A significant majority of professionals are not fully leveraging their workplace benefits, according to new research.
- The study reveals that 80% of employees feel they do not maximise their current benefits.
- Only 35% of professionals express satisfaction with their overall benefits package.
- Communication and awareness about benefits are identified as key issues by experts.
- Enhancing benefit schemes plays a crucial role in employee satisfaction and retention.
The findings from a comprehensive survey conducted by Robert Walters, targeting 3,000 professionals across the UK and Ireland, underscore a critical disconnect between employees and their workplace benefits. Notably, a staggering 80% of employees perceive a lack of full utilisation of the benefits offered to them by their employers. This highlights a significant concern in the realm of HR and employee engagement strategies.
Despite the availability of various benefits schemes, such as annual bonuses, pension contributions, and flexible working conditions, only half of the professionals are satisfied with how these benefits are communicated. Furthermore, a meagre 21% of employers acknowledge having a complete understanding of the benefits that are most valued by their workforce. This poses a challenge for organisations aiming to enhance their benefits offerings.
The importance of effective communication cannot be understated, as Chris Eldridge, CEO of Robert Walters UK and Ireland, remarked, “Not only the contents of the benefits package, but also how well they are communicated has a huge bearing on how those benefits are used.” Such insights highlight the necessity for organisations to refine their communication strategies regarding benefits, ensuring that employees are aware and able to exploit the available options fully.
The research further indicates that over 54% of professionals consider employee benefits as pivotal in shaping their loyalty to a company. Interestingly, two-fifths of employees are even willing to change jobs for a better financial benefits package, prioritising it over higher base salaries. However, dissatisfaction remains high, with less than 45% expressing contentment with their current benefits.
In fostering employee satisfaction and retention, organisations may consider strategies such as clarifying benefit offerings, leveraging employee feedback for improvements, regularly measuring the success of benefit packages, and customising benefits to individual needs. Chris Eldridge emphasised that, “Benefits are a pivotal part of successful remuneration packages. Neglecting them or failing to invest in relevant and impactful benefits can be damaging, affecting not just employee happiness, attraction & retention rates but overall business performance.”
The need for customisable benefits has become apparent, as research indicates that when employees have the ability to tailor their benefit packages according to their changing circumstances, satisfaction levels tend to increase significantly. This flexibility not only meets individual needs but also aligns with the evolving expectations of the modern workforce.
Enhancing workplace benefits through effective communication and customisation is essential for improving employee satisfaction and retention.
