What Benefits Do Employees Most Value?

Looking through our most recent Douglas Scott Salary Survey, there is a lot to digest. However, one aspect immediately leaps out at us – benefits. The range of benefits being offered is wider than ever, and more companies are making these benefits available. But which ones are the most common, and why? We thought we’d look at the data and find out.

The three benefits which topped our survey for Private Practice lawyers were Agile and Home Working, Above Statutory Holidays and a Company Laptop and/or Mobile Phone. These three are perhaps the most interesting, as they seem to be reflective of broader shifts in culture, especially Agile and Home Working. We have talked about remote working before, and these results back up that this is one of the biggest changes to the way we work going forwards. 45% of respondents said that this was part of their work benefits package, with this number increasing to nearly 50% for In-House lawyers. These are some huge numbers, despite the negative headlines about remote working that keep being published in various newspaper outlets. It will be interesting to see if these have an effect – law firms like Osborne Clarke and Skadden have recently started to implement policies that require or incentivise people to be in the office more than at home – so it remains to be seen whether or not the flexible working bubble that has only grown bigger since the pandemic might be about to pop. A lot of firms still offer this benefit, though, so it really does just come down to the firm and their views on it. Of course, if people are working outside the office, it makes sense that they have company equipment – but maybe it also shows that companies are helping their workforce to be able to disconnect from work if required. The same is true of above statutory holidays – all are simple ways that companies can attract people and, perhaps even more key, drive retention.

Another benefit that has taken off in recent years has been Private Health Insurance (PMI). Again, these numbers are very high – 32% of Private Practice lawyers and 46% of In-House lawyers have paid PMI from their employers. A long time ago, PMI might have been seen as the preserve of the high-ups, like partners and senior staff. Now, however, this is a benefit that appears to be widespread, with companies prioritising the wellbeing of staff over the potential expense. After all, it will probably cost more to a law firm if staff must take long periods of time off because of illness. Certain benefits we are starting to see less of now: car share schemes seem to be dropping off (perhaps as part of a drive to be more environmentally sustainable, combined with more agile working), as do share schemes. For In-House lawyers, an enhanced pension scheme is much more common than some higher placed Private Practice benefits. (For comparison, this benefit in Private Practice is only 28%.) It could be because this sector leans towards more seasoned professionals who are looking for a great balance between work and life. As such, this sector is more likely to offer benefits to suit them.

In recent years, it’s clear that work benefits have become a key factor to consider in the hiring and retention of staff, and firms seem to be targeting three key areas to do so: flexible working, a greater holiday allowance than the statutory minimum, and company equipment (for Private Practice) and an enhanced pension (for In-House). Looking at the Salary Survey, it’s clear that people are happy with their benefits: 44% were happy with their benefits in Private Practice, going up to 60% in In-House law, and the wide range of offerings show that companies are offering lots of different benefits to appeal. It will be interesting to see if more firms decide to continue down this track over the next year.