Four-fifths of professionals (80%) don’t believe they are getting the most from their current workplace benefits.
Another 35% of employees are not satisfied at all with the overall benefits package at their current employers.
Robert Walters, a talent solutions expert and upcoming Benefits guide, has conducted new research. The Benefits Guide, which surveyed 3,000 professionals from the UK and Ireland in order to determine the current state of workplace benefits by 2024, provides employers with an unique benchmarking tool for evaluating their benefits.
Chris Eldridge comments: Annual bonuses, pension contributions, and flexi-work are all seen as important elements along with base pay. Failure to offer or communicate attractive benefits by employers could have serious consequences on employee engagement, productivity and attraction.
Inaccessible plans
Only half of professionals feel that their workplace benefits are communicated well. This includes financial benefits like pensions or annual bonuses, as well as wellbeing benefits like mental health or private health insurance.
Only a fifth of employers (21%) say that they are fully aware of what benefits matter most to their employees.
Chris comments Employers who have a good understanding of the benefits that resonate with their employees can go further to ensure their access and effective use.
How important is it to receive benefits?
Over half of professionals (54%) said that benefits offered by their employer play a major role in their loyalty towards their company.
Two-fifths (25%) of professionals would consider changing jobs, even if they were earning a lower base salary, if the financial benefits were better.
Only 45% of professionals are satisfied with the overall benefits package.
Chris remarks: “It is concerning that less than half of professionals are satisfied with the benefits they receive.
In light of this, companies that are struggling to retain or attract employees should first look at the effectiveness of their existing benefits package.
Increasing employee satisfaction
Nearly a third (33%) of professionals said that the benefits offered by their employer positively impacted their job performance and overall productivity.
Another 41% say they contribute positively to the work-life balance.
Chris says: “Benefits play a crucial role in successful remuneration package.” Neglecting or not investing in meaningful and impactful benefits is damaging. It can affect employee satisfaction, attraction and retention rates, as well as overall business performance.
What can be done to improve benefits?
Chris explains four ways employers can improve the benefits they offer:
- Clarify the benefits you offer – Benefits can be confusing, especially when it comes to financial benefits that are more difficult to understand such as pensions and equity options. You must explain to employees what benefits you offer as an employer. These are the ones that have the greatest impact in the long run.
- Use employee feedback. Ask your employees to tell you what they like, and what they would like to see. They can provide valuable insights into what really works.
- Measure your benefits’ success. – Conduct regular polls and checks to see which benefits are working and which ones are not. – Benefits should be treated as a thing that can always be improved and optimized in order to meet the changing needs and expectations of the workforce.
Customise your benefits. Research shows that professionals with customisable benefits are more satisfied.
The article Benefits wasted? The post 80% of professionals do not fully utilize their workplace benefits originally appeared on HR News.
