New research highlights significant gaps in the utilization of workplace benefits among professionals in the UK and Ireland.
- 80% of professionals feel they do not fully capitalize on their workplace benefits.
- 35% of professionals express dissatisfaction with their current benefits plans.
- Employer communication regarding benefits is seen as lacking, with only half of professionals satisfied.
- The potential exists for enhanced employee loyalty and productivity through improved benefits understanding.
A recent survey conducted by talent solutions expert Robert Walters reveals that four-fifths of professionals do not think they are fully utilizing their current workplace benefits. Among those surveyed, 35% expressed dissatisfaction with their overall benefits plan. The study, which surveyed 3,000 professionals in the UK and Ireland, was crafted to provide employers with a benchmarking tool to assess their benefits offerings.
Chris Eldridge, CEO of Robert Walters UK and Ireland, emphasizes that indispensable components such as annual bonuses, pension contributions, and flexible work policies are integral to base pay. However, there is a noteworthy disconnect between what is offered and what employees receive. The lack of attractive benefits can detrimentally impact attraction, retention, and overall employee engagement and productivity levels.
Moreover, only half of professionals feel satisfied with benefit communications provided by employers. This encompasses a wide array of benefits, from financial perks like pension contributions to wellbeing plans including private health insurance. Alarmingly, a mere 21% of employers are fully aware of which benefits are most vital to their employees.
The importance of benefits is further underscored by the fact that 54% of professionals state that benefits play a crucial role in their company loyalty. Interestingly, some professionals consider transitioning jobs even if the new position offers a lower salary, provided the financial benefits package is superior. Yet, satisfaction with the benefits package remains low, at only 45%.
Eldridge points out that companies aiming to enhance employee attraction or retention should first scrutinize their existing benefits package effectiveness. Almost a third of professionals agree that their current benefits positively impact their job performance and productivity, while 41% note a positive influence on their work-life balance.
To improve benefits offerings, Eldridge offers several recommendations: Employers should clearly communicate what is being offered, actively seek feedback from employees to provide meaningful insights, regularly measure the success of their benefits, and consider making them customizable to better fit individual employee needs.
Enhancing the communication and customization of workplace benefits is vital to boost employee satisfaction and organization performance.
