Employee Benefits Connect: Benefits are key to motivating staff in tough times

Employee benefits are going to be crucial to ensure staff are engaged and motivated in tough economic times, according to research released by Employee Benefits and YouGov.

The survey, released exclusively at Employee Benefits Connect, taking place today at the Westminster Park Plaza Hotel, showed that employees with three or more benefits are 13% more motivated; 27% better engaged and 16% more likely to have a deeper commitment to the organisation than those who receive no perks.

The research, conducted among 1,000 employees and 500 HR decision makers, also showed that the eight most important benefits in order of importance were: pension, life assurance, bonus, company car, discounts on other organisations’ products, employee share scheme, financial education/advice, and discount on own organisation’s products.

However, some of these benefits did not correspond with employers’ views on what is important. For example, on a scale of one to seven, employers rated financial advice as 4.3 and discounts on other organisation’s products as four.

Michael Wagstaff, head of public sector consulting and research, YouGov said: “Financial advice is a key motivating factor of satisfaction.

“There is strong evidence that employers are beginning to rethink what benefits they are offering and not in a good way. One quarter of large employers say they want to reduce what is on offer.”

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