Research reveals that more than two-thirds of workers consider the pension policy before accepting a job
Employees are no longer looking for instant gratification but instead, they want to plan for a comfortable retirement. Research from Jobsite has revealed that UK employees consider a generous company pension scheme as being the most important benefit that can be offered.
The research identified that 8 in 10 (82%) respondents believed their company pension scheme was the most valuable benefit. Two-thirds (68%) of respondents would consider the pension scheme a company offers before accepting a job.
“Many employers often believe that offering higher salaries is the way to improve the quantity and quality of applicants they receive through the door for a vacancy.” Jobsite CEO, Nick Gold explains “Nowadays professionals are not just looking for more money in their pockets right now – especially where many feel they are subject to pressures of increasing working hours. Some are thinking more long term, and how their employers can help them reach their retirement goals sooner.”
While most of the UK workforce placed the company pension scheme above other benefits, 65% of respondents still value performance-related bonuses, something only 30% currently receive.
Over half (51%) said that private medical care is an important benefit, despite only 23% receiving this. Furthermore, in a time when workplace stress is rife 55% highlighted mental health and stress support as an important benefit, while only 23% have this available to them through their employer.
The benefits that were at the bottom of the totem pole included the season ticket loan (26%), time off to volunteer for good causes (28%) and a day off on their birthday (33%).
“The answer might lie instead in diversifying their attraction strategy by highlighting other elements of their company benefits packages, in particular, their pension schemes. Despite the media attention pension funds are currently receiving as big businesses struggle financially, workers are still placing trust in their employers to help them grow their retirement investment funds. Employers would be well advised to address this demand and advertise new vacancies accordingly. In doing this, potential employees looking to safeguard and maximise their finances in later life apply for jobs that offer them truly valued benefits.” Gold adds