Businesses Urged To Offer Benefits As Financial Pressure Among Staff Rises

Just 39% of employees believe they are paid fairly for their job

Businesses Urged To Offer Benefits As Financial Pressure Among Staff Rises

UK small business owners have been urged to consider what benefits they can possible offer their employees, as financial pressures rise.

According to the Employee Benefits Trends Study 2017 by MetLife UK, 55% of UK workers  say they highly value the benefits they receive at work – a 25% increase from the same survey in 2015.

Encouragingly, 52% of business owners now understand the personal financial pressures on their employees – and this is prompting them into action.

Not just for current subordinates, business owners are also utilizing benefits packages in the recruitment process with 73% promoting their additional bonuses while hiring – compared to just 61% in 2015.

Its suggested business owners should consider what financial perks they can offer their employees, as just 39% of workers currently believe they are paid fairly for their job.

For those already offering various wellness and monetary incentives, it appears to be paying off, with 38% of employers saying they are “very satisfied” with the impact of said programmes compared with 21% in 2015.

Similarly, around 87% that have taken part in such programmes say they have had a positive impact on their health.

Jo Elphick, head of marketing at MetLife UK, said:

“The increasing value that employees place on their benefits creates a real opportunity for businesses to align their benefits strategy with their business strategy. In times of uncertainty employees are looking beyond salary and a well-designed benefits programme can help employers build stronger businesses and succeed in the growing war for talent.

“Nearly three in four employers are using benefits to attract and retain staff as they worry about the potential risk to their business from a shortage of talent over the next 12 months.

“Efforts to tackle physical wellbeing through benefits are bearing fruit for employers but uncertainty over personal finances is emerging as a key challenge. A key goal for employers is to help their staff feel energised and focused at work and addressing employees’ financial concerns through benefits can help.”

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