Attracting and retaining high calibre staff nowadays involves far more than simply paying competitive headline salaries.
Indeed, research over the last decade has consistently shown that many employees can value attractive employee benefits packages even more highly than pay increases.
Glassdoor’s 2015 research, which showed that 80% of UK employees would choose additional benefits over a pay rise, is still the most commonly quoted. But plenty of subsequent data from both sides of the Atlantic reinforces the same basic message, even if some figures are less eye catching.
For example, Aon’s 2025 Human Capital Employee Sentiment Study shows that 42% of workers globally are willing to sacrifice pay for improved benefits.
Forward-thinking employers are therefore increasingly asking us to conduct reviews to ensure that their overall benefits package compares favourably with other firms in their field. They appreciate that lagging behind the industry norm could lead to staff jumping ship to competitors. They can consider providing everything from private medical insurance (PMI), income protection and health cash plans to subsidised gym memberships, Cycle to Work Schemes and Childcare Vouchers. The health-related schemes, in particular, are highly valued by employees at a time when the NHS is in crisis and the costs of obtaining individual cover are prohibitive to many.
Help is at hand
Having updated our range of benchmarking services this July, Chase de Vere is especially well placed to help clients assess how their benefits compare with those of their competitors. Based on extensive research across 15 separate sectors, we offer an invaluable range of both qualitative and quantitative information.
Our benchmarking, which is both reliable and cost-effective to use, is just as suitable for SMEs as it is for larger companies.
This is important because in the past many SMEs have instead relied on ad-hoc feedback from recruitment consultants or data from the trade press or other publicly available sources – which can have low participator levels and be skewed towards larger companies.
But drawing comparisons with an inappropriate benchmark can arguably be worse than not benchmarking at all. Even if an employer doesn’t fit seamlessly into one of our 15 sectors, we can tailor a solution by providing data from the two sectors they straddle.
We can shed light not just on what products rival employers are offering but also on the amount and quality of cover involved. This can be crucial with a benefit like group life assurance that virtually every company provides, because the actual cover level can be a significant distinguishing factor.
For example, in the financial sector there is a particular trend for companies to move from the once-standard level of four times salary to six to eight times salary.
PMI is also now being much more commonly offered in most sectors, especially for senior staff, but there can be a vast difference in the quality of cover on offer. Companies can stand out from the crowd on features like excess amounts, levels of outpatient cover and the availability of mental health cover and enhanced cancer support.
Similarly, with group income protection, some schemes make benefit payments up until retirement whereas others cap them at between two and five years.
The communications challenge
But ensuring that you have the most appropriate benefits package is only one part of the jigsaw. Employees must also be made aware of what’s available, and Chase de Vere can also help here.
We have vast experience in ensuring that clients maximise returns on benefit spend by communicating the advantages of their packages in an engaging manner. This includes highlighting the availability of added-value features like virtual GP services, employee assistance programmes (EAPs) and mental health support.
Webinars, workshops, communications packs for new hires – followed up by one-to-one sessions if required – can all have important parts to play.
So can providing total reward statements able to provide details of all an employee’s different benefits at a glance. Giving the overall benefits package a distinct identity and name can further increase engagement.
If you would like to learn more about how Chase de Vere can help benchmark your employee benefits package and help you communicate it effectively then please don’t hesitate to contact us.
Content correct at time of writing.