And with roughly 30% of all UK employees actively looking for a new job, these benefits still matter.

One way employers are trying to bridge the gap, particularly when it comes to younger workers, is by offering early-finish Fridays. Recent data from job market statistics and insights firm Adzuna found that in March, more than 1,400 UK job postings mentioned an early finish on a Friday as a benefit.

For workers who now have to eschew free coffee and snacks or that weekly massage, a Forbes Advisor study found tangible benefits are vital. Health care is the most important benefit for workers in 2023, followed by life insurance, pension and retirement plans, and mental health assistance.

Flexible working is another area where employees will vote with their feet: a recent McKinsey survey found that 87% of employees would take the opportunity to work remotely if it was offered. Career progression and learning and development support or stipends is another aspect of a benefits program that is of real value to employees.

If you’d like to move to a company where the whole remuneration package adds up, then there are plenty of options to discover on the CityAM Job Board. Discover three companies with great benefits below.

Liberty Global

A competitive salary with a bonus, 25 days annual leave with the option to purchase five more days, a matched pension contribution up to 10%, access to wellbeing and mental health benefits such as the Calm app, personal medical, critical illness cover and dental insurance, as well as a car benefit scheme are all on offer at Liberty Global. Additionally you’ll have access to its online learning platform to continue to develop and grow your career. Current vacancies include a Director, Corporate Finance – Future Talent role in London.

GoCardless

A host of benefits are on offer at GoCardless, including equity, a work away scheme which gives you the option to work away from your country of residence for up to 90 days in any 12 month period. Parental leave and an annual learning budget are also on offer. D&I matters here too: As of June 2022 the company had 46% femaleeEmployees, 32% from an ethnic background, 10% identifying as LGBTQIA and 9% of its workforce are neurodivergent. If this sounds like the kind of company you’d like to work for, then this Employee Relations Specialist role may appeal.

Monzo

Competitive salary plus stock options and benefits are a key feature of the Monzo benefits package. The company also offers flexible working hours, trusting you to work enough hours to do your job well, at times that suit you and your team. You’ll also receive a learning budget of £1,000 a year for training courses and conferences. Right now, there’s a Business Banking FinCrime SME role on offer, which can be done in Cardiff or UK remote.

For more career-defining roles across London, visit the CityAM Job Board today