New research shows wider benefits are key in attracting and retaining talent, but management has a challenge in capitalising on this opportunity. Comment from Phil Ainsley, Equiniti’s Managing Director of Employee Services.
Research from Equiniti, a leading investment and pension technology company, shows the importance of total benefits packages in the modern workplace. In its inaugural report, “The Changing Landscape of Talent Management”, a survey of over 6,000 savers and investors found that nearly four fifths consider their employee benefits package as quite or very important as part of their remuneration package. The research, carried out with employees and investors from Equiniti’s clients1 which includes about half the FTSE 100, also showed that a third of employees said that their benefits package impacted their decision to move to their current employer. While two thirds say it would impact their decision to move to a future employer.
In a time of wage stagnation, benefits packages are becoming increasingly important when it comes to attracting young talent. 41 percent of people under 35 said that wider benefits had impacted their decision to join their current employer, that figure rocketed to 86 percent, when asked about moving jobs in the future. While only 30 percent of those over 45 said benefits had impact their decision to move to their current employer. Commenting on the findings, Phil Ainsley, Equiniti’s Managing Director of Employee Services, said: “A competitive salary is a given when attracting talent but the significance of total reward and benefits in the employee’s decision to join, stay or leave a firm is increasing. Young employees in particular are looking for a reward and benefits package which enhances their lifestyle or improves their overall financial wellbeing and Equiniti’s research shows that.
He continued: “The challenge facing employers is identifying what truly works; what successfully attracts, motivates and keeps the best people. The HR toolkit has historically suffered from a data gap; having only fragmented and incomplete people analytics reporting available. With increasing pressure at Board level to provide demonstrable performance improvements and ROI, HR directors will need to consider the workforce as a discrete economy and put solutions in place that take people analytics to the board room in a meaningful way. It’s not necessarily about outsourcing (although this is certainly a factor to be considered), but taking out employee costs to the business such as low productivity due to presenteeism (working while sick) or unnecessary high insurance claims such as private medical or employer’s liability.” On the research, Phil concluded: “The number of respondents to this study reflects Equiniti’s position as leading services provider to the UK’s largest companies, giving us unparalleled access to the workforce.