EXCLUSIVE: Less than half (48%) of employer respondents review their reward and benefits programme annually, according to research by Equiniti.
Its survey of 202 employers also found that 30% of respondents use people analytics to calculate the cost, return on investment, and impact of reward and benefits in their organisation.
The research also found:
- 41% of respondents that receive management information around employee benefits make use of it, and 37% do not currently utilise it but plan to do so in the future.
- More than half (59%) of respondents cite the justification of additional spend as a barrier to enhancing their benefits package, and 20% identify the inability to calculate or track return on investment as a barrier.
- 41% of respondents do not know the cost of their benefits spend as a percentage of payroll.
- 30% of respondents spend 10% or less of payroll on benefits, and 19% say reward and benefits costs represent between 11% and 20% of payroll.
- 31% of respondents review their reward and benefits package on an ad-hoc basis.
- More than one-third (35%) of respondents offer staff an online reward and benefits portal.
- 42% of respondents offer access to 0-25% of schemes in their benefits package on an anytime basis, 23% provide anytime access to 26-50% of benefits, 18% of respondents allow staff to access 51-75% of the benefits available to them at any time, and 17% offer anytime access to 76-100% of benefits.
