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Over 40% of 1,000 employees surveyed across 500 UK businesses indicated they would forgo a salary rise of up to 3% if their employer were to offer them Group Life Insurance or Group Income Protection.

Good for Retention: Employee benefits make staff feel more valued

The Group Risk Employer Research study also found that provision of employee benefits made 44% of staff feel valued, with 40% saying they would be more likely to remain loyal to an employer which offered them a good benefits package*.

The figures also revealed that after pensions the most valued benefits were Income Protection, Critical Illness Cover and Life Insurance.

Of those surveyed some 56% placed income protection among their top three most valued benefits – just nine percentage points behind pensions – 47% life insurance and 41% critical illness.

Employee benefits are becoming more and more cost effective

The results provide further evidence of the cost-effectiveness of introducing employee benefits as GRiD’s Katharine Moxham pointed out: “Offering a package of employer sponsored life, income protection and critical illness cover typically costs just under 1-2% of payroll,” she said, adding that such benefits enabled employers to “play a vital role in ensuring that staff and their families are adequately protected from the financial devastation that death or disability can bring.”

Want to talk to someone about how your business can start introducing emplyee benefits – within your Occupational health budget? Contact us today, our free and impartial advice could be just what you need.

*Source