Employees say good pension more important than bonus

LLB Reporter

Source: ©Photoshot

New research shows

With continued reports of flailing businesses struggling to afford expensive pension funds, new research from Jobsite, the leading job board for skilled professionals, has found that UK workers consider a good company pension scheme as being more important than any other benefit.

Jobsite commissioned Vitreous World to poll a sample of 500 UK professionals. This research identified that 82 per cent of respondents believed their company pension scheme to be an important benefit. Two-thirds (68%) of respondents said they would think twice about taking a new job that didn’t offer a decent pension scheme as part of the role.

The UK workforce placed more importance on the company pension scheme than other benefits, with 65% of respondents saying they view a performance related bonus as important, something that only 30 per cent currently receive. Over half (51%) said that private medical care is an important benefit, despite only 23 per cent receiving this. Furthermore, 55 per cent highlighted mental health and stress support as an important benefit, while only 23 per cent have this available to them through their employer.

By contrast, typical benefits that were cited as the least important by UK professionals were found to be the season ticket loan (26%), time off to volunteer for good causes (28%) and a day off on their birthday (33%).

Jobsite CEO, Nick Gold commented – “Many employers often believe that offering higher salaries is the way to improve the quantity and quality of applicants they receive through the door for a vacancy. Nowadays professionals are not just looking for more money in their pockets right now – especially where many feel they are subject to pressures of increasing working hours. Some are thinking more long term, and how their employers can help them reach their retirement goals sooner.”

“The answer might lie instead in diversifying their attraction strategy by highlighting other elements of their company benefits packages, in particular their pension schemes. Despite the media attention pension funds are currently receiving as big businesses struggle financially, workers are still placing trust in their employers to help them grow their retirement investment funds. Employers would be well advised to address this demand and advertise new vacancies accordingly. In doing this, potential employees looking to safeguard and maximise their finances in later life apply for jobs that offer them truly valued benefits.”

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