Just under half of employer respondents (465) believe their organisation is a great place to work, although just 31% of employee respondents would agree, according to research by MetLife UK.
Its 12th annual UK Employee benefits trends survey, which surveyed 300 employers and 301 employees, also found that 39% of employer respondents believe their employees are loyal to them and 40% believe they are loyal to employees.
In comparison, around a third (32%) of employee respondents say they are loyal to their employer, although just 22% believe their employer is loyal to them, according
The survey also found::
- 79% of staff respondents said an increased salary will persuade them to stay in a role, closely followed by an improved benefits package (57%), increased contributions to retirement (45%), more flexible working (43%) and reduced work stress (34%).
- 82% of employer respondents see improving employees’ health and wellness as a primary benefits objective, followed by providing pension benefits beyond the compulsory system (75%), increasing staff productivity (72%) and addressing employees’ diverse needs (69%).
- 35% of employer respondents believe engagement has improved over the past year, and 18% believe it has fallen.
- In terms of retirement savings, just 15% of staff respondents said they feel confident about general investment planning, and under a quarter (24%) feel very confident about retirement savings plans.
- 73% of employees would be interested in using flexible-working options, if offered to them by their employer, 65% would use preventative care, 59% would use an on-site fitness centre, 42% would use financial counselling, and 33% would use employee assistance programmes (EAPs).
- 40% of employer respondents anticipate being affected by talent shortages over the next year, with retaining and hiring talent being key benefits challenges.
- 14% of employee respondents said they are very energetic at work.
- 10% of employees are thinking of changing jobs in the next 12 months.
Tom Gaynor (pictured), employee benefits director at MetLife UK, said: “There are significant differences between what employees and employers think which implies that employers are over-optimistic about the success of their employee benefits and engagement strategies.
“The risk is that employers are wasting significant time and money acting on the wrong things.
“The challenge is as much how to engage existing employees as it is to recruit new ones. Employee benefits consultants can advise on the products which are valued by employees as well as, importantly, how to enhance communication with employees about their benefits.
“Listening to employees is key [because], when we look at what employers believe works and what employees say they want, there are clear differences.”
Maria Morris,vice president, global employee benefits at MetLife, added: “Employees who are engaged will grow more and therefore increase productivity, so engagement is integral to the workplace.
“Employees need a caring and supportive boss, financial security, and an effective benefits programme to get under the financial needs of staff, and reflect the stage they are at in life.
“Over 60% of employers want to give new benefits to staff and over a third of workers are ready to buy new or different benefits.”