It would seem
that a generous benefits package is only half the story when it comes to
keeping staff happy. For example, the Work:Life UK survey finds that
the financial sector offers the best benefits, yet 1 in 5 financial
services workers are unhappy with their work-life balance
How happy are you with your work-life balance? Does your employer offer benefits that allow you to keep a healthy balance, or are you working longer hours than a year ago? Tell us what you think by voting in a live poll below
How happy are you with your work-life balance? Does your employer offer benefits that allow you to keep a healthy balance, or are you working longer hours than a year ago? Tell us what you think by voting in a live poll below
A recent Work:Life UK
survey found that the benefit people want the most is the option to work
from home. Photograph: Andreas Pollok/Photodisc
In these austere economic times, beggars, so the phrase goes,
cannot afford to be choosers; there is evidence that many grateful
workers are snapping up the jobs they are offered without giving their
...
benefits package a second glance. At last month's National Association of Pension Funds conference, it was revealed that 31% of joiners to companies don't even ask about the pension they will receive, while according to research earlier this year by Standard Life and Vebnet, just 64% say their benefits package is important. The researchers say normally this figure would be between 75% and 80%.
The good news for business is that recent rises in the cost of providing benefits can be curbed. Staff naturally staying put has reduced the need for spend on retention-orientated perks – such as health-related benefits. Insurance group Aviva recently found that just 20% of firms it surveyed said they plan to spend more on health-related benefits this year, not least because they question its return. It's a repeating trend. Employee Benefits magazine, which surveys benefits spend each year, finds that in 2011 only 20% of firms offer costly health screenings (down from 28% in 2008), while those offering optical benefits above the statutory minimum has also fallen from 48% in 2010 to 35% today.
In a recent Work:Life UK poll of 5,000 UK employees, carried out by ICM and commissioned by the Guardian on behalf of income protection provider Unum, the financial sector was found to have the best benefits packages, with 63% of employees offered pensions, 33% health insurance and 21% season ticket loans. The second-best non-public sector industry is IT, where 49% of workers have pensions (compared with 40% in business/administration, 28% in construction and 20% in hospitality), 25% have life insurance and an impressive 11% have a season ticket loan (other industries average 1%-2% for this perk).
"The finance sector has long provided the best perks," says Steve Herbert, head of benefit strategy at Jelf Employee Benefits. "I'm not at all surprised IT is closing up there too. These are highly skilled people, and even in tougher times it's a brave firm that wants to cut back on these skills." He says other sectors are having a much tougher time of it. "Hospitality, which has always had more transitory staff, is starting to clamp down; many other sectors are doing what they can to shave off other costs, like downgrading life insurance from eight times salary to four times. All these savings add up."
But here's the twist. The Work:Life UK survey reveals something else: benefits on their own don't necessarily make people happier. Finance and IT may win hands-down for benefits offered, but in terms of the best work-life balance, it is a different story. In IT just 59% of workers say they are happy with their work-life balance. In finance it is 61%. Out of 18 industry sectors, these two are in the bottom three for work-life balance. Sectors with the highest work-life balance scores were construction (76%), agriculture, forestry and fishing (75%), and education (71%).
There are clearly complex forces at play. It would be nice to think that these sectors perhaps offer more flexible working – the one benefit cited by experts as truly valued at a time when juggling family and work commitments is seen to be more important. However, for these three sectors, flexible working is below the average of all industries. So what is the answer?
According to a recent report, The Balancing Act, which surveyed 3,000 workers earlier this year, 28% believe flexible working hours most improve their work-life balance, but there are many other reasons cited too. Some 40% said a lower cost of living would improve their work-life balance while 13% said a reduced commute. Clearly, employers can't solve everything, but they must be aware of what they can do.
Dr Alexandra Beauregard, lecturer in employment relations and organisational behaviour at the London School of Economics, says: "During tough economic times, organisations may think of work-life balance as a luxury they can do without. This is short-sighted – maintaining a motivated and productive workforce is more important than ever in an economic downturn. Individuals working for a supportive organisation reciprocate with increased effort, initiative and loyalty; they go the extra mile. Those who feel overworked and undervalued will do the work necessary to keep their jobs, but will jump ship as soon as a better option presents itself."
But perhaps this is an answer of sorts. According to the Work:Life UK survey, the benefit people of all ages and sectors want the most is to be able to work from home (22% of all respondents). The good news for employers is that the cost impact of this benefit is minimal.
Poll: tell us what you think
How is your work-life balance? Are you working longer hours than a year ago? Perhaps your company offers benefits that allow you to maintain a good balance. Cast your vote in our online poll
benefits package a second glance. At last month's National Association of Pension Funds conference, it was revealed that 31% of joiners to companies don't even ask about the pension they will receive, while according to research earlier this year by Standard Life and Vebnet, just 64% say their benefits package is important. The researchers say normally this figure would be between 75% and 80%.
The good news for business is that recent rises in the cost of providing benefits can be curbed. Staff naturally staying put has reduced the need for spend on retention-orientated perks – such as health-related benefits. Insurance group Aviva recently found that just 20% of firms it surveyed said they plan to spend more on health-related benefits this year, not least because they question its return. It's a repeating trend. Employee Benefits magazine, which surveys benefits spend each year, finds that in 2011 only 20% of firms offer costly health screenings (down from 28% in 2008), while those offering optical benefits above the statutory minimum has also fallen from 48% in 2010 to 35% today.
In a recent Work:Life UK poll of 5,000 UK employees, carried out by ICM and commissioned by the Guardian on behalf of income protection provider Unum, the financial sector was found to have the best benefits packages, with 63% of employees offered pensions, 33% health insurance and 21% season ticket loans. The second-best non-public sector industry is IT, where 49% of workers have pensions (compared with 40% in business/administration, 28% in construction and 20% in hospitality), 25% have life insurance and an impressive 11% have a season ticket loan (other industries average 1%-2% for this perk).
"The finance sector has long provided the best perks," says Steve Herbert, head of benefit strategy at Jelf Employee Benefits. "I'm not at all surprised IT is closing up there too. These are highly skilled people, and even in tougher times it's a brave firm that wants to cut back on these skills." He says other sectors are having a much tougher time of it. "Hospitality, which has always had more transitory staff, is starting to clamp down; many other sectors are doing what they can to shave off other costs, like downgrading life insurance from eight times salary to four times. All these savings add up."
But here's the twist. The Work:Life UK survey reveals something else: benefits on their own don't necessarily make people happier. Finance and IT may win hands-down for benefits offered, but in terms of the best work-life balance, it is a different story. In IT just 59% of workers say they are happy with their work-life balance. In finance it is 61%. Out of 18 industry sectors, these two are in the bottom three for work-life balance. Sectors with the highest work-life balance scores were construction (76%), agriculture, forestry and fishing (75%), and education (71%).
There are clearly complex forces at play. It would be nice to think that these sectors perhaps offer more flexible working – the one benefit cited by experts as truly valued at a time when juggling family and work commitments is seen to be more important. However, for these three sectors, flexible working is below the average of all industries. So what is the answer?
According to a recent report, The Balancing Act, which surveyed 3,000 workers earlier this year, 28% believe flexible working hours most improve their work-life balance, but there are many other reasons cited too. Some 40% said a lower cost of living would improve their work-life balance while 13% said a reduced commute. Clearly, employers can't solve everything, but they must be aware of what they can do.
Dr Alexandra Beauregard, lecturer in employment relations and organisational behaviour at the London School of Economics, says: "During tough economic times, organisations may think of work-life balance as a luxury they can do without. This is short-sighted – maintaining a motivated and productive workforce is more important than ever in an economic downturn. Individuals working for a supportive organisation reciprocate with increased effort, initiative and loyalty; they go the extra mile. Those who feel overworked and undervalued will do the work necessary to keep their jobs, but will jump ship as soon as a better option presents itself."
But perhaps this is an answer of sorts. According to the Work:Life UK survey, the benefit people of all ages and sectors want the most is to be able to work from home (22% of all respondents). The good news for employers is that the cost impact of this benefit is minimal.
Poll: tell us what you think
How is your work-life balance? Are you working longer hours than a year ago? Perhaps your company offers benefits that allow you to maintain a good balance. Cast your vote in our online poll
|
How do you rate your work-life balance?
|
|
|---|---|
| 33% | It is good, I have a satisfactory balance between work and home life |
| 7% | It is good, but it has decreased slightly in the last 12 months |
| 33% | It is acceptable, but could definitely be better |
| 14% | It is bad, but it hasn’t got worse in the last 12 months |
| 14% | It is bad, and it has got worse in the last 12 months |
This poll is now closed
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