KEYPOINTS
● 84% of employees are unhappy with their employers' current benefits package
● 55% would consider switching jobs for better benefits
● 73% want flexible working hours and 57% a flexible location
● 70% would consider changing jobs for more flexible working conditions
UK & IRELAND - 13 July 2022: Employers in the UK and Ireland are at risk of losing staff over unsatisfactory benefits packages, a new study has found. More than eight out of ten (84%) the UK and Irish employees are unhappy with their employers' current benefits package, and more than half would consider switching jobs in the future to get a better benefits package.
The findings were uncovered in newly commissioned research for Boundless, a global employment, and benefits platform, which questioned 402 HR directors and 2,057 employees in the UK and Ireland.
While more than eight out of ten employees would consider changing jobs for a better salary, 55% would also consider a move for a more competitive benefits package. The vast majority (90%) of employees take the benefits package into account when considering a new job, and more than a third (37%) would move roles to secure specific desired benefits not offered by their current employer.
According to employees, the top five benefits offered by their organisation are pension, mental health support, flexible work, education/training, and additional annual leave. However, the study revealed a disconnect between the benefits being offered versus what employees desire, with a four-day working week topping the list from those surveyed. Healthcare, additional paid parental leave, family & home, and transport benefits are also high on employees' wishlists, demonstrating the breadth of different benefits sought after by employees according to their life circumstances and preferences.
According to Boundless, the research suggests that a 'one size fits all approach to benefits - i.e. offering the same benefits package to all employees - is no longer fit for purpose, and employees are more than willing to leave a company if their benefits needs are not met.
Fortunately, employers are now waking up to this risk and recognising the need to change how benefits are managed in their organisation - particularly those employing overseas workers in remote-only roles. More than half (52%) of HR directors offer a flexible benefits plan, while a further 16% would like to empower employees to manage their own benefits allowance.
Dee Coakley, CEO and co-founder of Boundless, says: "In today's hyper-competitive and increasingly global job market, it's key that employers consider how well they are satisfying employee expectations around benefits, the areas they need to improve, and how they're adapting to the changing requirements of a more flexible and demanding workforce. For example, only 10% currently give employees an allowance to choose their benefits as they please."
The research also highlights the extent to which, in the aftermath of the pandemic, flexible working is now commonplace across organisations. Many employers have stepped up to support remote working, with home office equipment, mental health provision, and money towards co-working spaces or WFH bills and expenses for employees.
Currently, almost half (45%) of employees enjoy flexible working hours, 38% location flexibility and 15% the ability to choose their own benefits, and the study shows that employees are craving even more flexibility over both their roles and remuneration. Almost three-quarters (73%) said flexible hours are important to them, while 57% prioritise location flexibility, and 35% feel flexible benefits are key. Crucially, seven out of ten employees said they would consider changing jobs for greater flexibility.
"Most organisations recognise that remote working is here to stay - this is no longer a new concept," Coakley adds. "However, there remains a big gap between the flexibility employers are offering and what employees are demanding. The organisations that take note of this will be the big winners when it comes to attracting and retaining talent."
The research was carried out online by Research Without Barriers (RWB) between 10th May and 30th May 2022. The survey sample comprised 201 UK HR directors, 201 Irish HR directors, 1,000 UK employees, and 1,057 Irish employees in companies with 150-2,499 employees.
All research conducted adheres to the UK Market Research Society (MRS) code of conduct (2019) and ESOMAR guidelines. RWB is registered with the Information Commissioner's Office and complies with the DPA (2018).
About Boundless
Boundless is a global employment and benefits platform that empowers organisations to confidently employ their international remote teams in the way that's best for their people and best for their business. It combines easy-to-use and intuitive technology with the deep local market and operational expertise to ensure full robust compliance with employment and tax regulations, which delivers a great experience for both organisations and their employees.
Founded in 2019, Boundless is active in 22 of the world's most tightly regulated countries. The company owns corporate and employment infrastructure that enables it to act as the legal employer (employer of record) on its customers' behalf. Boundless takes care of payroll, filing taxes, compliance with local employment regulations, and a flexi-benefits offering that employers can extend to employees wherever in the world they are. The company also guides employers on best practice employee benefits based on both statutory requirements and local market norms.
Boundless works with organisations of all sizes - ranging from fast-growth startups to large corporates with more than 60,000 global employees.
For more information, visit boundlesshq.com.
Tech Times sat down with Boundless' Co-Founder and CEO Dee Coakley.
Boundless co-founder and CEO Dee Coakley appeared on Tech Times Exclusives. In this episode, she discussed HR compliance for international teams and how companies must adapt to a globalizing workforce.
