Nearly half (49%) of employee respondents are satisfied with their benefits packages, according to research by Thomsons Online Benefits.
The role of benefits in retaining and protecting your best talent report, which surveyed more than 450 organisations representing more than 1.2 million employees, found that 29% of employee respondents felt they receive the right level of financial education to appreciate the monetary value of their benefits value.
Among employer respondents, 84% believe valued benefits will play a vital role in improving staff retention, while 68% believe valued benefits would improve employee engagement.
More than four-fifths (81%) of employer respondents say that too little financial training is provided to staff.
Matthew Gregson (pictured), consulting director at Thomsons Online Benefits, said: “HR departments across the country are rightly recognising the importance of benefits in retaining top talent.
“However, too few have the technology or communications in place to ensure they’re meeting this objective, leading to a costly likelihood that staff could feel less valued and look elsewhere.
“It’s not the case that UK employers are failing to offer comprehensive benefits. Instead, there’s a lack of internal clarity and financial understanding among employees who are greatly undervaluing their benefits.
“Forward-thinking HR departments are looking for solutions to this. Employees that have sight of total reward statements, for example, estimated the value of their benefits package as 42% higher than those who didn’t, while using a single technology platform for benefits delivery was found to save 29% of HR’s time, compared to multiple systems.
“Practical measures like these will help ensure employees’ newly-inspired optimism will not result in higher attrition and increased costs, but be channelled into driving business performance and bottom-line growth.”