The findings, published in a new report titled “The Engaged Employer” released today which focuses predominantly on smaller and medium sized businesses, reveal that across all sectors, three in four SMEs (77%) are struggling to recruit suitably qualified staff, and two-thirds (64%) are finding it difficult to retain them.
These challenges have been exacerbated by a ‘perfect storm’ of low unemployment and slow wage growth that has encouraged people to start looking for new opportunities at a time when good people are in high demand.
The report examines the employee benefits being provided by businesses to recognise, reward and motivate their staff. It reveals that over one in four (27%) of all employees surveyed in the manufacturing sector said their employer provides none of the benefits mentioned.
The most popular benefit for manufacturing workers is financial bonuses and incentives, cited by 35% of respondents. This is followed by the provision of pension contributions over and above the minimum legal requirement, cited by one in three employees (33%).
Beyond the top financial rewards, it is flexibility that holds most appeal for manufacturing employees, with the option of a four-day week cited as important by 28% of them. Flexible or remote working is named as important by 27% of manufacturing employees, and performance-based leave, where additional leave is granted as a reward for hitting performance targets, is prioritised by 11%.
Anthony Vollmer, managing director at Moorepay, said: “For all the popularity of new types of benefits and ways of working, traditional financial rewards like bonus pay and generous pension schemes still hold the most appeal for workers. But people want different things at different ages, life stages, and depending on their lifestyle. So, it is vital that benefits packages are relevant to employees, of value to them, and simple to manage from both sides.”
Flexible and/or remote working is much more popular for younger age groups, as are benefits that provide some form of social interaction, including the organisation of team social events or the provision of social space within the working environment, such as games rooms or chill-out rooms.
Across the country women place significantly more importance than men on benefits that allow flexibility – particularly flexible and/or remote working, which is cited as important by 35% of female employees compared to just 26% of male employees.
Anthony Vollmer added: “Employee benefits are just one tactic in the battle to recruit and retain the best people but, if devised and managed properly, they can help businesses deliver a great employee experience and reap the rewards of happy, loyal and motivated workforces.”
All figures are from YouGov Plc. The total sample size was 2,053 employees.
