Benefits
Salary is not the only component of an individual’s remuneration package and so it’s crucial the wider benefits offered are considered. As payroll’s remit expands, benefits are naturally something the CIPP is interested in, especially where there are other legislative intricacies, such as NMW implications.
Benefits offered
90%
80%
77%
80%
73%
71%
70%
61%
60%
50%
50%
50%
38%
36%
40%
27%
27%
30%
16%
20%
9%
10%
0%
0
Once again, we see large responses to childcare vouchers, cycle schemes, healthcare and life assurance. What we can see is a large variety in the benefits packages available to employees now. Of the respondents who answered this question, none indicated that they don’t offer any benefits at all. This shows employers are engaging with wider reward strategies. As the labour market has evolved over the last year, greater emphasis is being put on recruitment and retention beyond the traditional salary. Healthcare (80%), childcare vouchers (77%) and life assurance (73%) are the most provided benefits. This supports the trends being seen in employee well-being and how important it is to employees seeking jobs and employers looking to retain staff. Cycle to work schemes have remained highly popular, even with the shift to working from home. As more employers make this change, it should be noted that the qualifying journey rules are still in place and need to be adhered to for these schemes. These may change in the future and are something to keep an eye on. Also popular are company cars and car allowances, with benefit in kind rates for electric cars being significantly lower than petrol and diesel cars currently, this is becoming popular. Interestingly, no respondents reported offering onsite childcare.
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