The Benefits Research 2013 found 74% cite it as a top issue when shaping benefits packages.
Almost three-quarters (74%) of respondents to The Benefits Research 2013 cited this as the top issue shaping their organisation’s benefits package. This figure has risen since 2009, when just under two-thirds (62%) said the same.
But, when asked what action they plan to take in the next 12 months in response to economic challenges, just 15% of respondents said they plan to motivate staff to maintain morale, and only 10% did so during 2012.
In the previous three years’ Benefits Research reports, the percentage of employers planning to undertake this task was higher, at 29% in 2012, 31% in 2011 and 44% in 2010.
The research, conducted among almost 600 HR and benefits professionals in March 2013, also found that pensions auto-enrolment (62%), a desire for flexibility (52%) and a desire to reduce or control costs (50%) were top of mind for employers.
To achieve the latter objective during the next 12 months, 33% of respondents plan to implement new benefits for staff, while 20% aim to introduce salary sacrifice arrangements for some benefits. But only 10% of respondents plan to cut their benefits budget in the next 12 months, while 7% did so in the previous 12 months.
Cost control is also evidenced by the 38% of respondents that intend to review their benefits providers to get a cheaper or better deal, and the 31% that plan to renegotiate insurance-based benefits to achieve savings in the next 12 months.
Some employers have already taken steps to achieve these goals. In the previous 12 months, 28% of respondents reviewed their organisation’s benefits providers to get a better deal, while the same proportion renegotiated insurance-based benefits to achieve savings.
Download a PDF of The Benefits Research 2013.
Key findings from The Benefits Research 2013
74% of respondents said the desire to improve employee engagement is the top issue shaping their organisation’s benefits package.
15% of respondents plan to motivate employees to maintain morale over the next 12 months in response to economic challenges.
28% of respondents reviewed benefits providers to get a better or cheaper deal in the previous 12 months, while 38% intend to do so in the coming year.
33% plan to implement new benefits for staff and 20% to introduce salary sacrifice arrangements in the next 12 months.