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A solid benefits package is a fantastic way to keep employees engaged and motivated. It shows appreciation by offering them something meaningful – beyond their payslip. Because of this, getting it wrong doesn’t just demotivate your employees, but it impacts your business too.
Latest stats from the 2024 Drewberry™ Employee Benefits And Workplace Satisfaction Survey show that only 13% of UK employees are truly happy with their current benefits package. And with 71% saying they’re prepared to leave their current job for better pay and benefits, what can you do to stop them jumping ship? Let’s find out.
We asked 989 UK employees what makes them happy at work, and what they really think of their company benefits package.
When we asked employees about their current company benefits, only 13% said they’re “very happy” with their current package.
Not terrible, but not a resounding amount of positivity, either. And since 71% of employees are ready to leave their current workplace for better pay and benefits, our Drewberry specialists recommend regularly reviewing your benefits offering.
This ensures not only that your employees are happy with their perks, but that you’re not pouring money into rewards that aren’t right for your team. Read our guide: How To Design A Competitive Employee Benefits Package in the UK.
By understanding what company benefits employees actually want, you can make relevant adjustments to your offering to stop them from going elsewhere.
We asked employees what benefits they currently receive. The top five included, unsurprisingly, a pension (69%), and this was followed by:
With so many employees dissatisfied with their benefits, what do they actually want? To find out we asked “Which employee benefits would you like your employer to offer?”. The top five included:
As you can see, employee priorities don’t necessarily align with that of employers. Armed with the knowledge that over two-thirds of your workforce would leave for better pay and benefits, is it worth reviewing your perks to align better with the wants of your team?
In today’s competitive job market, understanding and addressing the gap between what employees want and what they currently receive is crucial.
By aligning your benefits package with employee preferences, you can enhance job satisfaction, reduce turnover, and attract top talent. Understanding what they really want can go a long way to providing a truly great employee benefits package. We look at employees benefits wish list in more detail below.
The four-day week isn’t just a fad. 39% of employees said they want their employer to offer a reduced working week more than any other benefit.
The UK’s largest four-day week trial found a reduced working week improved mental and physical health, and 71% even experienced less stress and burnout as a result.
Beyond reduced working weeks, flexibility and work-life balance are firmly on the radar for employees, with 23% hoping for their current employer to offer enhanced leave and sabbaticals. It’s clear that the ability to choose when and how they work is top of mind for employees. They’re also easy benefits to implement for most businesses, with little to no cost.
Health and wellbeing perks are very much on the employee wishlist for 2024. Less than half think their employer prioritises their mental and physical health, and 25% want benefits such as Company Health Insurance and Virtual GPs.
With 91% of employees facing workplace stress, investing in the wellbeing of your staff has never been more important. But if your budget won’t stretch to Group Private Medical Cover, a Corporate Health Cash Plan (which usually comes with a Virtual GP perk) is a great alternative to offer.
While we have a State Pension in the UK, the reality is that it won’t be enough for a comfortable retirement. Workers are turning to their employers to help them save for their later years (63% expect their workplace pension to be their primary retirement income).
22% of employees said they want enhanced pension contributions from their employer, and as our 2024 Workplace Pensions Survey found, 60% would even take bigger pension contributions over other benefits.
Enhanced pensions are a huge draw when hiring new talent, as 86% consider a good pension to be the most important factor when choosing a new employer. Of those employees who already receive enhanced pension pots, it was their third most-valued reward.
Protection products such as Group Life Insurance or Group Critical Illness Cover provide peace of mind for employees and their families, and 22% said they want their employer to offer this protection.
Cost can be a major barrier to employees getting their own personal policies, so by providing cover through your company, you’re demonstrating commitment to their care and financial wellbeing.
Investing in employee benefits is more than just a perk; it’s a strategic move for business success. However, the latest data shows a significant disconnect between what employees want and what they receive. By reviewing your benefits and aligning them with the needs of your employees, you can:
By addressing the disconnect between what employees want and what they receive, employers can boost satisfaction, retain top talent, and reduce turnover.
A comprehensive benefits package demonstrates your commitment to your team’s well-being, leading to higher productivity and a more motivated workforce.
Joe Toft
Senior Consultant, Employee Benefits
Employee benefits are essential for supporting your team’s physical, mental, and financial health, but they need to align with the genuine needs of your employees. Here’s how you can do it:
The most effective way to find out what your employees want is to ask them directly. Try sending a company-wide survey, or organising group sessions with your People team. You’ll get candid, real-time feedback on your current offering, and what you can do to improve satisfaction.
If you want to attract and retain top talent, your benefits need to be competitive. Benefits benchmarking might feel overwhelming, but it’s the best way to assess what’s going on around you, and spot opportunities to beat your competitors. For an easy start, check what benefits are being mentioned on job boards, websites such as Glassdoor, and even more candid discussion forums such as Reddit.
You can also work with our Drewberry specialists, who’ll create a bespoke benchmarking report just for you. Call us on 02074425880 or email help@drewberry.co.uk to get started.
There’s no use investing in benefits if you don’t tell anyone about them. Over 50% of employees say they don’t understand their benefits, so even the best perks don’t matter if employees don’t know about them or how to use them.
Telling employees about their benefits just once isn’t enough, either. Regular communication is the best way to get your team engaged.
You need a good plan for when, where, and how you’ll share information about benefits, which can feel overwhelming. That’s why we’ve created a guide to help you communicate employee benefits effectively.
Check the engagement rates of your benefits to see what employees are making most use of. As referenced above, 60% of employees would actually take bigger pension contributions over other benefits. So if you’re spending money on ping pong tables and office bars, it might be worth thinking about whether your employees would prefer more meaningful rewards.
Setting up and maintaining a competitive employee benefits package requires a decent bit of admin, which quickly becomes time consuming. We live and breathe employee benefits, doing this day in-day out for businesses just like yours. We look at the big picture, getting to know your unique workforce and benchmarking your offering against competitors.
Best of all? We have access to the most competitive rates on the market for core benefits, such as Group Life Insurance, Group Health Insurance, and Group Critical Illness Cover. Give us a call on 02074425880 or email help@drewberry.co.uk.
Employee benefits can be a headache. But our specialists do this day-in, day-out, offering first class service when you need it most. Here’s why you should talk to us:
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