Posted on: Wednesday June 22, 2016
Which are the benefits that matter most to employees
One thing that hasn’t really changed in the last five years is an absence of significant pay rises. Employee benefits that help to boost savings, make the most of disposable income, and increase tax efficiency remain top of the workforce wish list.
The two tax efficient savings employee benefits most highly valued by staff, according to a PwC survey, were contributions to their pension pots and membership of a company share scheme cited by 65% and 49% respectively.
Offered a one-off extra £500 to spend on existing workplace benefits, pensions came out top again, chosen by 26%, while 17% opted to take the cash as additional pay.
Employees are also feeling the pressure when it comes to household expenditure. A Voucher Shop survey into employee gift cards and voucher preferences found the most popular were those that could be used in retailers offering household necessities; food and grocery shopping vouchers (47.8%), department store vouchers (14.9%), and eating out (8.7%).
Health and wellbeing has been steadily rising up the corporate agenda, and health-related benefits, which include financial wellbeing benefits, are finding favour with cash-strapped employees.
The latest Willis PMI Group Employee Benefits Index found that private medical insurance is rising in popularity, ranked the second most popular benefit by 11% of workers, after pensions. In fact 40% included health insurance among their top three most-valued employee benefits, compared to 37% in 2015.
Survey respondents also named health cash plans (10%), income protection insurance (7%), and critical illness cover (6%) in their top ten list of most valued staff perks.