Many UK workplaces are not getting their suite of workplace benefits quite right – that’s not our words as workplace benefits experts, this comes from an extensive survey of UK employees.
The UK Benefits and Trends Survey for 2020 found that more than two fifths, 44%, feel that what’s on offer does not meet the needs of all generations.
Many feel that benefits are too centred on certain groups and certain age groups.
No benefit is perfect for all employees, it is essential to have a wide range of on offer so everyone feels included. Without this range, many will feel left out, perhaps even a degree resentful that there are benefits one offer but none of them are of personal benefit.
The survey also found that an alarming 81% of respondents feel that changes will be required in the benefits offered if they are to stat relevant to the changing needs of new generations joining the workforce.
Years ago, far too few employers offered workplace benefits, that has thankfully changed, but the task now is to get the balance right.
What Does This Imbalance Occur?
As workplace benefits experts, we get to see a huge variety of companies and workforces, helping to advise and set ups a suite of voluntary benefit.
We often see good intentions but a failure to consider all workers and their needs.
Many employers now offer an Employee Assistance Programme, and so they should. This is a wonderful benefit that helps employees with their mental health, providing confidential advice and support that is always there, helping whatever the issue.
However, the EAP will not be used by everyone, others might have medical requirements that would be better suited to health or dental insurance; perhaps these as benefits so they can make significant savings on personal or family cover.
Dental insurance is offered by only around one in seven of employers offering benefits, yet EAP is commonplace.
The benefits on offer are often driven by that senior staff members deem to be useful, a natural, accidental prejudice. I might be that the staff members considering which benefits to add have children and drive to work – a workplace nursery scheme and parking as a salary sacrifice therefor likely to make the list; reduced gym membership of a Diners Club Card perhaps less likely.
The survey shows that this imbalance is only going to grow wider still as new generations join the workforce, bringing in people who will value benefits but are likely to be underserved in this regard.
Why Having A Wide Range Of Benefits Matter
In generations past, many people valued having a job for life, expecting their loyalty to be rewarded, enjoying the security.
If we are allowed a slight generalisation, that is no longer the case; many more people simply see any job as potentially only temporary with far greater mobility and willingness to switch jobs. Perhaps in the past there would have been a stigma to leaving jobs after just a few months, a feeling the person was wrong for the job.
Now it can be framed the others way just as fairly, the job was wrong for the person and by the job we mean all that accompanies it.
Employees want to feel valued beyond simply getting a pay cheque, they want a job that is rewarding and also one where there are benefits. With wage increases hard to come by workplace benefits can be a huge boost, potentially effectively increasing take home pay by thousands per annum.
Workplace benefits can be the difference between high and low staff retention, they can be a crucial factor in that talented graduate joining you rather than a rival. They are no longer a nice to have, an optional extra, they are an essential element of any workplace.
How To Create This Balanced Suite of Benefits
It is very difficult for any business to consider all the benefits that might be of value to its wide range of employees and then set these up and administer them all.
It might be time to get the experts in – a move that saves time, energy and also makes financial sense with many benefits leading to significant tax and NI savings for the business.
Workplace benefits experts can assess which benefits would be of value to your employees and then set them up.
At EnjoyBenefits we are also among the experts who set up every company with their own benefits portal, this an easy way for employees to manage their own set of benefits, choosing what to use, and for the company to check which benefits are being utilised.
At EnjoyBenefits, this is a question we ponder all day, every day – how to create the perfect suite of benefits for companies, creating a bespoke offering that helps retention and motivation in that workplace while making financial sense for all.
We would welcome the opportunity to have an obligation free conversation to assess your requirements.
At Enjoy Benefits, we have great experience in helping companies of all sizes introduce benefits that are suitable for their workplace.
Benefits are easy to set ups and ongoing administration is then run through a hub, this allowing employees to manage their own benefits while the employer can see which benefits are proving popular and what level of take-up each has had.
If you would like an obligation free chat to discuss which benefits might work for your business and your employees, please contact us by calling 0800 088 7315 or using our Contact Form.