Seven in 10 (70 per cent) employees say they’re dissatisfied with their employer’s current benefits plan, according to a new survey by Robert Walters Canada.
The survey, which polled more than 500 employees, found more than a quarter (27 per cent) agreed the benefits their employer offers are mostly trivial and do more to attract employees rather than retain them. More than half (54 per cent) agreed the benefits their employer offers are a significant factor in their loyalty to their company and three-quarters (76 per cent) said employee benefits are very important to them when considering a job offer.
Six in 10 (58 per cent) said they’re fully utilizing the benefits available to them and 49 per cent said they positively impact their overall job performance and productivity. However, more than a third (35 per cent) noted they’d consider switching to a company offering a lower salary if it provided better financial benefits. Whats more, two-fifths (42 per cent) of respondents who receive annual bonuses and have an employer-sponsored pension plans reported these benefits significantly enhance their loyalty to their company and positively impact their overall performance and productivity.
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Among the top financial benefits that respondents said they consider in an employment offer are annual bonuses (88 per cent), pension/retirement savings plans (56 per cent), equity (22 per cent), discounted share/stock options (eight per cent) and mobile phone/internet plan allowances (five per cent).
Although nearly all respondents said they receive health/medical and dental insurance, just 35 per cent feel fully informed on how to maximize the use of their insurance benefits and 13 per cent said they aren’t satisfied with them. Respondents’ most-valued insurance benefits were health/medical insurance (95 per cent), dental insurance (85 per cent) and critical illness insurance (eight per cent).
The survey also found 77 per cent of respondents chose hybrid working as their top vacation and flexible working benefit. Indeed, 46 per cent said they’d seek a new job if required to work in the office more than they currently do and 54 per cent said they wish they had more vacation or paid time off.
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When it comes to family benefits, 58 per cent of respondents who receive enhanced maternity leave stated their workplace benefits are a significant factor in their loyalty to their employers. Among the top family benefits that respondents said they’d consider in an employment offer are tuition contributions (32 per cent), enhanced paternity leave (22 per cent) and enhanced maternity leave (32 per cent).
Two-thirds (67 per cent) said they consider personal development funding important when considering a new job offer, followed by work-from-home subsidies/equipment (44 per cent) and team-building activities and days out (34 per cent).
“Annual bonuses, pension contributions, and flexible work policies — to name a few — are considered essential elements alongside base pay,” said Martin Fox, Robert Walters Canada’s managing director, in a press release. “If employers fail to communicate or offer attractive benefits, it could seriously impact both attraction and retention levels, as well as overall employee engagement and productivity.”
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