Personal Group research shows only 19%of UK employees are making the most of their employee benefits package.
Let’s Talk Benefits is the latest report from the provider which explores the views of employees in terms of their benefits packages and the communications they receive in relation to schemes their employer offers.
“From our research we can clearly see employees are not making the most of the benefits they have access to. Employees recognise this and it is apparent that unsatisfactory benefits communications are to blame,” says Mark Eaton, director at Personal Group.
“If employees do not fully understand the products and services they have access to provide and how they can impact their own and their families’ lives, then they won’t use them. And ultimately if take up is limited then the employer will not see the significant return on investment they hoped for,” he comments.
Whilst the majority of respondents did not think they made the most of their benefits package, interestingly nearly half (47%) tried to measure the value of their package.
When asked what would help them better measure the value of the employee benefits package the top three support mechanisms were:
Easy calculation of the value of benefits (38%)
Receiving more information on their benefits package (34%)
Receiving more detail on specific products (32%)
“Employees want to understand their benefits package and this should not be ignored,” says Karen Edwards, Director at Personal Group.
“Whether this is through more detailed face-to-face discussions or by developing a tool to calculate financial value, employees want to be confident that what’s on offer is easily accessible and truly of value to them before they start using the products and services available,” adds Edwards.
The research also revealed a difference between the communication approaches being implemented by employers and the way employees want to learn about their benefits.
When asked about their benefit communication preferences, employees reported their top three to be:
1. Benefits book / staff handbook
2. Staff newsletter
3. Annual benefits fair
However, when detailing how their employer is currently communicating with them the findings tell a different story:
1. Benefits book / staff handbook
2. Company wide email
3. Promotional posters
“This clearly highlights the necessity of involving employees in your benefits strategy from outset, asking them how they wish to be communicated with and what they would like to hear. By doing so you are able to build a well-researched and comprehensive communications strategy which includes techniques for informing and reminding employees about the benefits programme. In turn, by communicating in their preferred ways it is likely levels of engagement and take up of the benefits will improve as a result,” concludes Eaton.
