67% of British workers call for the compulsory inclusion of all employee benefits and pensions in job adverts, highlighting those companies providing full packages and those offering basic salary
42% of senior managers also back compulsory inclusion of benefits and pensions within job adverts
British workers and senior managers at UK companies are calling for the compulsory inclusion of all employee benefits, including company pensions, within job adverts, according to a new study from AXA.
More than two-thirds of British workers (67%) say they would like it to be compulsory for employers to provide details of all employee benefits offered within job adverts, including pensions, health insurance, bonuses and other benefits offered on top of salary.
And, 42% of senior managers at UK firms also back the compulsory inclusion of this information in vacancy adverts, enabling job applicants and existing staff to compare benefits and basic salary between competing companies.
Steve Folkard, Head of Pensions & Savings at AXA said: ìClearly there is broad recognition amongst employers and their staff that pensions and other benefits are as important as the salary. So it makes sense that the complete remuneration package should be a key consideration for all job applicants.
ìFor employers it is the first opportunity they get to communicate the value of their benefits package to prospective employees potentially giving a firm the edge in the battle to recruit the best people. But it shouldnít end there Effective ongoing communication is the best way to ensure that employees understand the real value of what their employer is providing.
ìAt AXA, we think it is important to include details of the full remuneration package including pensions to all job applicants because it is a key factor for candidates who are considering accepting a job offer. It is easier to present this detailed information online than it is in a press advert where space is limited. So we look to drive applicants to our website where we can provide more information.î
AXAís call has been echoed by former pensions minister, the Rt Hon John Denham, who commented: I welcome this call from AXA. I made a similar proposal in a Private Members Bill last year which recieved support from across the pensions industry While the Governmentís pension proposals will give most people a much stronger foundation for retirement, many will want and need additional pensions savings. We need to make it easier for employees to identify which companies offer the best deal on pensions and pay.
Despite their apparent confidence in the value of benefits packages offered by their companies, just 27% of senior managers surveyed claim to benchmark their own firmís benefits packages against competitorsí. In addition less than half (49%) of senior managers say their firm has conducted a review of the benefits packages they offer within the past year.
Around one-in-four (24%) of senior managers say they have not reviewed benefits packages for at least three years, with 9% claiming they have never reviewed the packages on offer and a further 15% unsure when this last happened.
Folkard said, ìMaintaining a competive edge for the best employees doesnít necessarily mean competing purely on salary. Firms would be well advised not only to benchmark their benefits against competitors but also to communicate the value of those benefits to their staff. That way they can expect to derive good returns on their benefit spend.
ìFor example 71% of companies spending more than 250k on benefits say that their employees do not appreciate the costs and therefore the value of their benefits package. 58% of these companies recognise the need for them to communicate more effecctively in order to boost this awareness.î
Employers and workers call for compulsory inclusion of pensions and other benefits in job adverts
British workers and senior managers at UK companies are calling for the compulsory inclusion of all employee benefits
