Just 14% of staff have seen improvements made to their employee benefits package in the last year, according to research MetLife Employee Benefits.
Its Bridging the protection awareness gap, Taking a fresh look at a long running issue research found that the majority of staff (66%) have not had any changes made to their benefits packages in the last year, but 13% of staff have had their benefits reduced.
A further 7% of staff did not know whether or not their benefits package had changed in the last 12 months.
The research also found that group income protection is the most likely product that employers would consider reviewing or introducing. Almost one third (32%) of employers planning to introduce a new benefit or improve their benefits package will look at group income protection or permanent health insurance, and 18% of organisations are likely to consider private medical insurance.
In term of satisfaction with their existing benefits, staff are most satisfied with their salary, holiday entitlement, working environment and working relationships with managers and least satisfied with financial and non-financial benefits and pensions communication.
The research is based on a survey conducted among 500 businesses with a turnover of £50,000+ in May 2014 by BDRC Continental and employee research conducted by Consumer Intelligence, the first part among a sample of 1,044 employees between 29 March and 3 April and the second among a sample of 997 employees between 15 and 19 July.
The research follows Employee Benefits’ Group risk debate, sponsored by MetLife, which gathered together a handpicked selection of group risk experts, including employers and employee benefits consultants.
The debate examined the key issues and trends affecting the group risk market. For example, what group risk protection do employers actually need? How could group risk protection form part of a modern benefits package? And what is behind the current protection gap?
A special supplement covering the debate will be published with Employee Benefits in November.
