Boostworks, a leading provider of employee benefit solutions, today unveiled findings from a new study, ‘Beyond the Salary Slip’, examining the opinions of over 3,000 HR professionals, C-suite, and employee respondents. The research, carried out by Opinion Matters, highlights a significant disconnect between employee desires and the challenges for HR professionals in delivering fulfilling benefit programmes, including reward, recognition and well-being programmes.
With 97% of C-suite execs wanting better rewards programmes and a reported utilisation rate of only 40% by employees, HR professionals are being handed a mandate to evolve rewards programmes. Yet one fifth of HR respondents state a lack of C-suite support as the biggest obstacle to progress, highlighting challenging times ahead for organisation’s wanting to keep pace with modern employees’ demands.
The research highlights that 47% of employees feeling undervalued, believing leaders are out of touch with their reward preferences, also revealing that a concerning 54% of employees are rarely, if ever, consulted about benefits schemes that directly impact their work-life satisfaction. With 91% seeking more personalised communication regarding rewards and recognition it appears that HR professionals and business leaders across the UK face a pivotal challenge: evolving benefit, reward, and recognition strategies to meet the nuanced needs of today’s employees.
“These findings offer a candid look at how strategic delivery of rewards can satisfy the dual demands of both employee satisfaction and commercial success,” commented Boostworks CEO, Andy Caldicott. “The desire to implement a compelling Employee Value Proposition (EVP) is clear, with 87% of HR leaders poised to strategically enhance their programmes. The time has come for HR and business leaders to work closely together and transform these plans into action, recognising that a well-executed EVP can significantly shift the needle from employees feeling underappreciated to those that are thoroughly engaged and inspired.
“Promisingly, 72% of companies are actively planning to customise their benefits offerings, highlighting the strategic importance placed on attracting and retaining talent,” Caldicott concluded. “The learnings from this research are clear – now is the time to reflect, recalibrate, and reinvigorate the strategies and programmes that will define your success in recognising and valuing your most important asset: your people.”
