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A solid benefits package is a great way to keep employees engaged and motivated. It shows you appreciate them by offering something valuable – beyond just their paycheck. So if your offering is lacking, it could cost you your top talent.
Latest stats from the 2024 Drewberry™ Employee Benefits And Workplace Satisfaction Survey show that 71% of employees are ready to leave their current workplace for better pay and benefits. So, what can you do to stop them from 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 what would make them leave their current job, 71% said “better pay and benefits”. While it’s not overly surprising, it’s still a huge majority that are ready to jump ship for better rewards.
And with only 13% being truly happy with their current benefits package, that’s a large portion of your workforce that’s just waiting for a better opportunity to come along.
If you’re thinking “my company has great benefits, employees just don’t use them”, over 50% of employees don’t fully understand their benefits, so could your communications be the problem?
Our Drewberry specialists recommend regularly reviewing your benefits to ensure that your offering is as competitive as possible (psst… we can help you do this. Call 02074425880 or email help@drewberry.co.uk).
On average, it costs £30,614 to replace an employee. That’s a lot of money to be spending unnecessarily, especially if your churn is high.
Experienced employees create a positive and stable working environment, as well as reducing money spent on recruitment and training new hires. However, in a competitive job market, retaining employees can be challenging.
Personalised benefits form a crucial part of your retention strategy, and 27% of employees said it was the biggest reason for their workplace happiness.
You can’t rely on employee loyalty in 2024. Your top talent knows their worth and are ready to move for the right opportunity. In fact, 51% are looking to move jobs within the year.
You also don’t want your perks to put off potential new hires, as 41% said a good benefits package is their top priority when seeking a new employer.
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:
We then asked employees what benefits they would like to receive, to see if their preferences match with what’s currently being offered.
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?
This statistic highlights just how crucial it is to offer a competitive benefits package. By providing top-tier benefits, you’re not just showing appreciation for your employees—you’re fostering loyalty, boosting job satisfaction, and creating a more motivated and engaged team. Let’s dive into how the right benefits can help you retain your top talent and build a thriving, happy workplace.
More than a fifth of employees want employers to protect them and their loved ones with insurance, and it’s not hard to see why:
Core protection benefits offer your team something priceless: peace of mind. It shows your commitment to their wellbeing, boosting morale and satisfaction. Plus, many policies come with added perks, such as Virtual GPs and wellness apps – giving you more for your money.
57% of employees said they want perks for health and wellbeing, such as Health Insurance, Health Cash Plans, and Corporate Gym Memberships. And as 24% think their employer is lacking when it comes to their mental and physical wellbeing, these benefits are an effective and valuable addition to your offering.
Some of the most competitive health and wellness benefits include:
Investing in your employees’ health is a smart move for your business. These benefits can provide peace of mind for both you and your employees, preventing minor issues from escalating into problems that require sick leave. It also helps employees get back to work faster if they do need time off.
The employee benefits you set up several years ago may no longer be the most effective use of your budget now. As demands change, it’s important for you as an employer to keep up with competition. That’s where benchmarking comes in.
It’s a crucial exercise for your business, but takes time to carry out, which is why our specialists are on hand to help. Call us on 02074425880 or email help@drewberry.co.uk to get started.
Richard Noble
Senior Consultant, Employee Benefits
Work-life balance is a huge priority for employees. In fact, it was the top reason given for happiness in the workplace. There are a number of low or no-cost benefits that you can implement to help your team find that happy medium.
Some of the most competitive work-life benefits include:
40% want financial support, including salary sacrifice schemes, retail discounts, travel season tickets, and workplace nurseries.
Some of the most competitive financial benefits include:
Interestingly, 30% of employees have started (or are thinking about starting) a side hustle, mainly to top up low income. If you want to avoid employee burnout, offering financial perks will mean less need to graft for supplementary income.
17% of employees we surveyed said they want investment in their training and development as part of their benefits package.
Some of the most competitive development benefits include:
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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