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Benefit offerings reduced for younger employees

A study around employee benefits in the workplace was recently carried out by Censuswide and it caught our attention for a number of reasons. The report found that 68% of UK employees believed company benefits and perks play an important role post Covid-19.

It is great to hear that benefits are being valued in the workplace, it shows that they are key to staff recruitment, engagement and in turn, retention – they act as an extra level to connect with employees on a more personal level, opposed to just pay packets.

With this being said, the survey then goes on to uncover that around one in five UK employees have had their packages reduced or cut completely in the last 12 months… Benefit reductions were highest among younger workers, with around a third of 16-34 y/o seeing their company funded benefits affected. As a result of this, 15% of 16-24 year old’s have considered leaving their job.

 

The knock-on impact to corporate advisors can be huge. If your client lost 15% of their workforce, it could have a significant impact on your services and your client could suffer from employee churn costs in the long run.

"In the wake of the pandemic, businesses need to ensure they are in a strong position for recovery and growth, having a happy and productive workforce sits at the heart of this. Many companies took the decision to cut back on benefits in the last 12 months, but organisations should not underestimate the value or importance in giving staff perks that are going to make a positive difference to them, and therefore the company as a whole at this time."
Minck Hermans
Chief Executive and Co-founder at 'borofree

The time has come to better understand employees needs and offer then what they care about to ensure benefits do not go undervalued. The research found that one-quarter of employees do not believe the benefits they are offered are relevant or tailored to them. If SMEs are going to bounce back in 2021 /22 from the pandemic, they need to keep the best talent.

Easy to set up benefits to ensure relevance to employees, along with clear communication on what’s available is priceless. Our platform BEAM at Work™ allows SMEs to connect employees to all benefits on offer, push out engaging communications to increase engagement and report on a range of parameters – reporting for the employer and you, the Corporate Adviser, opens the door to better service standard and cross-selling of relevant benefits. 

Too many employers treat benefits as an exercise in public relations and fail to consider that these can have a significant impact on employee workplace wellbeing and happiness, with “fads and outrageous corporate packages” no longer of relevance or use for employees.

Cloud8’s products offer Corporate Advisers affordable, data driven, cloud-based software to approach the near un-tapped SME market, whilst offering expert consultancy to enhance your offering.

Study conducted by Censuswide and originally report on by John Brazier of COVER.