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Employees seek greater flexibility in their benefits package

Posted on from Changeboard

Employees want more communication from employers on the value of their benefits package. Is a flexible scheme the answer for retaining talent at a higher rate?

New research has revealed that employees are more likely to join and then stay with companies that offer a good benefits package.

According to research carried out by Capita Employee Benefits, 69% of employees say they are more likely to stay with an employers that offers a good benefits package – an increase of 3% compared to 2015. 68% said they were more likely to take a job that offered good perks. Again this marked a 3% increase year on year.

This bucks the trend, as Capita Employee Benefits had found that the number of people seeking a good benefits package had steadily fallen from a high of 72% in 2013.

Alex Tullett, head of benefits strategy at Capita Employee Benefits said: “The days of offering benefits because of tradition (industry or otherwise) or offering them because ‘that’s what’s always been done’ are ending. 

“Employers want to see a business case for each benefit offered and for the overall benefit strategy, they want proof they are getting their money’s worth and that employees are responding to their benefits with the commensurate engagement and loyalty.”

This is reflected in employee’s attitudes to benefits, as 65% of employees say they expect their employer to provide more information on how benefits are relevant to them and their family. 

Flexible benefits may be the answer, as employees would be able to pick and choose when certain benefits are necessary for them. 62% of employees who have flexibility in their workplace schemes say they have a good package, compared to just 9% who think they are in a poor quality scheme. 

Tullett added: “People are much more likely to buy a benefit as and when it becomes relevant to their lives – why shouldn’t they expect to be able to buy travel insurance after they’ve booked their flights?

“It’s clear that guidance on how appropriate each benefit would be for individual staff would be greatly appreciated.”

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