General Insurance Article - Employees do not recognise value of their benefits package

 Over half (52%) of employees do not understand the total value of the benefits package their employer provides, according to research¹ from Vebnet² and Standard Life³.

 The research also revealed a quarter (25%) of 18-24 year olds make no use of the benefits available to them at all.

 Despite the lack of understanding nearly two thirds (64%) of those surveyed indicated the employee benefits package was important when choosing a job.

 Stephen Ingledew, Corporate Managing Director, Standard Life said: "Many employers invest a considerable amount of cost and effort in providing a quality benefits package. Unfortunately a significant number of employees are not recognising the value.

 "The research clearly demonstrates the need for employers to review how they engage employees with their benefits. The technology and communications expertise which is now available in the market allows employers to be more innovative than ever before."

 Outside of salary the benefits valued most by employees were pension (68%), flexi-time (15%) and bonus (6%).

 Ingledew continued: "Benefits optimisation is becoming increasingly important to employers and it is an exciting time to be involved in the Rewards and Benefits industry. We are committed to continuing to develop and deliver innovative solutions to the market to help employers meet the challenges they face, and to ensure they get a return on their investment."