As an HR professional you are constantly planning for the future. Building and evolving an employee benefits package that is fit for a multi-generational, diverse workforce with ever-changing expectations and fleet-footedness is a major challenge. You are not alone.
Despite best intentions, research by Gallagher tells us that just 22% of businesses offer some form of flexible / voluntary benefits. Companies say that negotiations with providers and choosing a delivery method are two of the major obstacles. But, employee benefits are no longer a nice-to-have. They have become a strategic imperative to recruit and retain the best talent, fend off the competition and create a healthier happy workforce that wants to be the best they can be.
With 2020 fast approaching it’s a good time to take a look at some of the statistics that give us an insight into where things are at and the challenges and opportunities ahead.
1. 71% of employers are struggling with the rising costs of benefits (Gallagher)
2. 67% of UK businesses are finding it difficult to create a standardised, flexible benefits package that appeals to an increasingly diverse workforce (Gallagher)
3. 41% of UK workers feel satisfied with their benefits (CIPD)
High demand benefits
4. 44% of employees say that annual leave (22 – 35 days) is the most important benefit to them (Aviva)
5. 70% of employees say that flexible working is very important to their overall job satisfaction (Know Your Money)
6. A majority of employees (71%) plan to work beyond 65 and 32% see flexible working initiatives as the best way to support and attract older workers (Canada Life Group)
7. 90% of Millennials regard policies that encourage a good work / life balance as being one of the best things about their job (Robert Walters)
8. 50% of the UK workforce will be working remotely next year (ONS)
9. 30% of requests for flexible working are still being declined (TUC)
10. At just 6%, unlimited leave is still uncommon (SHRM)
Recruitment and retention
11. 60% of people say that benefits and perks are one of their top considerations when deciding on a job (Glassdoor)
12. 78% of Britons would be more likely to apply for a job if it mentioned the benefits on offer. However, just 47% of adverts include benefits information (PageGroup)
13. 41% of employees say that work / life balance is a key reason why they joined their present employer (Aviva)
14. 77% of smaller businesses are struggling to recruit suitable, qualified staff and 64% are finding it difficult to keep them (Moorepay)
15. 88% of employers experienced skills shortages in the past year (Hays)
Automation and AI
16. 46% of HR professionals believe that AI and automation will be advanced enough to impact workforce planning within the next 2 to 5 years (Harvey Nash)
What does the future hold for your organisation? If you’re looking to introduce employee benefits, or update your plan, let’s talk to see how we can help.