After discovering the gaps that exist between what employees and employers actually think about auto-enrolment and pensions, we sought to find out more about their perceptions of the total benefits package. If employee benefits are key to attracting and retaining employees, are business’ meeting the needs of employees? Which of these benefits are the most important to employees?
Part 2 of our UK Employee Benefits Report, ‘Powerful Perks – What People Really Want’, analyses the responses of more than 4,000 employees and 500 benefit decision-makers around what employers think and what employees actually want when it comes to their total benefits package.
The following are just a few of many insights from the report:
1. Only 1 in 3 employees really understand and actually use their benefits.
A benefit isn’t really a benefit until it is recognized and used by employees. “If you’re going to spend money on benefits, do it in a way that actually delivers rewards that people will find motivating.” Only 33% of employees understand the benefits system and use them often while 15% of them do not understand them, but are aware that they are there.
2. Benefits are important in job selection
41% of employees said their benefits package is important when choosing their employer, and the importance placed on benefits in job selection rises with income.
Of the employees we interviewed, 70% rated benefits as an important part of the total reward package. Younger people (42%) placed more importance on benefits in the rewards package than older age groups (27% for age 35-54 and 28% for age 55+). Men regarded it higher (46%), than women did (36%).
3. Employees want flexible working
When it comes to the benefits employees want, flexible working is the most popular. As for what people feel they need the most, it’s pensions. Pensions also come in at number 6 in the list of most wanted benefits and is the only benefit people recognise they need more than they want.
Retaining great employees isn’t easy for any company; employees know that if they aren’t satisfied with their workplace, they can move. Benefits are an opportunity to offer employees a sense of belonging and support, fostered by an inclusive workforce they wouldn’t want to leave. Download the report to get the full picture of what employees think of benefits, and start using the information today to improve your employee benefits package.
You can also check out bob’s employee benefits feature here to see how we are helping growing companies give employees benefits they will actually use.