- Benefits packages that companies offer are a top priority for UK job seekers
- Annual leave policies, flexible and hybrid working are the most attractive benefits for prospective employees
New research from Canada Life1 finds that over a third (34%) of UK workers, equivalent to 10.8m people, have been swayed to accept a job because of a competitive benefit, perk or company policy.
When asked which benefits and perks were most used or benefitted from in their current job, two fifths (41%) said flexible or hybrid working, a third (36%) said their annual leave allowance policy, and 21% said learning allowances.
Nearly half (49%) of those who have moved jobs in the last five years said they did not check review sites like Glassdoor before accepting their latest role. For the 44% that did check, of these, 22% sought information on company benefits. The following areas were investigated more frequently however:
- Salaries - 42%
- The company’s reputation - 34%
- Work-life balance - 30%
- Culture - 26%
After joining their most recent company, a fifth (20%) did not receive any information on their company’s benefits and perk packages, and a similar number (19%) said they took matters into their own hands and did their own research via the company’s website, in lieu of official information from their employer.
Dan Crook, Protection Sales Director, Canada Life, comments:
“Employees are clearly now viewing benefits packages as a crucial deciding factor when thinking about joining a company, staying in a role, or leaving.
“Having competitive benefits packages means nothing if the employer does little to promote them to the employee – prospective or otherwise. It should be a given that new starters receive information on what is available and how to access the various benefits, but ongoing communications are also needed to ensure uptake. Reminding an employee of what is on offer, might just make the difference between someone leaving a role, or staying.
“When communicated effectively, group life, group income protection and group critical illness cover, and the associated support services, are integral elements to any benefits offering.”
ENDS
Notes to editors
- Survey conducted by Opinium among 2000 UK adults between 11 - 15 August 2023
Enquiries:
Press enquiries should be directed to:
Lizzie Murray, Vested, 07914 698310, canadalife@fullyvested.com
Elle McAtamney, Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
Notes to Editors:
About Canada Life
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 38 million customers worldwide and £1.532trillion assets under administration (as at 31 December 2022).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions. Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance Limited and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.