Almost two-thirds (65%) of respondents expect their employer to provide guidance on the employee benefits available to them and how appropriate each benefit is for them and their family, according to research by Capita Employee Benefits.
Its Employee insight report 2016-17, which surveyed 3,006 UK employees, also found that 69% of respondents are more likely to stay with an organisation that offers a good employee benefits package.
The research also found:
- 68% of respondents are more likely to join an organisation if it offers a good employee benefits package.
- Just 13% of respondents aged 25-34 years old are communicated to by their employer in the way they want, and almost half (47%) say their employer uses communication channels that they are not interested in.
- 62% of respondents that have access to flexible benefits and are currently using these feel they are in a good benefits scheme.
- 50% of respondents believe a pay rise would make them feel more valued at work, followed by being thanked (25%), and flexible working hours (20%).
- 60% of respondents believe their employer should provide access to financial education to help with retirement planning.
- 37% of respondents believe that there should be no option to opt out of a workplace pension scheme.
- 60% of 16-34 year old respondents think the Lifetime individual savings account (Lisa) will have a positive impact.
- 36% of respondents aged 16-34 years old would cash in their entire pension in order to buy a house.
- 43% of respondents believe their employer has a responsibility to help them manage their personal health and wellbeing.
- 33% of respondents would use wearable technology to help them monitor their health.
Alex Tullett (pictured), head of benefits strategy at Capita Employee Benefits, said: “The past few years had shown a steady decline in the number of people who say they would take a job based on a good benefits package, down from a high of 72% in 2013. This year, that trend has been reversed, as has the decline in the number of people who would stay in a job based on the benefits on offer.
“But the days of offering benefits because of tradition (industry or otherwise) or offering them because ‘that’s what’s always been done’ are ending. Employers want to see a business case for each benefit offered and for the overall benefit strategy, they want proof they are getting their money’s worth and that employees are responding to their benefits with the commensurate engagement and loyalty.
“People are much more likely to buy a benefit as and when it becomes relevant to their lives; why shouldn’t they expect to be able to buy travel insurance after they’ve booked their flights? It’s clear that guidance on how appropriate each benefit would be for individual [employees] would be greatly appreciated.”