Employee benefits are part of the HR fabric of progressive businesses.
They understand that a competitive salary is no longer enough to attract talent and keep their best people on the payroll. Not only is recruitment and retention is still a top strategic objective, these pioneers are as a result, offering smaller perks to help create a happy and healthy workforce.
To help you better gauge how you’re doing, we’ve rounded up 12 statistics to give you a peak into the future and see how employer strategies are responding to the shifting sands of employee expectations.
Let’s go …
Current spend over the next two years will hold steady
- 81% of employers plan to spend the same on employee benefits through to 2020, however, 16% will spend more (CIPD / LPD)
Workers no longer see salary as the single biggest draw
- Three in ten employees are willing to trade in a higher salary for better benefits (MetLife)
- Around 60% of people say that benefits and perks are one of their top considerations when deciding on a job (Glassdoor)
Spend on health and wellbeing is set to increase
- 29% of employers will most likely increase spend on health and wellbeing (CIPD / LPD)
- 68% of employees think their employers have a responsibility for the health and wellbeing of their staff (MetLife)
Employers are looking beyond traditional benefits
- 57% of employers are planning to offer a wider range of flexible benefits (MetLife)
Flexible working is leading the way
- Flexible working is the top lifestyle benefit and is offered by 76% of employers. Meanwhile 62% offer retail and leisure discounts and 54% offer enhanced parental leave (Employee Benefits)
Employee expectations are getting personal
- 91% of employees think businesses should offer tailored benefits packages (League)
- One in six employers don’t communicate about benefits with staff (CIPD / LPD)
Most workers are feeling off balance
- Just 17% of employees feel their work-life balance is very good (Hays)
- 37% of employees will stay in jobs where they have a good work-life balance (Investors in People)
The benefits of a happier, healthier workforce
- Increasing happiness can boost productivity by around 12% (University of Warwick)
What does the future hold for your organisation? If you’re looking to introduce employee benefits, or update your plan, let’s talk to see how we can help.