Eighty-nine per cent of UK workers claim benefit provision is important in their decision to work for a company, research has revealed.
The study of 2,000 UK workers by Willis Towers Watson also showed that contributory pension schemes are the most valued benefit, chosen as a top five benefit by 62 per cent of workers.
This was followed by health insurance (43 per cent), life insurance (40 per cent), critical illness cover (35 per cent) and health cash plans (32 per cent).
Pension contributions are the most valued benefit across the generations.
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Mark Ramsook, of Willis Towers Watson Health and Benefits, says,
The first few weeks of the New Year sees a significant upturn in the number of job listings, to coincide with the spike in new job-hunters who, after taking the holidays to re-evaluate their employment and levels of job satisfaction, have decided on a fresh start
As this research shows, benefits are a key component to attracting and retaining talent. Companies looking for high quality candidates, or wishing to hold on to their existing employee base, should consider this as part of their talent management strategies.
Despite the importance placed on benefits by workers, 67 per cent of workers surveyed said their employer has never consulted them on their rewards and benefits preferences.
Furthermore, less than half of workers (48 per cent) said they were satisfied with their benefits package. Low earners were less satisfied with their benefits package (43 per cent) than their higher earning colleagues (60 per cent).
Ramsook added,
A gulf exists between what workers want and what employees think they need. A disparity between low and high earners may be expected, as provision increases with salary, but companies should ask if they are adequately catering for their lower paid workers, as they form the backbone of any operation. Companies should look to consult with workers, so they can create a benefits package that truly reflects their needs and goals.
This not only breeds a sense of loyalty among employees, leading to better recruitment and retention, but can also significantly benefit the employer – after all, benefits will only be perceived as valuable if they are used.
Interested in workplace rewards? We recommend Reward Strategies to Deliver Business Objectives training day.
Aphrodite is a creative writer and editor specialising in publishing and communications. She is passionate about undertaking projects in diverse sectors. She has written and edited copy for media as varied as social enterprise, art, fashion and education. She is at her most happy owning a project from its very conception, focusing on the client and project research in the first instance, and working closely with CEOs and Directors throughout the consultation process. Much of her work has focused on rebranding; messaging and tone of voice is one of her expertise, as is a distinctively unique writing style in my most of her creative projects. Her work is always driven by the versatility of language to galvanise image and to change perception, as it is by inspiring and being inspired by the wondrous diversity of people with whom paths she crosses cross!
Aphrodite has had a variety of high profile industry clients as a freelancer, and previously worked for a number of years as an Editor and Journalist for Prospects.ac.uk.
Aphrodite is also a professional painter.
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