Employees unaware of workplace benefits

Almost 1 in 7 workers are unaware of the workplace benefit packages offered by their employers, according to research conducted by Friends Life and YouGov.

The survey of more than 12,200 employees found that almost 15% didn’t know what pensions and insurance benefits their employer provided.

Almost 10,800 people were asked about the things that would encourage them to buy a financial product through their employer:

  • contributions or subsidies from their employer (42%)
  • a better deal or price than they can get from public providers (37.8%)
  • easy to access or purchase (15.2%)
  • financial advice or support (14%)
  • access to exclusive products (13.3%).

A separate poll of almost 4,000 workers revealed that the most popular workplace products employees would consider buying through their employer were:

  • pensions
  • life insurance
  • critical illness cover
  • income protection.

Anna Spender, head of group protection proposition at Friends Life, said:

“Not only are workers potentially missing out on really valuable benefits, but employers aren’t getting the full value of the package they’re offering.

“Life insurance, critical illness cover and income protection can make employees feel valued by their company and can play an important part in any staff wellness programmes.

“But if employees don’t even know they’re available employers aren’t maximising the good will these benefits can create in staff.”

Talk to us about offering workplace benefits to your employees.