EMPLOYEE BENEFITS
One in seven companies flex benefits
One in seven companies offers some form of choice regarding employee benefits, according to Watson Wyatt's 2002 Employee Reward and Benefits Report.
Watson Wyatt reckons "full" flex is more attractive for senior positions, in part because such employees have employment packages sufficiently sizeable. More basic flexibility, such as voluntary benefits, is typically offered to junior staff.
Employee eligibility for flexible benefits*
| Senior staff are the most likely to be offered full flexible benefits plans . . . | |
| Directors and senior managers | 91% |
| Managers and professionals | 83% |
| Supervisors | 69% |
| Clerical staff | 60% |
| Manual workers | 46% |
* Expressed as percentage of companies with scheme.
Benefits flexed within the scheme*
| Wherever a company has positioned itself on the flexibility spectrum (from voluntary benefits to "full" flex), a number of benefits are typically made available . . . | |
| Private medical insurance | 69% |
| Company cars | 60% |
| Holidays | 60% |
| Life assurance | 37% |
| Dental plans | 34% |
| Pensions | 31% |
| Childcare | 17% |
| Critical illness | 9% |
* Expressed as percentage of companies with scheme.
What you will find in this report
The 47-page Watson Wyatt report provides data on:
Want to know more?
Title: 2002 United Kingdom Employee Reward and Benefits Report, Watson Wyatt.
Methodology: Participants completed a detailed questionnaire.
Survey sample: The survey is based on information collected from 272 of the UK's leading companies providing benefits to over 700,000 employees. A list of participants is included in the report.
Availability: The report is available from Julie Newman, tel: 01737 274477, or email: julie.newman@eu.watsonwyatt.com, priced £295.
To read the press release online visit . . .
www.watsonwyatt.com/news/press.asp?ID=10137
Watson Wyatt is a global consulting firm focusing on human capital and financial management. It specialises in four areas: employee benefits, human capital strategies, eHR, and insurance and financial services. Watson Wyatt has more than 6,200 associates in 87 offices around the world.
Posted 24 July 2002