Are your employees happy with their current benefits package?
Almost half (44%) of employees who are looking to move jobs in the New Year are unhappy with their current benefits package, according to research by Canada Life Group Insurance.
Its survey of 1,002 full and part-time employees also found that 74% of respondents who are unhappy with their current benefits provision agree that this plays a role in their decision to look for a new job, with 29% feeling it plays a significant role.
The research also found:
• 24% of respondents who are looking for a new position receive no employee benefits;
• 27% of respondents looking for a new role report that their current benefits have never been communicated to them;
• 46% of respondents who are looking to move jobs admit they could be incentivised to stay in their current role.
The start of the New Year acts as a natural prompt for many employees to consider their futures. Employers must be aware that members of their workforce could be tempted to leave, although offering the right benefits package can help prevent employers from losing valuable staff.
A further recent study confirmed that:
• 36% of employers have not reviewed their core employee benefits in over two years;
• 28% of employer who provide flexible employee benefits do not use salary sacrifice. If they do, it is only for pension contributions.
Rewarding and motivating your staff is proven to have a positive effect on business. Recruiting, motivating and retaining talented people is driven in part by the quality of the benefits package on offer.
While it is a cost to the business, the positive impact really does outweigh this. With the right benefits package communicated in the right way to engage your workforce, your business will see a significant return on its investment.
Our total reward and flexible employee benefits solution is designed specifically to:
• control costs;
• increase employee engagement;
• manage risk;
• automate administration.
We offer a tailored, consultancy-driven reward solution designed to meet specific objectives, address your business needs and fit with your corporate style and culture.