Research reveals most valued financial employee benefits

Research from financial services company Hargreaves Lansdown has revealed the top financial employee benefits.

The company’s report, entitled Workplace benefits, surveyed a total of 349 employers across the UK and found that workplace pensions are one of the most valuable financial benefits for employees, with this being cited by 36 per cent of respondents.

Valued

Other valued financial benefits for employees include season ticket loans (44 per cent) and payroll giving (43 per cent). Employers also believe that a share option scheme is a valuable benefit for employees, with this being cited by 17 per cent of respondents, whilst 9 per cent think that a sharesave scheme is the most valued benefit.

The report also revealed other types of important benefits for employees, with life insurance and group income protection being cited as the top protection benefits (91 per cent and 54 per cent respectively).

Nearly half of respondents (48 per cent) said that they will not be introducing any new financial benefits in the next year, whilst 58 per cent will not be adding any new protection benefits.

The report also found that 6 per cent of employers believe that total reward statements are a very valuable tool when it comes to retaining staff.

Equipped

Hargreaves Lansdown Head of Workplace Research Nathan Long noted that the very best staff are more likely to be recruited and retained by employers who offer the best rewards and a tailored benefits package.

He commented that: “Everyone is different. So when creating or reviewing a benefits package, employers must consider the different needs of their workforce.”