The coming year will be a busy one for many reward and HR practitioners as three-fifths (60%) of employers are planning to introduce new benefits, while less than a third (29%) will phase out an existing perk over the next 12 months.
According to the Chartered Institute of Personnel and Development’s annual Reward management survey 2008, 10% of employers plan to introduce childcare vouchers in 2008, 9% intend to offer bikes-for-work schemes and 4% hope to offer free financial education to staff.
Despite the high profile given to health and wellbeing issues in the last year, only 4% of bosses plan to offer new benefits in this area in 2008.
Perks that are being axed over the coming year include company cars schemes, which are being phased out by 3% of employers and all employee car ownership plans (Aecop) by 1%.
When it comes to the value of benefits, 12% of employers intend to enhance the package, while 2% have plans to reduce it. The survey also showed that the most common perk is 25 days or more paid holiday, offered by 84% of employers, followed by training and development (70%). Childcare vouchers were offered by 62% of employers, life assurance by 59%, car allowances by 57% and health and wellbeing perks by 57%.