Pensions top the list of workplace benefits that employees think are important, with 90% claiming they would influence their decision about whether to move jobs.
Research by Penfold found that remote or flexible working was the second most valued perk, cited by three in four (76%) UK staff, while bonus schemes and health or life insurance took fourth and fifth places, noted by 74% and 67% respectively.
The digital pension platform’s survey of 2,000 workers and 500 small and medium-sized enterprises (SMEs) in the UK also revealed that two in three (66%) value work socials, while one in three (34%) believe gym memberships are important.
In terms of pensions, the findings indicated that 95% of staff believe employer pension contributions should be at least 9.5% and that the current average of 3-4% is not enough.
More than one in two employees (53%) did not believe their pension contributions were in line with the 8% statutory minimum, but claimed they would contribute more if was matched by their employer.
However, more than half of employers surveyed placed the same or greater value on benefits such as travel assistance, cited by 59%, work socials or salary advances, noted by 55% and 50% respectively.
Pete Hykin, co-founder of Penfold, said: “Workplace pensions are often thought of by employers as being a little dull. But it’s an important topic, because while growing old and retiring is an inevitable part of life, having enough money in the bank to live comfortably is not.
“With the average person spending most of their adult life working, it’s only right that companies play their part in helping their employees save for life after work. The lack of communication and transparency around the investment employers are making in their employees also means their attempts to do the right thing by their staff are going largely unnoticed. In short, it’s a massive, wasted opportunity to attract and retain top talent.”
