Employee Benefits
5 must-know stats from the European Employee Benefits Survey 20235 must-know stats from the European Employee Benefits Survey 2023
5 must-know stats from the European Employee Benefits Survey 2023
Employee Benefits
Oct 5, 2023
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If you’re involved in talent acquisition, you’ll know just how hard attracting and retaining great employees has become over the last few years.
And this is because the workforce landscape has changed dramatically: We’ve tackled a global pandemic, a shift to remote work, the great resignation and now we’re amid a cost of living crisis that means staff expect more while our HR budgets tighten.
Despite all this change, many organisations haven’t updated their employee benefits package to reflect their staff’s inevitable change in needs. And make no mistake — your employee benefits matter.
To give you some reliable insights, we surveyed 3,000 city-based professionals across Europe to find out what they think about their current benefits package, and what they’re looking for in employee benefits in 2023.
Here are just a few highlights from the survey that could (and should!) change how your organisation approaches their benefits program:
And this is because the workforce landscape has changed dramatically: We’ve tackled a global pandemic, a shift to remote work, the great resignation and now we’re amid a cost of living crisis that means staff expect more while our HR budgets tighten.
Despite all this change, many organisations haven’t updated their employee benefits package to reflect their staff’s inevitable change in needs. And make no mistake — your employee benefits matter.
To give you some reliable insights, we surveyed 3,000 city-based professionals across Europe to find out what they think about their current benefits package, and what they’re looking for in employee benefits in 2023.
Here are just a few highlights from the survey that could (and should!) change how your organisation approaches their benefits program:
1. Only 50% of employees are happy with their current benefits package1. Only 50% of employees are happy with their current benefits package
1. Only 50% of employees are happy with their current benefits package
A lot of organisations think there’s nothing wrong with their benefits package because they don’t get any complaints about them. But when was the last time you asked for feedback on the benefits package you offer? And how much do your employees actively use their perks?
According to our survey, only half of employees are happy with the benefits package their employer offers — whether they tell you that or not.
2. 90% of jobseekers say employee benefits impact their job search2. 90% of jobseekers say employee benefits impact their job search
2. 90% of jobseekers say employee benefits impact their job search
Clearly, a good employee benefits package isn’t just about keeping your current employees happy in their jobs – it’s crucial for attracting new talent too. A huge 39% of those who took the survey said employee benefits have a “large impact” on whether they choose to work with a new employer or not, and 51% said it has “some impact”.
This also raises the question: Is your benefits package good enough to stop you from losing your best employees to a competitor with a better package? It could be costing you more than you think.
3. 37% would take a better employee benefits package over a higher salary3. 37% would take a better employee benefits package over a higher salary
3. 37% would take a better employee benefits package over a higher salary
The cost of living crisis has put a lot of organisations in a difficult position: Staff are seeking higher salaries to cope with rising costs, while businesses are struggling to cope with tightening HR budgets. It’s a tough situation that naturally leaves a lot of employers worrying about not being able to retain their best staff.
But according to our survey, money isn’t the only way to keep employees happy, even in the current climate. 37% of the employees we surveyed told us that if they were given the choice between better benefits or a higher salary, they’d choose benefits.
But according to our survey, money isn’t the only way to keep employees happy, even in the current climate. 37% of the employees we surveyed told us that if they were given the choice between better benefits or a higher salary, they’d choose benefits.
4. 39% of remote workers say their benefits package hasn’t changed since going remote4. 39% of remote workers say their benefits package hasn’t changed since going remote
4. 39% of remote workers say their benefits package hasn’t changed since going remote
40% of European employees are now working hybrid. Benefits packages need to reflect that. What use are free lunches and fruit baskets when you’re working from home?
As much as 39% of remote workers we surveyed told us their benefits package hadn’t been updated since the company went hybrid. If you haven’t revamped your benefits since the pandemic, it almost certainly won’t be fit for purpose anymore.
As much as 39% of remote workers we surveyed told us their benefits package hadn’t been updated since the company went hybrid. If you haven’t revamped your benefits since the pandemic, it almost certainly won’t be fit for purpose anymore.
5. What are the top employee benefits for employees?5. What are the top employee benefits for employees?
5. What are the top employee benefits for employees?
In the UK and Ireland, the most sought-after employee benefits were the following:
- Remote & hybrid working
- Private pension plans
- Private health insurance
Want to see the full results for the UK and Ireland? Download the European Employee Benefits Survey to find out, including insights on sustainability, transport and remote-working benefits.
Or view the European overview to understand the macro trends across the continent.
- Remote & hybrid working
- Private pension plans
- Private health insurance
Want to see the full results for the UK and Ireland? Download the European Employee Benefits Survey to find out, including insights on sustainability, transport and remote-working benefits.
Or view the European overview to understand the macro trends across the continent.
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