Workers with tailored benefits a boon for employers

SCOTTISH workers prefer the option of tailored benefits from their employers, with a growing appetite for help with the cost of living, research today suggests.

Medical insurance for families is highly valued by employees. Picture: Contributed

The research by PwC rev­eals that although the maj­ority of reward packages are “one size fits all”, most employees would rather have flexibility within these schemes. Money-saving ­
options are also becoming increasingly popular, 
ref­l­ecting the on-going squeeze on disposable incomes.

Asked to choose their two most highly valued employee benefits, 60 per cent said they wanted contributions to their pension pot, while 52 per cent chose a company share scheme.

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About 30 per cent wanted medical insurance for themselves and their family, and the same again said they would like a company car. However, women rated health care highest while men preferred company-subsidised transport.

Steve Couch, human resources partner with PwC in Scotland, said it is also clear workers value benefits that save them money. More than 40 per cent said they would like help in securing a discounted mortgage rate, and many would like to receive discount shopping vouchers.

He said employers could use these differences of opinion to save money while also creating a greater sense of loyalty among staff. “By better understanding their people and the diversity of their workforce, businesses could des­ign a reward programme that takes account of individual preference,” he said.

The survey found divides between different generations, with younger employees more willing to give up £1,000 of their salary for the opportunity to receive a performance-related bonus of up to £5,000.