One in 10 employers believe there is no link between staffing and employee benefits, according to new research.
Just under half of employers recognise the link between staff retention and benefits, but a significant proportion do not. In fact, one in 10 employers say there is no link between staffing and employee benefits, while 36% of employers either don’t know or have no feelings on the subject, new research finds.
"Employers may not be able to afford the most expensive benefits in the current climate, but many are missing out on the opportunity to boost staff retention and benefit from employees who act as advocates for their business, by offering affordable employee benefits," said YouGov’s Dr Michael Wagstaff as he addressed delegates at the Employee Benefits Connect conference in London yesterday.
The YouGov research reveals that whilst most employees receive at least one benefit at their current job, some benefits are more widely available than others. The top three benefits received are: a pension of some kind (43%), free car parking (33%), and an annual bonus (25%). 15% of employees receive discounts on their organisation’s own products.
However, the research also reveals that employee benefits aren’t simply about money, with many aimed at promoting health and welfare. 22% of employees take the opportunity of flexible working and 15% have private medical insurance, while 12% take up life assurance. 5% of employees benefit from health screening, 4% take up subsidised gym membership and 3% have access to counselling services.
Most satisfied groups
Revealing which groups are most satisfied with their benefits package, employees receiving three or more benefits are the most satisfied (74%), followed by those working in financial services (64%), employees earning more than £50,000 per year (62%), employees of FTSE 100 companies (58%), those working in professional, scientific or technical sectors (56%), senior managers (51%), and workers in Scotland (51%).
Despite receiving fewer benefits, more women (48%) than men are satisfied with the overall benefits package they receive. the study also found that women who work part-time (53%) are more satisfied with their benefits than those who work full-time (46%). Greater take-up of flexible part-time working is the key reason for this disparity.
Benefits to business
In terms of benefits to business, it reveals that offering employee benefits can have an impact on costly areas such as recruitment and retention. More than one third of employees with no benefits say the lack of perks make them more inclined to leave their current employer, whereas one in three who do have benefits say it makes them more inclined to stay.
60% of those with three or more benefits can see themselves working for their current employer for the next five years, compared to just 35% of those who don’t receive any benefits.
Newer news items:
Older news items: