Workplace benefits – Employee Insight Report 2018
A new report on employee attitudes to workplace benefits, the flexibility that employees want and the guidance they expect from their employer is out now.
There are hundreds of different types of benefits available, from hundreds of different suppliers. If the choice for employers is overwhelming, imagine what it's like for employees to decide which benefits they should select for themselves.
When did workplace benefits become so complicated? Of course it doesn’t need to be this complicated – the motivation of employers should be pretty well matched to the motivations of employees and the business they are trying to serve.
So how did we get to this point? Understanding why you actually offer benefits has to be the starting point. Whilst providing some form of basic benefits has become almost a hygiene factor, they can deliver so much more: for example, immediate financial savings via salary sacrifice, an engaged workforce and improved attraction and retention of talent.
Understanding your membership is also important – providing the kinds of benefits that people actually want, at a price point at which they want to purchase. Providing context also helps employees – demonstrating why a benefit may be relevant to them (and therefore why they may want to buy them). Workplace benefits need to be more about the individual and less about us.
In our research we have surveyed employees to better understand their motivators when it comes to workplace benefits. How important are benefits to employees? What benefits do they value? How would they like to buy these benefits? These are simple questions, but the employee responses can help employers looking to get a better understanding of what their own employees may be thinking.
This can inform employers looking to refresh their benefits offering, or those looking to introduce workplace benefits for the first time. It helps to go back to basics: how do we provide relevant benefits that are affordable to employees? The answer is a mix of some clever data science and some good old fashioned consultancy.
Our new research report draws from a survey of some 1,900 UK employees and highlights:
- the importance of workplace benefits in attracting and retaining staff
- the flexibility that employees want when choosing benefits
- the most popular workplace benefits and how this differs depending on who we are
- the guidance employees expect from their employers.