Good work benefits ‘as important as salary’

11/10/07 18:09

Two in five employees consider benefits as important as a good salary, but 66% receive no benefits at all, according to new research.

The study, conducted by Canada Life Group Insurance (CLGI), found that employees consider benefits to be important when considering a job offer, and in particular prioritise company pension schemes to which the employer contributes.

Other prized benefits were holiday allowances of over 20 days per year, followed by a variety of insurance benefits, such as Health and Life Insurance. Maternity cover and access to a gym were lower on the list of priorities.

Interestingly, the survey showed that there is some confusion among respondents in terms of what benefits actually are. 3% thought that statutory sick pay was a benefit, and almost one in 10 thought that a basic holiday allowance also fitted into this category. This shows a need for education among employees, and possibly employers, as to what a workplace benefit actually is.

Employers also need to be aware of the importance of making employees feel valued with a good benefits package: 81% of respondents stated that they would switch jobs for one with the same salary but improved benefits.

“These results are very interesting and show how important benefits are to employees,” said Marion Ware, head of marketing at CLGI.

“We were concerned to see that only 34% received any form of employee benefit,” she added. “Considering how willing people are to switch jobs that offer better benefits, employers would be well advised to offer as comprehensive a range of employee benefits as possible.”