Employers underestimate the perceived importance of benefits as half (52%) of employees would move jobs for better benefits, according to research from Canada Life Group.
The research found that the top two most commonly offered benefits, a pension and a holiday allowance of more than 28 days, met demand as they were also the top most valued benefits by employees.
Following this employees are mostly concerned with benefits that will protect their income and look after their family such as income protection, redundancy cover and critical illness cover.
However, the benefits they are more likely to receive are those valued less highly. Free eye tests are the third most commonly offered benefit, although employees ranked this as the 10th most important benefit out of a possible 11.
Paul Avis, director of sales and marketing at Canada Life Group, said: “As this research shows, there is a real opportunity for employers to set themselves apart from their competitors.†
“Indeed, with significant rises in the cost of living, employees are looking away from bonus benefits, such as gym membership and shopping discounts. Instead, they are looking for benefits that will protect their income whether on account of illness, critical or otherwise, or redundancy.
“These are the benefits that will truly offer peace of mind and comfort to them and their families. By offering benefits such as income protection and critical illness cover, employers can demonstrate the worth they place upon each employee.
“Not only will this help to retain staff and improve morale, but it may well prove attractive to prospective employees.”
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