One in three SME employees aren’t offered benefits that recognise, reward or motivate them, a new study finds.
The research was published in a report, “The Engaged Employer”, from payroll and HR services provider Moorepay. It examines the employee benefits being provided by businesses.
The report found the vast majority of SMEs (87 percent) agree that in 2019, employees are looking for more than just pay.
The most popular benefit for workers in SMEs is financial bonuses and incentives, cited by 30 percent of respondents. This is followed by the provision of pension contributions over and above the minimum legal requirement, cited by over one in four employees (27 percent).
Beyond the top financial rewards it is flexibility that holds most appeal for SME employees, with four of the top eight most attractive benefits offering some form of flexibility. These range from flexible working or remote working, a four-day week, to performance-based leave and additional leave granted as a reward for hitting performance targets.
However, 21 percent of SMEs said they won’t consider providing financial bonuses or incentives, despite them being the most important benefit for employees.
A further 19 percent of SMEs said they won’t consider offering flexible and/or remote working, despite its considerable popularity.
Stephen Bevan, head of HR research development at the Institute of Employment Studies, said: “Doing nothing is not really a credible option, even for SMEs with more constrained resources and less immediate access to specialist HR support. Companies need to make employees feel valued and make their reward and benefits packages fit for purpose, flexible, personalised and effective.”