Tackling the Mountain of Lost Benefits
The current benefits landscape is complicated. The cost-of-living crisis means more employees are hoping for employer support. But at the same time, HR teams have less money to play with, while many are focusing on pay rather than rewards and benefits
For our latest report, The Mountain of Lost Benefits: Making Employee Benefits Matter, we wanted to understand this landscape better. With this in mind, we spoke to 2,000 employees and 500 HR professionals about their organisation’s benefits provision. We asked them how they felt about their workplace’s current benefits and rewards – what they felt was helpful, and what they felt was less so.
Our research revealed what we at Sodexo Engage have known for a long time: workplace benefits and rewards are very important. Indeed, the right support can help with talent attraction and retention and boost employees’ financial, mental, and physical wellbeing.
But our research also uncovered something troubling: very few employees make full use of their benefits provision. In fact, only 11% do.
It’s easy to get disheartened by such a low figure, especially if you have put time and effort into crafting your benefits and rewards offering. But rather than becoming dejected, it’s important to view the mountain of lost benefits as an opportunity.
Our research revealed there are a few drivers behind the mountain of lost benefits. Thankfully – many of these drivers are easy to address.
Let’s take a closer look.
In this blog, we take a look at: tackling the mountain of lost benefits, get communicating, review your benefits provision, and choosing the right provider.