Employers can’t afford to keep their best perks quiet

A new survey has revealed that just half of employees fully understand the workplace benefits available to them.

This not only results in millions of workers missing out on perks they’re entitled to, but also puts businesses at risk of losing valuable talent.

Employees seeking workplace benefits

While salary is important, many employees are focusing more on the workplace perks available to them.

The latest Totaljobs survey shows that for employers, this is reflected in the hiring process – 28% say candidates frequently drop out due to unsatisfactory benefits.

This is resulting in more businesses looking to expand or introduce new benefits to retain and attract talent.

Knowledge gap between what a business provides and what employees realise they’re entitled to

The report found that just 53% of UK workers understand the benefits they’re entitled to.

HR leaders were asked which benefits workers seem the least aware of:

• Wellbeing benefits – such as mental health support, virtual GP services, discounts on gym memberships etc.
• Lifestyle benefits – including things like discounts, food, travel, social events.
• Learning and development – such as training, skills, career pathways.

Clearly communicating the value of benefits could be what attracts a candidate to apply, or what convinces a valued employee to stay

Commenting on the findings, Luke Mckend, Managing Director at Stepstone Group, said, “Salary will always matter, but in today’s labour market, benefits can often be the deciding factor.

“With ongoing cost-of-living pressures and candidates thinking more carefully about what they need from an employer, people are looking beyond pay alone and assessing the full package on offer.

“Whether it’s access to mental health support, cycle-to-work schemes or meaningful learning and development opportunities, these perks can have a real impact on both financial wellbeing and long-term career prospects.

“At a time when businesses are facing skills shortages and increased competition for talent, employers can’t afford to keep their best perks quiet. Clearly communicating the value of their benefits could be what attracts a candidate to apply, or what convinces a valued employee to stay.”

To find out more about contracting, please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.