POSTED: December 11 2021
40% of staff in SMEs would leave for better employee benefits

40% of staff in SMEs would leave for better employee benefits

According to a recent survey by Unum UK, four in 10 employees working in SMEs in the UK would consider leaving their roles to gain better employee benefits.

These employees believe that the employee benefits on offer were a key influencing decision on whether they stay with an employer or not.

The research included responses from 500 decision makers at SMEs, which showed that although 78% consider employee benefits as vital to both recruitment and retention, only 37% have re-evaluated their offerings since the beginning of the pandemic.

Of those who have reassessed their employee benefits packages since March 2020, almost half (48%) were prompted to do so after listening to the needs of their workers. A fifth (21%) recognised that they were struggling to attract new staff with their current package – while a similar proportion (20%), said they knew their competition offered better employee benefits packages.

The approaches to employee benefits offerings were mixed: 32% said they have no plans to implement changes, 46% opting to concentrate on pay bonuses, 42% choosing to increase salaries, and 34% facilitating remote or hybrid work policies. Only 16% said they would consider boosting employee benefits packages as a retention tool.

Mark Till, CEO of Unum, explained that as SMEs reassess their employee benefits offerings to fit the changing needs of staff, they should not assume that money means everything.

“Bonuses and pay rises are of course welcome in an environment of rising inflation, but both current employees and future recruits clearly place a value on their broader employee benefits packages that cannot be expressed in pounds and pence,” he said.

“Overlooking this has the real potential to put staffing levels at risk in an increasingly competitive external market.”

If you’d like to re-assess your employee benefits offerings, talk to advo today.

 

Original article here.