Employee benefits are lagging behind the rapid rate of workplace change, according to a new report* with employers losing out on top talent as a result. The report reveals that 60% of employees say they have chosen one job over another simply because it offered a better benefits package.
The Global Benefits Report for 2022, surveyed 2,500+ employees and decision makers in five markets covering a range of geographies and labour markets: Brazil, Eastern Europe, India, the UK and the US, placing quotas on company size, gender, and work setup for on-site, hybrid, and fully remote companies and employees.
KEY FINDINGS
Benefits are an underestimated superpower for employers
Benefits are an area where many employers may not realize they are lagging behind. While almost all (90%) of company decision makers believe that their employees are satisfied with their benefits, less than three-fourths of employees indicate they are actually satisfied. In addition, 77% of employees state that they have experienced challenges with the benefits and perks offered by their companies
Employees are turning down offers for better benefits
The impact of not offering the right benefits can be debilitating for companies looking to scale. A massive 60% of employees say they have chosen one job over another because it offered a better benefits package. Additionally, over one-third (35%) of global employees state that they have turned down or left a job due to issues or concerns with the benefits offered.
Flexibility is key
For remote and hybrid workers in particular, flexibility is the key, with the majority of these employees (57%) ranking flexibility as even more important than their compensation.
Benefits are more important when economic challenges arise
When economic challenges arise, benefits become more important than ever. An overwhelming 88% of employees say having good benefits that cover their fundamental needs becomes even more important when money is tight. Additionally, 79% agree that if a company needs to freeze salaries due to a difficult economic climate, offering a good benefits package can still set it apart as an appealing place to work.
*Remote
The full Global Benefits Report can be accessed here.
