Almost two thirds (62%) of employee respondents are unsatisfied with their benefits package, according to research by GCS Recruitment.
Its Market insights 2017 report, which surveyed 1,752 employees and 826 employers, also found that 38% of employee respondents cite pay and financial rewards as having the most impact on their job satisfaction, and 5% list their benefits package as the most important factor.
The research also found:
- 64% of employee respondents value their working environment over their benefits package.
- 39% of employer respondents increase salaries to retain key members of staff.
- 48% of employer respondents believe their employees make their organisation a great place to work, followed by organisational culture (24%).
- 44% of employee respondents feel that working from home would improve their work-life balance.
- 70% of employee respondents are satisfied with their work-life balance.
- 59% of employer respondents increased flexible working arrangements in 2016.
- 36% of employer respondents run an annual bonus scheme, 28% offer bonuses when the organisation exceeds its targets, and 11% base their bonus scheme on employee performance.
- 21% of employer respondents do not offer a bonus scheme.
- 13% of employee respondents view workplace culture as the most important factor when considering a new job role, 10% cite flexible working, and 7% say employee benefits are the most important factor.
- 32% of employer respondents believe no changes are necessary to attract generation Z employees, 11% feel that a tailored benefits package is required, and 16% cite the need for increased flexible working.
David Bloxham (pictured), managing director at GCS Recruitment, said: “The workplace is ever evolving, and it is up to employers to keep up with shifts in sentiment and strike the right balance between the wants and needs of employers, and employees. The modern workplace should be fair to both sides, with employees trusted to control their own workloads but employers also feeling they are not being taken advantage of.
“Flexible working is an obvious quick win, but there are grey areas which can cause a headache if not properly implemented and given defined parameters. For instance, do employees need to give notice of working from home or can they decide on the day; and if they did, would this throw off in-office plans such as meetings?”