The research found that 41 per cent of employers do not give regular updates of their benefits to staff, and of those that do, 39 per cent only do so annually. Recruiting and retaining staff was not surprisingly seen as the key reason for providing benefits, a reason for 58 per cent, but 27 per cent said the most important reason for providing benefits was because they have historically always offered them.
Why do you provide employee benefits?
|Important for recruiting and retaining good quality staff||58%|
|Staff value the benefits reward package||40%|
|Makes employees feel secure about their jobs||29%|
|To provide a range of benefits to a diverse workforce||28%|
|Providing a good range of benefits supports company goals and strategy||24%|
|It is cost effective for us to offer||21%|
What reasons for providing these benefits are the most important?
|Popularity with staff||30%|
|It is a historical benefits package||27%|
|Not reviewed them yet||7%|
|Range of choices for employees||7%|
|Recommended by an adviser or accountant||7%|
The research was conducted through 10,000 phone calls to employers and in-depth interviews with senior HR decision makers in 300 randomly selected businesses, ranging from 30 to 38,000 employees.
The most popular methods for communicating benefits were individual personalised letters, induction packs, online communications and the staff handbook. Chase de Vere cautions that the most widely used communications channels do not provide the opportunity for employee feedback or engagement.
Chase de Vere corporate advice manager Sean McSweeney says: “Employers understand the rationale behind offering employee benefits packages and how these can help them to achieve their strategic goals.
“However, many companies are likely to be wasting much of the money they are spending by not engaging effectively with their employees. This could be through not reviewing their benefits packages to ensure they’re truly valued, not updating employees or updating them infrequently and then using communication mediums which don’t allow for interaction and engagement with their employees.
“What this means is that those companies that do put in the time and effort to listen to their employees, that provide benefits which are valued and communicate effectively, will have a competitive advantage in terms of recruiting and retaining the best employees for their business.”
If your company gives regular updates on employee benefits, how often does this happen?
How do you communicate with staff about employee benefits and pensions?
|Individual personalised letters (hard copy or email||57%|
|Automated trigger letters||11%|