Benefits top the list for job candidates
Offering valued benefits in the workplace can help in attracting and retaining good employees, new research suggests.
In a survey of 2,000 UK workers by Willis Towers Watson, 89% said that benefit provision is important in their decision to work for a company.
Contributory pension schemes were found to be the most valued benefit, chosen as a top five benefit by 62% of respondents.
This was followed by health insurance (43%), life insurance (40%), critical illness cover (35%) and health cash plans (32%).
Pension contributions were the most valued benefit across the generations, Willis Towers Watson noted.
"The first few weeks of the New Year sees a significant upturn in the number of job listings, to coincide with the spike in new job-hunters who, after taking the holidays to re-evaluate their employment and levels of job satisfaction, have decided on a fresh start," commented Mark Ramsook of Willis Towers Watson Health and Benefits.
"As this research shows, benefits are a key component to attracting and retaining talent. Companies looking for high quality candidates, or wishing to hold on to their existing employee base, should consider this as part of their talent management strategies."
The survey also highlighted the need to tailor a company's benefits offering to its employees.
Despite the importance placed on benefits by workers, as many as two thirds (67%) of those surveyed said their employer has never consulted them on their rewards and benefits preferences.
What's more, less than half of employees (48%) said they were satisfied with their benefits package. People whose earnings are below the national average of £28,758 were less likely to be happy, with 43% satisfied with their benefits package compared with 60% of those earning more.
"A disparity between low and high earners may be expected, as provision increases with salary, but companies should ask if they are adequately catering for their lower paid workers, as they form the backbone of any operation," Ramsook added.
"Companies should look to consult with workers, so they can create a benefits package that truly reflects their needs and goals.
"This not only breeds a sense of loyalty among employees, leading to better recruitment and retention, but can also significantly benefit the employer – after all, benefits will only be perceived as valuable if they are used."
Outbound Solutions helps connect employee benefits providers with companies looking for new benefits solutions for their staff. If your company specialises in benefits provision, or if you're thinking about introducing new workplace benefits for your staff, get in touch with us today!