Overview
Workplace benefits represent a significant area of investment for UK employers, spanning retirement, financial wellness and wider employee support. Yet our research suggests many organisations may not be realising the full value of that investment.
Findings from the Fidelity Global Sentiment Survey, which captures the views of over 38,000 working adults across 35 markets, including 1,000 in the UK, highlight a growing “benefits value gap” between what employers offer and what employees understand about the offering.
A clear awareness gap in workplace benefits
In the UK, more than two-fifths (43%) of employees say they are not aware of all the benefits available to them. While many organisations are evolving their offering, awareness may not be keeping pace.
For HR and benefits leaders, this highlights a clear opportunity to improve how benefits are communicated and engaged with to ensure the breadth of provision is understood and accessed by employees.
Benefits remain a key element of retention
The findings underline the continued importance of benefits in attracting and retaining talent.
Tangible benefits such as pensions and pay remain important reasons workers stay with an employer, but employees also place value on factors such as work/life balance, job security and manageable workloads.
Ensuring the full breadth of benefits is visible and clearly communicated may play an important role in enhancing the employee value proposition.
Awareness is closely linked to employee satisfaction
The data also shows a strong link between benefits awareness and employee satisfaction.
Those who understand their benefits are significantly more likely to feel satisfied at work, highlighting the role that awareness plays in delivering meaningful outcomes.
Closing the gap: from offering to engagement
To understand how employers can close the benefits value gap, we spoke to Dan Smith, Head of Workplace Investing Distribution at Fidelity International. He emphasised the importance of partnership in making benefits easier to understand and engage with:
“From targeted, lifestage communications to digital tools and guidance that supports long-term financial wellbeing, our focus is on helping employees access the right support at the right moments. By improving awareness and simplifying the experience, employers can maximise the return on their benefits investment while helping their people build confidence, resilience and a stronger financial future.”
At a time when organisations are under pressure to demonstrate value, improving awareness may be one of the most effective levers available. By making benefits easier to access, more relevant and better understood, employers can unlock greater impact for both their people and their business.
Find out more
Reach out to your Relationship Director or usual Fidelity contact to find out how we can support you in boosting the financial wellness of your employees with targeted strategies, communications and tools for your workforce.