Just two-fifths (40%) of respondents are happy with the benefits package offered by their employer, according to research by Willis Towers Watson.
Its Global benefits attitude survey, which surveyed 2,824 employees, also found that almost three-quarters (72%) of respondents who are able to tailor their provision via flexible benefit schemes, feel their package meets their needs, compared with 23% of employees who are offered no benefits choice at all.
The research also found that two-thirds (66%) of respondents said they would sacrifice salary for more generous pension benefits, while health insurance saw a marked rise in popularity, with 39% calling for improved provision in lieu of salary.
The research also highlighted that different demographics would like different benefits, with baby boomers more likely to cite retirement planning as their preferred benefit and younger employees more interested in taking advantage of unpaid annual leave.
Mark Ramsook, director of sales and marketing at Willis Towers Watson Health and Benefits, said: “These findings reinforce the importance of employers actively engaging with their staff to identify the benefits they most value, aligned to their workforce demographics.”
“This vital intelligence should be married with wider corporate values and business objectives when benefits strategies are reviewed.
“Furthermore, employers should ensure their benefits programmes are being effectively communicated and leveraged to maximise engagement and address associated employee requirements. This is particularly important for traditional core benefits, such as pensions and health insurance, which continue to be valued highly, according to the study, and which will invariably attract the highest levels of spend.”
“Providing flexibility in benefits not only creates better appreciation from employees overall, but also helps [organisations] to engage all segments of the workforce, avoiding situations where certain employee groups do not feel their benefits are relevant or engaging.
