1 in 5 workers are choosing to trade in their end-of-year bonuses in return for extra days of holiday. The figure has nearly doubled in only one year. Extra cash put towards your pension remains the most popular fringe benefit at the Belgian workplace, but bicycles are also often chosen as a nice perk as part of workers' ‘cafeteria plan’ reveals research conducted by HR services company Acerta.
Home News
A quarter of workers are swapping end-of-year bonuses for more holidays
Colin Clapson
Published:
What is a ‘cafeteria plan’?
Businesses often offer so-called cafeteria plans financed by the budget available to pay end-of-year bonuses. Cafeteria plans or multi-choice plans provide employees with a budget that allows them to choose their own fringe benefits including extra days holiday or even electronics. It’s just like in a cafeteria, where everybody chooses what they want.
Acerta asked 11,000 employees how they put together their cafeteria plan. What turns out? Pension savings remains the option chosen most often this year. Almost 30 per cent chose it.
The popularity of a little extra towards your pension should not be a surprise. But it’s striking how many employees opt for extra days holiday. More days holiday account for nearly 20 per cent of all choices made within cafeteria plans.
‘We see that after the pandemic, everyone has gained more freedom with regard to the work-life balance. Now it is becoming clear that there is also a real need for days off in order to unwind. It’s above all younger and older employees who feel the need,’ says Ellen Roelants, remuneration expert at Acerta.
Less multimedia, more (sustainable) mobility
Fewer people are opting for a new mobile phone, laptop or extra screen this year. ‘Employees don't need new multimedia every year. Nevertheless, we have to acknowledge that it is still a popular fringe benefit and still the choice of a quarter of all employees.’
Bikes are increasingly popular unlike the car. ‘The real extent of bicycle popularity is probably still underestimated, because a leased bicycle can also be arranged in other ways.’
The rise of the electric car is not making employees want to spend more of the available budget on a car. ‘What we do see is that public transport season tickets are still gaining in popularity.’