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Employee Benefits News

Latest News
03 May 2018

Company pension schemes seen as most important benefit

Employees value their company pension scheme above all other workplace benefits, according to new research from Jobsite.

The online job board questioned 500 UK employees, revealing that they consider a pension scheme to be more important than a bonus or private healthcare.

More than eight in ten (82%) said their company pension scheme is an important employee benefit, and over two-thirds (68%) would think twice about taking a new job that didn´t offer a decent pension scheme as part of the role.

Thinking about other benefits available to employees, 65% of respondents said they view a performance-related bonus as important, even though this is something that only 30% currently receive as part of their reward package. Over half (51%) said that private medical care is an important benefit, despite only 23% receiving this. And another 55% highlighted mental health and stress support as an important benefit, while only 23% have this available to them through their employer.

Benefits that were considered less important included season ticket loans (26%), time off to volunteer for good causes (28%), and a day off on their birthday (33%).

Jobsite´s chief executive, Nick Gold, commented: “Many employers often believe that offering higher salaries is the way to improve the quantity and quality of applicants they receive through the door for a vacancy. Nowadays, professionals are not just looking for more money in their pockets right now — especially where many feel they are subject to pressures of increasing working hours. Some are thinking more long term, and how their employers can help them reach their retirement goals sooner.

“The answer might lie instead in diversifying their attraction strategy by highlighting other elements of their company benefits packages, in particular their pension schemes. Despite the media attention pension funds are currently receiving as big businesses struggle financially, workers are still placing trust in their employers to help them grow their retirement investment funds.

“Employers would be well advised to address this demand and advertise new vacancies accordingly.”

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