A clear disconnect on pensions between staff and their bosses, with employees seeing them as a critical part of their package and employers presuming a lack of interest, has been identified by research from Hibob.
The cloud-based human resources and benefits platform found two-thirds (67%) of employees consider a pension a ‘critical’ part of their package, particularly when choosing a job.
Indeed, more than half (54%) ranked a pension as the most important workplace benefit. Pensions are especially popular among millennials, with almost three-quarters (71%) viewing a pension as a major part of their overall rewards package.
The research also found, however, that three-fifths (60%) of employers think their staff neither care about nor understand auto-enrolment (AE), while two-thirds (66%) of company bosses offer employee benefits only to meet the minimum legal requirements.
‘Tax on business’
Hibob found three-quarters (75%) of employers see employee pensions as ‘just another tax on their business’.
The platform surveyed more than 4,000 employees and 500 company “benefit decisions makers”, looking at the topic of workplace benefits – from how much businesses are prepared to spend on benefits, to motivations around different products and what millennials want.
Hibob CEO Ronni Zehavi said the research pointed to employers not understanding their workers as well are they might think.
“Employees are saying they want to be ready for the future – the demand for pensions is strong, however the majority of employers underestimate how important the pension is to workers,” he said.
Hibob chairman Lady Barbara Judge added: “In our competitive work landscape, where attracting and retaining talent can be life or death for a company, ensuring your business offers the benefits that are important to employees is key.”
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