Low staff appreciation of employee benefits

EMPLOYEE BENEFITS

Low staff appreciation of employee benefits

As many as 37% of organisations surveyed by PIFC Consulting do not believe that employees understand the value of their benefits.

"These organisations need to engage in a programme of employee financial education to ensure their benefit spend provides an effective return on investment," says PIFC. Additionally, 29% of survey respondents are not confident that their employees understand the individual elements of their benefit packages.

Other key survey results

Over 90% of employers contribute to a pension for their employees. Group personal pensions are the most popular type of pension across companies of all sizes.

80% of survey respondents offer life assurance -- the most widely provided benefit after pensions.

Critical illness insurance is the least common core benefit among respondents, provided by 11% of employers.

32% of survey respondents offer permanent health insurance as a core benefit.

half of respondents offer employees membership of a group private medical insurance scheme.

Want to know more?

Title: An Insight into Employee Benefits: Benchmark Survey Results 2004, PIFC Consulting.

Availability: For more details contact Jonathan Sandford at PIFC, email: jonathan.sandford@pifc.com, tel: 020 7444 1895.

PIFC Consulting provides pensions, HR and employee benefit solutions to clients. To find out more visit www.pifc.com

Posted 21 September 2004