Partner Article

Flexible benefits on the rise, say employees

A third of employees suggest that flexible benefits offered by their bosses are on the rise.

According to a new survey by The Chartered Institute of Payroll Professionals, 32% of employees believe such benefits, offered on top of their basic salary, are rising.

The research also found that employees regard these benefits as high in value, with 85% of respondents rating them as either important or very important.

Diana Bruce, senior policy liaison officer at the CIPP, said: “With many employees experiencing pay freezes and even pay cuts it is more important than ever that individuals feel they are getting the maximum value from any benefits provided in the workplace.

“The employer’s task is not a simple one as they too are looking for the best value from their spending so the requirement to source the most cost effective benefits, whilst ensuring the provision of optimum reward for their staff is vital.”

The most popular benefit was shown to be pensions contributions, identified by 77% of respondents.

Closely following are childcare vouchers, identified by 73% of employers, and then healthcare benefits (50%) and payroll giving (49%).

Diana added: “The survey results show that employees feel that benefits are an important part of the remuneration package, so effective communication of what’s on offer is key to ensure staff feel valued during these stringent times.”

Arising from the survey, it was also shown that over a fifth of employers did not offer flexible benefits to their employees.

This was posted in Bdaily's Members' News section by Tom Keighley .