Lack of Workplace Benefits Puts Employees off Small Businesses
Flexitime, cash bonuses and working from home are amongst the most desired non-statutory employee benefits...
An estimated six million employees are missing out on employee benefits, new research from Grass Roots Employee Solutions has revealed.
The study revealed that 39% of small businesses do not receive any form of employee benefit compared to 24% in larger companies.
As 82% of employees said benefits would encourage them to stay in their jobs, this shortfall could hinder staff retention and even put employees off accepting job offers at small and medium enterprises.
Although one in five small companies were found to offer some kind of employee benefit, a third of businesses surveyed said they had no benefits strategy in place to retain employees.
54% of small companies currently rely on financial rewards like cash bonuses and high salaries to attract talent yet this doesn’treflect the benefits wish-lists of many employees.
Staff reported wanting benefits such as extra days off for long service, flexitime, tea and biscuits in the office, the option to work from home, and access to healthcare, amongst other things.
Stephen Holt, commercial director at Grass Roots, said:
“It’s a common misconception that employee benefits are expensive to deploy and laborious to manage. There are alternatives that businesses of all sizes can consider that offer benefits to staff at little or no cost and with no associated admin.
“Opening up the dialogue between employees and managers is the best place to start in introducing a benefits scheme that staff will want.”
Find out here how you can introduce employee benefits.