53% of British employees would switch jobs for better benefits

better benefits switch jobsMore than half (53%) of British employees would switch jobs and take the same role elsewhere for better benefits, according to research by emplyee benefits consultancy PIB Employee Benefits.

Its Mind the gap survey, in collaboration with YouGov, which surveyed 1,000 employees, highlighted a link between employee benefits and staff retention, and that a competitive benefits package is central to an employer’s value proposition.

It found that just 14% of employees said they are very satisfied with their benefits, 28% do not access any information about their benefits, and 16% receive none at all from their employer.

One-third (32%) would like more support with managing everyday finances, while those aged under 35 (45%) show the greatest desire for more financial support from their employers, followed by those aged 35-44 (32%).

The research also found that child and eldercare support continues to be a priority, particularly for those in the sandwich generation, where employees support both children and aging parents.

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Nearly a quarter (23%) of those aged between 35-44 said anxieties about childcare negatively impact their performance at work, compared to 11% of all respondents. Just 8% of those aged over 35 reported that concerns about eldercare commitments impact their performance, falling to 2% for those aged under 35.

Joanne Neary, head of consulting at PIB Employee Benefits, said: “Employee benefits need to be viewed as a multi-faceted tool; they can improve employee wellbeing and contain future health costs, alongside boosting staff retention and attraction. Although it can be difficult to balance employee needs with ever-rising costs of providing comprehensive benefits, it’s worth the investment, because when companies get their strategies right, everyone stands to gain. Our Mind the gap survey shines a light on exactly what employers need to do to improve their value proposition and keep staff happy and healthy.”