Half of employees would sacrifice part of their salary for more personalised employee benefits, according to a new survey.
The report by MetLife UK, which surveyed 1,200 employees and employers, found that 50 per cent of workers would be prepared to accept a reduction in pay for more tailored perks, while three-quarters (74 per cent) of employees said they would work harder for an employer that provided benefits to support individual needs.
Just under four in 10 (39 per cent) workers also reported that if they intended to leave their current role within the next 12 months, having an employer that demonstrated more care for their mental wellbeing would encourage them to stay.
Additionally, three-quarters (73 per cent) said they would work harder for an employer that cared about their wellbeing,
Samantha Johnson, policy lead at the Chartered Institute of Payroll Professionals (CIPP), said that employees’ needs were now central to reward and recognition strategies, but noted that flexible benefit packages came with “complexities in administration and compliance”.
“It is now central to a payroller's knowledge to understand how to ensure benefits in kind, salary sacrifice and expenses are implemented effectively and correctly”, she commented, adding that taking steps to improve this knowledge would “remove risk” for businesses.
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