Employers are failing to provide staff with employee rewards programmes – often an alternative to bonuses – according to new research by Pay & Benefits magazine.
The survey of payroll and benefits professionals in the UK found that 59 per cent of those surveyed did not provide any form of employee benefits programme for staff.
Kavitha Sivasubramaniam, Editor of Pay & Benefits, said:
“This was a surprising finding of the survey, especially as you would expect employee rewards programmes to be more widely used as an alternative to bonuses in the current economic climate.
“It is also indicative of the fact that payroll and benefits professionals have a wider role to play in businesses as they look to keep hold of and attract talent. A successful rewards programme could make all the difference. While it is encouraging to see 41 per cent of those companies surveyed have some form of reward initiative in place, employers could utilise their pay and benefits teams more effectively in the battle to for talent.”
Next February will see the inaugural Pay & Benefits Awards take place which will recognise vital achievements in the payroll and employee benefits industry, including the Most Effective Reward Programme Award. The awards will also help to raise awareness of the contribution payroll and benefits professionals contribute to businesses and public sector bodies.
Kavitha Sivasubramaniam adds: “The Pay & Benefits Awards not only ensures that payroll employees are recognised for the great work that they do, but it will act as a showcase for some of the innovation and leadership payroll and benefits industry can play in businesses development.”
The Pay & Benefits survey also found that 55 per cent of employers had in place a payroll giving scheme, whereby employees can give to charity via the payroll.