Just over a third (36%) of employer respondents say that workplace pensions are the most valued employee benefit, according to research by Hargreaves Lansdown.
Its Workplace benefits: the employer view report, which surveyed 349 UK employers, also found that 15% who rank private medical insurance as the most valuable, while 12% cite additional holiday entitlement as the most valuable employee benefit.
The research also found:
- More than two-fifths (44%) of employer respondents believe that season ticket loans are the most valuable financial employee benefit, while 43% of respondents rank payroll giving as the most valuable financial employee benefit, compared to a share option scheme (17%), and a sharesave scheme (9%).
- 70% of respondents believe an employee assistance programme (EAP) is the most valuable health and wellbeing benefit, 52% cite employee health screening as the most valuable health benefit for staff, 44% rank a health cash plan as the most valuable health-related benefit, and 42% state dental insurance is the most valuable health and wellbeing benefit. Less than a quarter (13%) view cancer screening as the most valuable health and wellbeing benefit.
- 91% of respondents believe that life insurance is the most valuable protection benefit.
- 54% of respondents define group income protection as the most valuable protection benefit.
- 36% of respondents view critical illness insurance as the most valuable protection benefit, compared to personal travel insurance (24%), personal accident insurance (17%), and critical illness insurance for a spouse (13%).
- 62% of respondents offer above statutory holiday entitlement, 34% allow staff to buy additional holiday, and 22% enable holiday selling.
- 90% of respondents offer childcare vouchers as an employee benefit, 69% provide a bikes-for-work scheme, 62% offer additional holiday entitlement, 37% provide access to a company car, and 35% offer an off-site gym membership.
- 48% of respondents will not be introducing any new financial benefits in the next 12 months, while 50% will not be providing any new health and wellbeing benefits next year, 58% will not be adding to their protection benefits in 2018, and 42% will not be increasing their leisure and lifestyle benefits offering in the next 12 months.
- 6% of respondents feel that total reward statements are a very valuable employee retention tool.
- 36% of respondents have not reviewed their core benefits offering in more than two years.
- 61% of respondents introduce new benefits once the popularity of these has been proven at other organisations.
Nathan Long, head of workplace research at Hargreaves Lansdown, said: “For employers, a tailored benefits package means employers are better equipped to recruit, reward and retain the very best staff.
“Everyone is different. So when creating or reviewing a benefits package, employers must consider the different needs of their workforce.”