MORE than one in three employees in Scotland (36%) don’t feel valued by their employer, according to new research from Moorepay.
The findings, published yesterday in a new report titled “The Engaged Employer”, reveal that nationally, three in four SMEs (77%) are struggling to recruit suitably qualified staff, and two-thirds (64%) are finding it difficult to retain them.
These challenges have been exacerbated by a ‘perfect storm’ of low unemployment and slow wage growth that has encouraged people to start looking for new opportunities at a time when good people are in high demand.
The report examines the employee benefits being provided by businesses to recognise, reward and motivate their staff. It reveals that one in five (20%) of all employees surveyed in Scotland said their employer provides none of the benefits mentioned.
The most popular benefit for workers in Scotland is the provision of pension contributions over and above the minimum legal requirement, cited by 39% of respondents. This is followed by financial bonuses and incentives, cited by 31% employees.
Beyond the top financial rewards, it is flexibility that holds most appeal for Scottish employees, with flexible or remote working cited as important by 28% of them.
The option of working a four-
day week is named as important by 26% of Scottish employees,
and performance-based leave, where additional leave is granted as a reward for hitting performance targets, is prioritised by 10%.
Anthony Vollmer, managing director at Moorepay, said:
“For all the popularity of new
types of benefits and ways of working, traditional financial rewards like bonus pay and
generous pension schemes still hold the most appeal for workers. But people want different things at different ages, life stages, and depending on their lifestyle.
“It is vital that benefits packages are relevant to employees, of value to them, and simple to manage from both sides.”
Stephen Bevan, head of HR research development at the
Institute of Employment Studies, explained: “To compete for skills, businesses must differentiate themselves from their competitors.”
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