3. London leading the way There are significant disparities between the prevalence of benefits offered in different parts of the country and in different industry sectors. • According to employees, it is businesses (of all sizes) in London who are leading the way on the provision of employee benefits. • Just 10% of employees surveyed who work in London said their employer provides none of the benefits listed, easily the best result around the country, compared to 29% of those working in Yorkshire & the Humber and 27% of those working in Wales and the North East respectively. • Companies in the capital are particularly far ahead in the provision of financial benefits, with over half of London–based employees (52%) saying they receive financial bonuses or incentives for example, but workers in London are also much more likely to be offered the opportunity to work flexibly or remotely (52%), with the next most likely region for employees to be offered this the South East (33%). • On a sector basis, companies in the IT & telecoms sector seem to be offering the most benefits, with just 9% of employees in this sector saying their employer doesn’t provide any of the listed benefits. At the other end of the scale, more than one in three workers in the hospitality & leisure sector (37%) claim their employer provides them with none of the perks listed.
In a competitive labour market where small businesses are in direct competition with larger firms, unsurprisingly SME’s are being comprehensively out–gunned by their larger rivals on employee benefits packages. Large businesses, which usually have dedicated HR teams, are more likely to provide almost every type of benefit listed in our study. • One in five (22%) of all employees said their employer provides no benefits, rising to one in three (34%) for employees of SMEs. • According to employees, the most common benefits being provided by SMEs are financial benefits, with six of the top ten most common benefits offering some form of financial reward or discount such as financial bonuses; pension contributions over the minimum legal requirement; discounts on leisure and shopping; or free or subsidised travel. • The single most commonly–provided benefit, according to employees of SMEs, is flexible and/ or remote working, provided by 28% of small and medium sized firms. However, other ‘perks’ offering flexibility or increased work–life balance are relatively uncommon. • Benefits revolving around socialising are also relatively prevalent in SMEs, with 22% of SME employees saying their employer organises team social events or functions, and 10% saying they have socialising space within the work environment, such as a games room or a chill–out area. • There is a huge disparity between the benefits employees say they are offered, and what employers say they offer. This suggests that SMEs have a communications challenge. They are either not making it clear to employees what benefits they are entitled to, or they are providing benefits that are irrelevant to employees and therefore not stimulating their interest, or even awareness, at all.
Whitepaper – The Engaged Employer 08
Made with FlippingBook - Online magazine maker