The future of employee benefits in 12 statistics

By May 24, 2019 October 4th, 2019 employee benefits

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

  1. 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  

  1. Three in ten employees are willing to trade in a higher salary for better benefits (MetLife)
  2. 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

  1. 29% of employers will most likely increase spend on health and wellbeing (CIPD / LPD)
  2. 68% of employees think their employers have a responsibility for the health and wellbeing of their staff (MetLife)

Employers are looking beyond traditional benefits 

  1. 57% of employers are planning to offer a wider range of flexible benefits (MetLife)

Flexible working is leading the way 

  1. 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

  1. 91% of employees think businesses should offer tailored benefits packages (League)
  2. One in six employers don’t communicate about benefits with staff (CIPD / LPD)

Most workers are feeling off balance

  1. Just 17% of employees feel their work-life balance is very good (Hays)
  2. 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

  1. 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.

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