Summary:
Making workplace benefits & rewards matter
Benefits & rewards are important
Employees don't always make the most of their benefits
Businesses often have communication issues
Making Workplace Benefits & Rewards Matter
The cost-of-living crisis and war for talent rage on. Though difficult economic times naturally command a focus on pay, it’s important not to overlook the importance of workplace benefits and rewards.
Our latest research report – The Mountain of Lost Benefits: Making Benefits Matter – shows as much. We spoke to 500 HR professionals and 2,000 employees about their benefits provision, asking them how they feel about their workplace benefits and rewards, which benefits they used the most, and what they would change. Here’s what we found out.
1. Benefits & rewards are important
Our research confirmed what we at Sodexo Engage have known for a long time: workplace benefits and rewards are important – especially when it comes to talent attraction and staff retention.
Nearly three-quarters (74%) of our employee respondents said a benefits package is important when looking for a new job, with a similar number (71%) saying they consider their current benefits when thinking about continuing to work somewhere. On top of this, three-quarters (75%) of our employee respondents said the right support can make them feel more loyal towards their employer.
In a tight jobs market, with staff shortages affecting industries nationwide, help with talent attraction and retention can be invaluable.
Elsewhere, we uncovered how workplace benefits and rewards can fuel engagement, too, with the vast majority (76%) of our employee respondents saying they feel more motivated when their organisation is supporting them.
2. Employees don’t always make the most of their benefits
Despite how important benefits are, employees don’t always get around to using them. In fact, only 11% of our employee respondents said they make “full use” of their workplace benefits and rewards, and only 10% of our employee respondents said they have received advice on how they can use their benefits to help their salary go further.
Not only do such unused benefits amount to a waste of HR time, but they’re also just lost opportunities. After all, every employee deserves to be supported by their workplace and reap the benefits of improved financial, mental, and physical wellbeing. What’s more, providing a best-in-class benefits provision isn’t free of charge. It’s important to ensure this spend doesn’t go to waste.
3. Businesses often have communication issues
Our research suggested communication issues were one of the main drivers behind the mountain of lost benefits.
For example, over a quarter (28%) of our employee respondents said that their organisation doesn’t offer any benefits or that they don’t know if their organisation offers any benefits. On top of this, 17% said they simply don’t know what benefits are available to them, and 12% said they don’t know how to access the benefits on offer.
Our HR professionals said similarly. A significant number (29%) said employees don’t know where to find information, with a similar number (27%) saying employees don’t know who to ask for information about benefits or rewards.
This is a lot of not-knowing. For many organisations, it seems internal communications are just not strong enough. If businesses want to make their benefits matter, they need to have the right communication tools in place. After all, how can you expect your employees to use their benefits if they don’t know about them?
hat Makes Someone an Ally?
The mountain of opportunity
In the current economic climate, businesses can’t always offer their staff a simple pay boost. What they can do, however, is make the most of their benefits and rewards provision. After all, workplace benefits and rewards can help foster a supportive workplace culture and help your employees’ mental and physical wellbeing.
On top of this, they can help employees’ salaries go further – amplifying the cash they already have. This is a positive in any economic climate, but it is especially useful during the current cost-of-living crisis.
For more information and to download the full report, visit here.