71% Would Leave Their Job For Better Pay And Benefits: Is Your Package Competitive Enough?

Is Your Benefits Package Competitive Enough?

You can’t rely on employee loyalty in 2024. Your top talent knows their worth and are ready to move for the right opportunity. In fact, 51% are looking to move jobs within the year.

You also don’t want your perks to put off potential new hires, as 41% said a good benefits package is their top priority when seeking a new employer.

Employer Offering Vs Employee Wants

By understanding what company benefits employees actually want, you can make relevant adjustments to your offering to stop them from going elsewhere. We asked employees what benefits they currently receive:

Employee Wish List

We then asked employees what benefits they would like to receive, to see if their preferences match with what’s currently being offered.

As you can see, employee priorities don’t necessarily align with that of employers. Armed with the knowledge that over two-thirds of your workforce would leave for better pay and benefits, is it worth reviewing your perks to align better with the wants of your team?

Boost Retention with Top-Tier Benefits

This statistic highlights just how crucial it is to offer a competitive benefits package. By providing top-tier benefits, you’re not just showing appreciation for your employees—you’re fostering loyalty, boosting job satisfaction, and creating a more motivated and engaged team. Let’s dive into how the right benefits can help you retain your top talent and build a thriving, happy workplace.

Competitive Protection Benefits 🔒

More than a fifth of employees want employers to protect them and their loved ones with insurance, and it’s not hard to see why:

• Group Life Insurance: Pays a lump sum to loved ones if an employee passes away while employed by you
• Group Critical Illness Cover: Pays a lump sum to an employee if they’re diagnosed with a serious illness
• Group Income Protection: Pays a monthly income if an employee is unable to work through illness or injury.

Core protection benefits offer your team something priceless: peace of mind. It shows your commitment to their wellbeing, boosting morale and satisfaction. Plus, many policies come with added perks, such as Virtual GPs and wellness apps – giving you more for your money.

Competitive Health Benefits 🤸‍♂️

57% of employees said they want perks for health and wellbeing, such as Health Insurance, Health Cash Plans, and Corporate Gym Memberships. And as 24% think their employer is lacking when it comes to their mental and physical wellbeing, these benefits are an effective and valuable addition to your offering.

Some of the most competitive health and wellness benefits include:

• Group Private Medical Insurance
  Company Health Insurance lets employees skip lengthy NHS waiting lists to access private medical care
• Corporate Health Cash Plan
  Cash Plans offer a more affordable alternative to Private Health Insurance, giving employees a cash subsidy for various healthcare treatments
• Employee Assistance Programme
  EAPs are a confidential helpline service to support employees with personal struggles
• Corporate Gym Membership
  Company gym memberships provide employer-enabled access to fitness facilities and discounted rates
• Virtual GP
  Virtual GPs offer a phone/online service for quick access to GP appointments.

Investing in your employees’ health is a smart move for your business. These benefits can provide peace of mind for both you and your employees, preventing minor issues from escalating into problems that require sick leave. It also helps employees get back to work faster if they do need time off.

The employee benefits you set up several years ago may no longer be the most effective use of your budget now. As demands change, it’s important for you as an employer to keep up with competition. That’s where benchmarking comes in.

It’s a crucial exercise for your business, but takes time to carry out, which is why our experts are on hand to help. Call us on 02074425880 or email help@drewberry.co.uk to get started.

Nick Nelms
Senior Consultant, Employee Benefits

Competitive Work-Life Benefits ⚖️

Work-life balance is a huge priority for employees. In fact, it was the top reason given for happiness in the workplace. There are a number of low or no-cost benefits that you can implement to help your team find that happy medium.

Some of the most competitive work-life benefits include:

• Flexible and hybrid working
  32% said they value their flexible and hybrid working benefits the most, so giving employees more flexibility over how and when they work is a smart move
• Reduced working week
  This was the most sought-after perk, with 39% of employees wanting a shorter work week over any other benefit. Whether it’s a four-day week, early finishes, condensed hours, or a nine-day fortnight, there’s plenty of options to boost your employees’ work-life balance, and keep them loyal to your company
• Free snacks and drinks in office
  If you have mandated office days, think about what you can do to make your premises more enticing to your team. 19% of employees said they wanted their employer to provide free refreshments while on-site. You can even tie this into your health and wellness plan, offering healthier alternatives for your team to snack on
• Enhanced leave/sabbaticals
  Perhaps one of the easiest perks to implement is enhanced holiday and allowance for employee sabbaticals. 23% of those surveyed said they wanted more time off as part of their benefits package. Schemes such as Holiday Trading can help your employees achieve a better work-life balance.

Competitive Financial Benefits 💰

40% want financial support, including salary sacrifice schemes, retail discounts, travel season tickets, and workplace nurseries.

Some of the most competitive financial benefits include:

• Salary sacrifice
  Schemes such as Cycle To Work and Techscheme can make larger purchases more accessible, and offer potential savings on National Insurance Contributions for both you and your employees
• Retail discounts
  Vouchers, discounts, and cashback offers are a simple way to ease employees’ financial stress
• Season ticket loan
  Travel loans spread the cost of travel to and from your premises
• Workplace Nursery
  Workplace Nursery schemes provide affordable childcare, involving a contract with a facility.

Interestingly, 30% of employees have started (or are thinking about starting) a side hustle, mainly to top up low income. If you want to avoid employee burnout, offering financial perks will mean less need to graft for supplementary income.

Competitive Development Benefits 👩‍💻

17% of employees we surveyed said they want investment in their training and development as part of their benefits package.

Some of the most competitive development benefits include:

• Financial wellness
  Independent financial advice is a brilliant service that’s often out of reach for many. By offering paid access to an adviser, you’re enabling employees to make guided decisions around money, and letting them know that you prioritise their financial wellness
• Courses and accreditations
  Ambitious employees want to develop as professionals while employed by you. And your business benefits from having engaged employees that are continually learning. Try allocating a professional development budget for each employee or department as part of your package
• Career planning and workshops
  Alongside their professional courses, nurturing employee career paths within your organisation is a solid strategy for retaining your staff. By clearly outlining and encouraging a roadmap for progression, employees are more likely to stay longer.

Create A Truly Competitive Benefits Package With Drewberry

Setting up and maintaining a competitive employee benefits package requires a decent bit of admin, which quickly becomes time consuming. We live and breathe employee benefits, doing this day in-day out for businesses just like yours. We look at the big picture, getting to know your unique workforce and benchmarking your offering against competitors.

Best of all? We have access to the most competitive rates on the market for core benefits, such as Group Life Insurance, Group Health Insurance, and Group Critical Illness Cover. Give us a call on 02074425880 or email help@drewberry.co.uk.

Why Speak to Us?

We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

• We are award winning 🏆 independent insurance advisers who work with all the leading UK insurers
• You’ll speak to a dedicated expert from start to finish
• We are very proud of the 3900 and growing independent client reviews rating us at 4.92 / 5
• We are authorised and regulated by the Financial Conduct Authority. You can find us on the financial services register here 🧐
• Claims support when you need it most.