Employee benefits are always going to be a tempting lure, hence why we call them benefits; however according to recent research conducted by Canada Life Group Insurance many companies may be missing out on potential gains due to a lack of clear information regarding these benefits, rather than a lack of perks themselves.

The research revealed that 85% of employees are more likely to work for employers who offer clearly labelled workplace benefits, but also demonstrates that these same people often struggle to understand what exactly they are being offered; this lack of clarity is presenting business leaders with something of an issue when it comes to both the recruitment and long-term retention of staff.

Those aged 25-34 seem to struggle most in this regard, with a massive majority of 94% agreeing that better labelling would help them to decide on a potential employer. Alarmingly, this lack of clarity seems to continue even after employment has commenced, as evidenced by the shockingly low figure of just 37% of respondents who stated that their employer is ‘very transparent and helpful’ on the subject of workplace benefits.

Additionally, 31% of respondents said they wish their employer would provide more information, however as many as 19% said they only received benefits information when they first joined the company, the subject never arising again. 13% admitted that they wouldn’t even know who to ask to acquire such information.

Paul Avis, Marketing Director at Canada Life Group Insurance, said of the research and its results, “Our research has shown that employees do consider what benefits are available to them when deciding which employer to work for, and rightly so, but is enough being done to communicate their value? For example, our support services alone provide £180 value per employee every year to those insured for Group Income Protection, and £205 for employees covered under a Group Critical Illness policy with us. In a period of low wage inflation so much more can be done to clearly communicate the value of what an organisation has already paid for.

“It is very encouraging to see younger employees in particular are taking such an interest in workplace benefits. However, there does seem to be a worrying lack of clarity about what is available and who employees should direct their enquiries to. Proactive, on-going messaging with clear internal ownership is needed.

“Employers tend to provide these communications around induction but, to get the best from their company’s benefit spend, this needs to be maintained and provided to all staff rather than just new joiners. Insurers and advisers have a role to play in providing information and materials to help give employers the tools to drive positive conversations around their benefit packages. With a raft of superb communications in many different formats available to them, employers should actively engage with all their benefits providers to see what they can provide.”

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
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