Best value benefits packages offered by financial services sector

Financial services employees believe they get the best value for money from their reward packages, according to new research from employee benefits technology provider, Zest.

Three quarters (76%) of financial services employees say their reward packages offer good value for money – the highest proportion of any sector.

Other sectors with high employee satisfaction in terms of value for money include the business services and IT sectors – 75% of employees in both sectors believed their workplace perks offered good value for money.

However, some sectors offered poor value from their employee benefits packages. Just four in ten (42%) of education employees and half (48%) of those working in the healthcare sector said they thought reward packages offered good value.

% of employees who say their benefits package is good value for money

1. Financial services (76%)
2. Business services (75%)
3. It (75%)
4. Professional services (70%)
5. Manufacturing (63%)
6. Legal services (61%)
7. Construction (57%)
8. Hospitality and leisure (54%)
9. Healthcare (48%)
10. Education (42%)

Six in ten (58%) employees admit they don’t use most of the benefits currently available to them and half (47%) feel as though their benefits are irrelevant to them. Just 45% of employees feel as though their employer listens to their needs and responds through the benefits they offer.

Three quarters (74%) of employees want more financial support in their benefits package.

The research finds that 94% of employers surveyed say company perks are now one of the first things they’re asked about by new candidates.

Given 19% of employers firms say they are struggling to keep up with competitors who are raising salaries – and 58% of employees say that they’d leave their current job if another company offered them better perks – employee benefits provide a cost-effective opportunity to attract and retain talent in a way that differs from salary.

Matt Russell, CEO of Zest, says: “Benefits are an effective approach to reward employees, but too many packages offer poor value for both employer and employee.

“Financial services firms are doing a better job than other sectors when it comes to understanding employee needs and demands for benefits and ensuring they are implementing effective support. This ensures that employees are fully supported, more empowered and more productive – this is key to meeting commercial targets and growth plans.

“This research will make painful reading for education businesses – despite four in ten stepping up investment in benefits over the last 12 months, the sector is the worst-performing in terms of value for money in the eyes of its employees. HR leaders in the education sector need to do more to reward staff otherwise they risk losing key talent who may look to switch sectors in order to access the benefits and support that they sorely need.”

Zest is an employee benefits technology company with over 500 customers, including Hargreaves Lansdown, Taylor Wimpey and Yahoo, serving over 300,000 employees. Its multi award-winning platform offers a fresh approach to truly flexible employee benefits.

Employers can use Zest’s ROI Calculator to learn more about potential savings on employer NI contributions as well as approaches to reduce talent loss and boost productivity: https://www.zestbenefits.com/roi-calculator/.