Does your benefits package meet your employees’ needs?

05 August 2016

According to a study of 1,000 UK workers in July 2016, almost half think their current employee benefits package is not tailored to their needs.

New research published by payroll lending provider SalaryFinance in line with the UK’s first Smarter Working Day initiative - has found that 38% of UK workers currently have access to flexible working benefits, however, only 26% prefer flexible working conditions to great financial and psychological wellbeing benefits.

Key findings from the survey:

  • 48% of people think their current employee benefits package isn’t tailored to their needs
  • Increase in popularity of ‘work perks’ is not keeping employees happy, as four in ten UK workers feel undervalued
  • Discounted cinema vouchers, nap time, massages, free fruit and coffee are overrated as people want access to more financial and emotional wellbeing benefits

Less than one in five (19%) currently have access to benefits designed to support mental wellbeing, such as counselling services, and only one in four (26%) receive financial wellbeing support from their employer. In contrast, one in three (32%) receive ad hoc incentives such as free lunches, birthday cakes and duvet days.

With 58% of people saying that their employer has never asked for feedback on their benefits programme, employers could be falling out of touch with the needs of staff.

With nearly four in ten (39%) current UK workers feeling ‘undervalued’, Asesh Sarkar, CEO of SalaryFinance says that employers must act now to meet ever increasing expectations from employees if they are to attract and retain top talent.

“Employers have increasingly realised their responsibility to support their employees in many ways, including providing access to remote working opportunities and occasional free, healthy lunches. These proactive incentives are of course to be welcomed.

To make sure employees feel as supported as possible, financial wellbeing should also be factored into employers’ benefits packages. By offering financial education and their benefits this will enable employees to safeguard their financial futures and ensure they’re as happy and productive at work as they can be.”

Read more about payroll lending provider SalaryFinance.