Employees could gain 13% pay from benefit maximisation – Personal Group

An employee earning the UK average salary of £27,600 could obtain the equivalent of a 13% pay rise if they were to ‘realise some of the employee benefits most relevant to them’, according to employee services firm, Personal Group. Its research also shows that employers can save more than £125,000 a year by implementing a holistic benefits programme, including discounts, the use of staff surveys, e-payslips and total reward statements.

The main benefit to employers is derived from a reduction in staff turnover, which costs organisations an average £5,433 in recruitment per head plus up to a further £25,000 in lost productivity during the first 28 weeks of each new hire.

Mark Scanlon, chief executive of Personal Group, said:

‘With total pay falling in real terms, employers and employees up and down the country are feeling the squeeze. A company’s benefits strategy should address the specific challenges faced by staff, supporting their long-term physical, financial and emotional wellbeing as well as making a difference to their wallet today.’

For further information, please visit: www.personalgroup.com