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Employee Benefits News

Latest News
29 Dec 2015

76% of employees unhappy with current benefits package

Are you happy with the benefits package you receive from work? If the answer´s no, you´re not alone. According to new research by Benenden, just one in four employees are content with their staff benefits package.

The survey, conducted by the healthcare services provider, revealed that a large proportion (76%) of the UK´s workforce want to see employers improve the benefits packages they offer to employees.

Looking more closely at which particular benefits were most highly valued by employees, the survey revealed that healthcare (21%) and a pension scheme (19%) were given by far the greatest priority, followed by a monetary bonus which gained just 10% of the vote.

The survey, which questioned 2,000 full and part time employees, also revealed that some of the more recent benefits to be introduced by some businesses – such as bring your pet to work day and fertility egg-freezing treatments – were not as popular as some media would have us believe.

Asked about the advantages a robust benefits package brings to business, the respondents were very clear: 28% felt it increased loyalty to a company; 23% said it was a great boost for staff morale; and 23% thought it generated a greater sense of consideration and compassion from employer to employee.

As you would expect, there were variances between different age groups as to the benefits they felt were most important to them. Unsurprisingly, workers in the 45-years and over age group placed most significance on pensions, while younger colleagues (18-44 years) preferred healthcare cover. Gym memberships and open holiday policies also appealed to the younger age group more than it did the older.

Speaking about the research, Helen Smith, business development director at Benenden, emphasised how important it was for employers to understand their staff and tailor benefit packages accordingly.

Smith stated: “Allowing individuals to tailor their packages will ensure that people can choose what they will really value.”

She continued: “This approach maximises the value of what employers are spending on benefits, leads to greater employee retention and is a solid foundation for growing a business.”

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