Many staff would be willing to sacrifice a wage rise in favour of employer funded insurance benefits according to new research by industry body, Group Risk Development (GRiD).
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.
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*.
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.
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.”
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