Drewberry’s 2023 Employee Benefits and Workplace Satisfaction Survey, in association with YouGov, polled 1,000 employees from small and medium businesses to understand what employee benefits are the most sought after.
When asked broadly what benefits employees find most attractive, insurance policies which protect them and their loved ones (19%), topped the list. This was followed by:
These results show that there has been a major shift in terms of employees preferences when it comes to benefits. In our 2021 survey, the top 2 benefits which were seen as most attractive were those that:
Peoples priorities change. By measuring engagement levels and regularly asking your employees for feedback you can make adjustments to your rewards and benefits to ensure they remain as effective as possible.
Head of Health & Wellbeing Benefits
To drill down further, we asked what specific benefits employees would most like to see introduced at their company. In terms of free benefits, flexible hours (43%) and work from home options (41%) were on top.
This is great as these are benefits which are free to implement and that can have a significant impact. But this doesn’t help in terms of trying to allocate your benefits budget. So what are the top paid for benefits employees want to see?
With insurance policies which protect employees and their loved ones listed as the most attractive benefit, it comes as no surprise that 3 group risk benefits appeared in the top 5 paid for benefits employees want to see.
Compared to last year, additional workplace pension contributions has seen the highest rise in demand. 40% of respondents wanted to see this benefit introduced, a massive percentage rate increase of 41%.
By implementing group risk products to your benefits package you could end up providing employees with more of the benefits that they want at no extra cost.
This is because most group health, life and critical illness policies come with free additional benefits. These can include:
Offering the right benefits has so many advantages, from attracting and retaining top talent, to increasing motivation and productivity levels. However the benefits you offer need to align with the needs of your employees.
There is no one size fits all approach to employee benefits. Your, industry, budget and employee demographic will all play a role in what can be offered. However, in order to be effective you need to understand what it is your staff value.
We found that 25% of employees are actually unsatisfied with the benefits they get. This can lead to bigger problems such as staff not feeling valued, low engagement levels and even poor work culture and performance.
We can advise on the best benefits to meet all your requirements and get everything set up smoothly.
You can get in touch with us on 02074425880 or drop us an email at firstname.lastname@example.org.
Senior Consultant, Employee Benefits