Two-fifths (40%) of employees would feel more positive towards their organisation if they were offered an annual bonus within their benefits package, according to research by Canada Life Group Insurance.
Its survey of 1,001 UK employees found that bonuses are more highly valued by older staff, as 53% of those over the age of 55 would view their employer more positively if offered an annual bonus, compared to 42% of 35 to 54-year-olds and just 25% of 18 to 34-year-olds.
Around a third (36%) of all employee respondents would feel more positive towards their employer if provided with more than 20 days of holiday, excluding bank holidays, while 33% believe they would be happier if offered private medical insurance (PMI).
In terms of group risk benefits, respondents stated that they would feel more positively about their organisation if offered group income protection (31%), group life assurance (26%) and access to critical illness cover (25%).
Paul Avis (pictured), marketing director at Canada Life Group Insurance, said: “By offering a wider range of workplace benefits, such as group life assurance and group critical illness, employers would make an active, positive contribution to the wellbeing of their workforce. This would be especially pertinent for millennials, who spend the most out of any age group on wellbeing products.”
A fifth (21%) of respondents think they would feel more positive if they were offered free eye tests, while a similar number agree for benefits such as gym membership (20%), shopping discounts (19%), access to a subsidised canteen (19%), a company car or car allowance (18%) or an employee assistance programme (EAP) (17%).
Among 18 to 34-year-olds, 23% would view their employer positively if offered an EAP, compared to 17% of 35 to 54-year-olds, and only 8% of those aged over 55.
More than one in 10 (13%) of respondents would appreciate being offered a train ticket subsidy or season loan, 10% would value childcare vouchers and 9% would like to be offered a cycle-to-work scheme.
Avis added: “Offering a range of wellbeing products would also have its benefits for employers. They would be viewed more positively by staff, which would ensure that they maintain a healthier workforce in the long run and aid retention strategies. Not only is this beneficial with regards to current employees, but offering products that save [employees] money can aid efforts to attract future talent.
“In a post-Brexit Britain, attraction and retention will become increasingly important as the country faces a growing skills and labour gap.”