Offering benefits that staff really value can have a significant impact on engagement and work performance, so it’s important to get them right.
However data from our latest Employee Benefits and Workplace Satisfaction survey, suggests that a significant amount of UK employees aren’t satisfied with the employee benefits they receive.
In association with YouGov, we surveyed 1,000 employees and asked whether or not they were satisfied with the employee benefits they currently get. 25% said that they were somewhat unsatisfied (17%) or fully unsatisfied (8%).
It’s not just a case of being unsatisfied with benefits either, for some it is actually impacting their happiness. Of those we surveyed 26% said that a lack of benefits actually made them feel unhappy.
With a quarter of employees unsatisfied with their benefits we wanted to know what they were. We asked respondents which benefits their employer currently provides them with.
The top three benefits selected were:
So if a quarter of employees are unsatisfied with their benefits, what do they want from their employers? We asked respondents which benefits were most attractive to them and more specifically which ones they want their company to introduce.
Insurance policies which protect employees and their loved ones (19%) were seen as the most attractive benefits. This was followed by:
To break this down further we then asked employees what benefits they would most like to receive from their employer. The data shows that 43% of respondents said flexible working was the benefit they’d like the most. This was followed by:
Flexible working topped the list in terms of the benefit employees would most like to receive. Despite this, only 36% of employees said that they currently get it as an employee benefit, placing it fourth on the list of benefits employees actually receive. It is a similar story with critical illness insurance. 28% of respondents said that they would like it as a benefit, yet only 11% of employees receive it.
It seems that there is some disparity between what employees get and what they want. This in turn is causing dis-satisfaction.
Group risk products were named in the top five paid for benefits employees wanted to see. They offer good protection and financial security to staff.
They can also be highly cost effective, especially when you take into consideration the free additional benefits that many come with.
Senior Consultant, Employee Benefits
Employee benefits are great for supporting your team’s physical, mental, and financial health. However in order to be affective they need to align with the needs of your employees.
Our data has shown that poor benefit choice can lead to dissatisfied and even unhappy staff. This in turn can lead to low levels of engagement, motivation and productivity. But it’s not just about offering the right benefits. If no one knows about them, it’s as good as not having any at all.
Shockingly 33% of respondents said that they had never (23%) received information about their benefits or they had but only when first joining their company (11%). This highlights that as an employer you might already be offering valuable benefits which meet the needs of your employees, they just don’t know about them.
Employees listed additional workplace pension employer contributions as one the benefits they would like to see most, however in a previous survey we found that 41.5% of employees didn’t even know how much their employer contributed. This shows that some employees just aren’t aware of what’s on offer.
Having a clear plan, such as a total reward strategy, can help to ensure that the employee benefits you offer align with the needs of your business and employees.
It also helps to make sure that what’s on offer is communicated effectively at regular points throughout the year.
Head Of Health & Wellbeing