New research shows that employees want to be able to change their benefits and are looking for a wider range of options than those traditionally offered by companies. We look at how to adapt to these changes.

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Employee benefits: is it time for an update?

Most companies offer benefits to their workers but are they the ones people want? New research shows that 82% of employees believe their benefits package should change as their personal circumstances and priorities change. And the range of benefits might surprise you, with 48% saying they’d value mortgage advice.

So what does this mean for businesses and how can you adapt?

What the research shows

The survey of more than 400 employees, directors and business owners, run by Davidson Asset Management, shows that 71% of respondents think benefits are important but that they may be interested in a wider range of options.

Pensions were still seen as important, with 90% of those aged 30 and over, and 79% of those under 30 saying it was in their top four most valued benefits. But a small but significant number mentioned other benefits they would like:

• 48% view mortgage advice as a useful benefit
• 20% want “entrepreneur time” as a benefit
• 24% would like their employer to reimburse them for their degrees

71% said they would like their employer to provide them with a pot of money to be spent on employee benefits, giving them more power of what they chose.

What this means for businesses

Clearly, flexibility is key. But it’s important that, before you rush out and make changes, that you know what your staff want. Here are some steps to take to understand what would work for your business.

• Look at uptake of your current benefits. See how many people are taking them and which are most popular.
• Check employees know what’s available. Sometimes uptake is low because people aren’t informed.
• Ask employees what they’d like. Conduct a survey and gauge interest in the range of benefits available and whether alternatives would be preferable.
• Look at the costs involved. If you are looking at new benefits, check out suppliers (if you need to) and run some calculations about the costs. Do check that you could afford to support these before you make any announcements to employees.
• Think differently.Not all benefits need to be provided by an outside company and some of the alternatives are highly valued. And they may even save you money and increase productivity.
  • Flexible working: according to research by Arise, 58% of workers would take a pay cut if they could work from home.
  • Free tea and coffee: research by Keurig showed that 80% of employees said they felt more motivated if they got simple perks like good quality tea and coffee

Ready for the next step?

If this has motivated you to review your benefits scheme, check out our series of business advice articles on the Sage website.