The most commonly offered benefit by retailers is a cycle-to-work scheme. Credit: one photo via Shutterstock.

Equity management platform Vestd has released its Employee Benefits Index, finding that the UK retail industry is at risk of falling behind other sectors in its benefits offering to employees.

Vestd used Indeed to search for 20 common benefits found in job descriptions and filtered the results by industry. The resulting number of jobs listed were then divided by the total number of jobs currently listed in the UK on Indeed.

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To create the overall ranking, Vestd gave each industry a weighted score out of 100, based on the percentage of jobs that had each benefit, and totalled up the scores to give a rating out of 2000. The higher the score, the better the benefits packages offered in that industry.

The retail and wholesale industry scored only 345 out of 2000 in the Index.

After analysing more than 25,799 job descriptions, the most commonly offered benefit by retailers was a cycle-to-work scheme.

Retailers also scored well in providing employees with share options as part of compensation packages.

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Vestd CEO and co-founder Ifty Nasir explained: “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.

“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 of other industries to follow suit.”

The UK retail industry is also currently being hit by an epidemic of crimes committed against frontline staff, which can further deter prospective job applicants.