Employees would rather have more time off, extra training and health benefits over receiving a 10 per cent pay rise, according to a new report that identifies a “major opportunity” for companies to improve their culture.

Employee engagement platform Reward Gateway surveyed 1,000 US employees, managers and executives about benefits, recognition, and appreciation in the workplace.

It found the majority of those surveyed do not feel properly appreciated in their roles, and that this recognition and appreciation should take the form of tailored feedback, flexible working hours, and home office stipends.

According to the survey, just 49 per cent of employees feel regularly appreciated for being themselves in the workplace, something that presents opportunities to companies that can stand out from the pack in these matters, Reward Gateway managing director Anthony Knierim said.

“Cultivating employee engagement is a delicate dance, and with our people as our greatest asset, this requires a collaborative strategy across leadership teams,” Knierim said.

“Our recent research shows us the importance of establishing a dynamic benefits program as one means of supporting employees, and how employees want to be recognised and appreciated as they grow in both their professional and personal lives.”

The world of workplace benefits

When it comes to providing benefits to employees, the only limit is a manager’s imagination, the report said.

“The more you customise benefits for an employee’s needs, likes, personality or role, the more that employee will feel seen, understood and appreciated,” the report said.

Just over three-quarters of workers surveyed said they were satisfied with their current employers’ benefits, showing an opportunity for companies who can make their employees more thrilled with these offerings.

Workers in the tech sector are most satisfied with workplace benefits, the study found, with 87 per cent satisfied or extremely satisfied.

And it’s not just a pay rise or bonus that workers are seeking, with the survey finding that 52 per cent of workers would prefer to get more time off rather than a 10 per cent pay rise.

Just over half of those surveyed want health and wellness benefits, 43 per cent want family benefits such as parental leave and 43 per cent want growth-related benefits.

A further 40 per cent said they want training and mentorship as a benefit, and 36 per cent want a gym membership or personal training.

The push for flexible work

Offering flexible work locations and hours as a benefit is also an effective way for businesses to stand out from their rivals and attract and retain talent, the report found.

More than a third of those surveyed for the report mentioned the appeal of flexible start and end times, with 52 per cent of women backing this.

More than half said that a four-day work week would be an appealing benefit as well.

Giving workers more time off has also been proven to improve efficiency and productivity overall.

“Offering productivity-boosting benefits that employees value can pay for itself many times over,” the report said.

“With insight into the top-value benefits – including the need for time away to rest and recharge – you can tailor your benefit plans to appeal to the most people.”

Workplace recognition has also come a long way from an annual awards night.

“Now employees can be recognised in so many ways that organisations can personalise their kudos to the needs, likes, desires, personality or role of the individual – and you don’t have to wait for a five-year anniversary to do it,” it said.

“Thanking someone for their help on a project, for going above and beyond on a tight deadline or for being generally awesome can be done daily, in small ways.

“This kind of ongoing, customised recognition fosters connection, loyalty and increased wellbeing in the workplace.”

A separate study from earlier this year also found that workers do not see their current manager as being appreciative, leading to strained workplace relationships.