Further Analysis of Pension Incentives
A new poll by HR and payroll software provider Ciphr splits the benefit preference by employees’ age and gender: “When it comes to employee benefits, every individual’s requirements and priorities differ, of course. And the order of importance varies depending on who is being asked.
“For workers over 45 years old, for example, getting their pension contributions matched (to help them build a bigger pension pot faster) appears to be more beneficial than being able to work flexible hours (59% vs 45%).
“For those under 45 years old, who are further away from retirement, it’s the opposite – with more people in this age group ranking flexible working hours higher than pension contribution matching (57% vs 42%).”
Findings show that 49% of women value pension contribution matching compared with 41% of men.
The company asked employers to rank the importance of employee benefits with fascinating results. They placed pension contribution matching in joint last place, compared with the third place achieved via employees’ scores.
Matt Russell, chief commercial officer at Ciphr, said: “It is surprising to see such a disconnect between the benefits that employees value and what employers think – especially given how important good rewards and benefits packages are to attracting and retaining top talent and for supporting a great employee experience.”
If you want to attract and retain employees, growing your reputation as an employer of choice, it’s important to incentivise and reward your employees. To get the balance right whilst remaining compliant with employment and tax laws, talk to the friendly team at Consensus HR. Employment law is a specialist focus of ours. Let’s arrange an informal, initial discussion without obligation. Discover how to optimise your employees’ performance.
