Two new surveys highlight how the introduction of effective employee benefits programmes can improve staff retention and recruitment – and return cost benefits
New research has revealed that over 70 percent of workers would forego a pay rise in favour of an effective employee benefits and rewards package.
The survey by corporate gift card specialist One4All rewards also found that nearly one in five people (17 percent) would refuse a job if it offered no employee benefits. It also exposed how a significant number of businesses risked undermining their staff recruitment and retention strategies as 20 percent of workers surveyed reported they received no employee benefits.
Declan Byrne, managing director of One4All UK, concluded: “It is clear from the research that employers should be aware that employees place benefits and rewards as high up on their list of wants from an employer.”
The findings follows hot on the heels of an EMEA-wide (Europe, the Middle East and Africa) survey* which showed that 66 percent of companies found their employee benefit schemes either reduced expenditure or were cost neutral. Despite this a huge majority of respondents – over 80 percent – cited cost as the “key barrier” to offering greater choice in private health insurance and group risk schemes.
It also comes just weeks after the Confederation of British Industry published its own report which argued that businesses could reduce absenteeism, boost productivity and increase employee engagement by introducing employee wellbeing strategies. The report – Getting Better: Workplace Health as a Business Issue – stated that introducing effective strategies for improving employees; health brought real business benefits. Last year the CBI reported that the bill to UK businesses of absence was £14bn, equivalent to £975 for every absent employee**.
For more information on the value of employment benefits programmes and group risk schemes such as company medical insurance, please call our business team on 01254 504910.