82% view workplace pension as an important benefit

Nick Gold

More than three-fifths (82%) of respondents cite their workplace pension scheme as an important employee benefit, according to research by Jobsite.

Its survey of 500 UK employees also found that 51% of respondents value private medical insurance (PMI) as an important employee benefit, however only 23% currently receive this as part of their reward package.

The research also found:

  • 65% of respondents cite a performance-related bonus as an important benefit, yet only 30% of respondents receive this.
  • 23% of respondents have access to mental health and stress support through their employer, despite 55% believing this is an important employee benefit.
  • 68% of respondents would be more wary about accepting a new job if it did not offer a decent pension scheme as part of the role.
  • 26% of respondents define a season ticket loan as an important employee benefit, compared to time off to volunteer for good causes (28%), and having a day off for an employee’s birthday (33%).

Nick Gold (pictured), chief executive officer at Jobsite, said: “Many employers often believe that offering higher salaries is the way to improve the quantity and quality of applicants they receive through the door for a vacancy. Nowadays professionals are not just looking for more money in their pockets right now, especially where many feel they are subject to pressures of increasing working hours. Some are thinking more long term, and how their employers can help them reach their retirement goals sooner.

“The answer might lie instead in diversifying their attraction strategy by highlighting other elements of their [organisation] benefits packages, in particular their pension schemes. Despite the media attention pension funds are currently receiving as big businesses struggle financially, [employees] are still placing trust in their employers to help them grow their retirement investment funds.

“Employers would be well advised to address this demand and advertise new vacancies accordingly. In doing this, potential employees looking to safeguard and maximise their finances in later life apply for jobs that offer them truly valued benefits.”