Employees want to choose their own benefits

More than half (56%) of respondents are able to choose their own benefits, according to research by Capita Employee Benefits.

Its research, which surveyed 3,000 employees, found that 28% are able to choose their own benefits and 16% do not know whether they have flexible benefits or not.

Among respondents who do not have flexible benefits, 45% rated their benefits package as poor or very poor, while 33% rated it average and 22% rated their benefits good or very good.

Among respondents who have flexible benefits, nearly two-thirds (64%) rated their package as good or very good, while just 7% rated it poor or very poor and 23% rated it average.

The research also found:

  • 71% of respondents would take a job if the employer offered good benefits.
  • 74% of respondents would be more inclined to stay with an employer if they provided good benefits.
  • More women (37%) consider retail vouchers a valuable employee benefit, compared to 24% of men.
  • 41% of younger employees (aged between 16 and 24) valued a gym membership as a benefit, compared to 13% of employees aged over 65.

Clare Sheridan (pictured), head of flexible and online benefits at Capita Employee Benefits, said: “There is a direct correlation between employees being able to choose their benefits and how good they perceive their benefits package to be. 

“Considering how important employee benefits are when it comes to retaining and attracting talent, employers must start seriously thinking about how they can offer their employees genuine choice when it comes to their benefits.

“It’s astonishing, when you consider how valuable flexible benefits are to employees, that less than one in three actually have flexible benefits available to them. Employers need to realise the importance of offering choice and making sure that staff are fully aware of the options available and the value of each benefit.

“These results show how important it is for employees to be able to tailor their benefits to suit them. Through organisations embracing flexible benefits and really thinking about how they communicate these benefits to employees they can seek to foster improved employee engagement, attraction and retention.”