A survey of employees and employers in the UK has revealed what they believe are the most valuable employee benefits.
The poll of 1,150 employees and 1,001 employers by group risk insurer Ellipse found that workplace pensions were considered to be the most valued benefit overall to employees, with 58% selecting it in their top three. Private Medical Insurance (PMI) and life insurance were ranked second and third respectively, selected in the top three most valued benefits by 21% and 20% of employees respectively.
Dental insurance (selected by 14%) and gym memberships (selected by 13%) were ranked fourth and fifth respectively by employees.
‘Auto-enrolment improving workplace pension access’
Chief Marketing Officer at Ellipse, Chris Morgan, said “With access to workplace pensions improving with auto-enrolment, it’s good to see that employees clearly value this important benefit. Preference for life and health cover over the everyday, more immediate benefits, also shows that employees value the safety net that these products provide.”
In addition to discovering which benefits employees value the most, the survey also explored the perceptions of employers. It asked them which benefits they thought employees valued the most.
The results show that employers and employees are on the same page, at least when it comes to the most valued benefits. Like employees, the employer survey participants cited a workplace pension as the most valued benefit. This was followed by PMI, life insurance, childcare vouchers and retail/leisure discount schemes.
Some employees don’t value benefits at all
In terms of the least valued employee benefits, financial education and advice (4%), cycle to work schemes (4%), employee assistance programmes (5%) and health cash plans (7%) were all cited by employees.
Surprisingly, 7% of employees said they didn’t value benefits at all.
The diverse needs of employees can be seen in the fact that with the exception of workplace pensions, employees’ preferences were spread across a range of benefits.
While age and industry sector caused a noticeable difference in preferences, the size of the company had little impact.
Morgan added that when employers are considering employee benefits, a “one size fits all approach will fall short”.
PMI has been cited by employees as the second most valued benefit they can receive under a group benefits policy. Therefore, it stands to reason that including PMI as part of your own benefits package is a decision that will be welcomed by most employees.
Benefits packages are a factor that employees consider when choosing a new employer. They also help retain your existing staff.
If your existing employee benefits package is in need of an update or you would like additional advice on potential offerings, speak to PCG today.
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