Read Yolk Recruitment's full benefits survey results to discover biggest motivators and challenges for employers and employees in Wales when it comes to attraction and retention.
Employee Benefits Survey
We surveyed 100 Welsh employers and 100 employees to discover biggest motivators for employees and challenges for employers to help improve candidate attraction and retention, these are our findings.
48% were fairly satisfied with their benefits package and only 16% very satisfied suggesting a healthy satisfaction level that still leaves room for improvement.
'How satisfied are you with your current benefits package?'
Most common benefits currently received:
Pension scheme – 68%
25 days or above annual leave – 66%
Free tea/coffee/cold drinks – 68%
Paid Christmas party or lunch – 68%
On-site/free parking – 64%
Least common benefits currently received:
Private healthcare – 74% do not receive
Option to buy or sell annual leave – 76% do not receive
Subsided gym membership – 76% do not receive
Financial planning assistance – 78% do not receive
20% don’t know if they receive leave for bereavement and 22% don’t know if they receive enhanced maternity/paternity/shared parental leave, suggesting a need for transparency for benefits packages.
Most important when considering a job
Most important benefits when considering a job were training and development (64% consider a must have or important) and opportunity for career progression (74% consider a must have or important).
This suggests candidates are more motivated by self-development benefits rather than tangible perks such as paid for Christmas party and subsidised meals.
Benefits as factor to leave
63% say a poor benefits package alone has not been a factor for leaving a job. This suggests that other areas such as management or progression may contribute to leaving which backs up findings on career progression and development being a top motivator.
'Has a poor benefits package ever been a factor in you leaving a job?'
From the 100 companies we surveyed, on average 85% believe their annual leave, salary, pension, working hours, bonuses and training are good enough to attract and/or retain talent. Only 24% of respondents offer a flexible benefits scheme.
63% of respondents offer flexible working hours to some or all staff and 28% offer to all.
'Do you offer flexibility in hours worked?'
Who qualifies for this benefits is most commonly dependent on personal circumstances upon request (47.3%) and requirements of the role (33.78%) and performance plays no part (1.35%).
Most common benefits offered by respondents include free onsite parking (74%) and free tea/coffee/cold drinks (92%). Dental cover and subsidised gym membership are offered the least with only 22.5% and 31.5% offering respectively.
25 days was most common basic annual leave allowance with 32% of respondents offering as part of their package.
'What is your basic annual leave allowance?'
59% of respondents offer service related accrual (most commonly a maximum of 5 days) and 78% do not give option to buy or sell leave.
Only 18% believe their annual leave policies are not good enough to attract or retain talent.
70% of respondents offer a defined contribution pension and 67% of these companies give standard 3% contribution. Only 3% offer a defined benefit pension and no respondents offer a hybrid scheme.
'What pension scheme do you operate?'
90% of companies’ review salaries regularly, most commonly annually (69%). Salary increases are most frequently based upon performance (80%) with collective consultation/bargaining having little impact (12%)
'Which of the following are salary increases based upon?'
93% of respondents feel their salaries are competitive locally. However, our candidate survey results suggests progression and training are bigger motivators.
Those that offer companywide bonus schemes (52%) most frequently base them on both company and personal performance (51%).
'What are bonuses based upon?'
The value of these bonuses is most commonly between 0 - £2,000 (61%).
'What is the average annual value of the bonus scheme to employees?'
Respondents show awareness of key candidate motivators of personal development (as displayed in our candidate survey results) by offering paid leave for training or studying (74%) and funding training (94%).
94% of companies also offer external development courses and 90% internal training programmes.
64% of respondents feel their training and development offering is good enough to both attract and retain talent.
'Do you feel your 'training & development' benefit is ...'
Cost was seen as the biggest respondents challenge faced in relation to their benefits scheme (58%) whilst technology was the least challenging factor (10%).
'What are the challenges you've faced in relation to your benefits scheme?'
The most common cost per head for benefits packages was 'up to £1000', however, 47% of respondents answered 'do not know'.
'What is the average cost per head of your overall employee benefits package including pension, bonus, insurance etc?'
Respondents plan to spend roughly the same (61%) or more (35%) on employee rewards signifying an awareness of the importance of their packages on candidate attraction and retention.
Whilst 63% of employee respondents state a poor benefits package alone would not cause them to leave a job, other areas such as progression and training are key motivators that play a part in job satisfaction and can be brought into a benefits package to improve attraction and retention.
Our findings show Welsh companies feel they bring a healthy offering to employee benefits packages. However, our survey also suggested that employees are not always aware of all benefits that are on offer. Results also show that a high percentage of employers aren't aware of the cost, even though this was seen as the biggest challenge.
Welsh employers may improve their employee attraction and retention by being transparent and clear about what their benefits package offers and what the cost and implications are for the business.
Start shouting about your benefits package:
- Educate all new employees on your benefits offering including more specific ones such as maternity and bereavement leave
- Update employees regularly of any changes to your benefits package
- Include all your benefits on job adverts
- Ensure you communicate all of your benefits to your recruiter
Get in Touch
For more help on advice on getting your employee benefits package right get in touch with one of our specialists on 02920 220078 or visit yolkrecruitment.com