The future of employee benefits in 12 statistics

By May 24, 2019July 22nd, 2020employee 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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