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85% of employees are more likely to work for employers who offer clearly labelled workplace benefits according to research by Canada Life Group Insurance. This suggests workers value benefits when deciding on a new job position but struggle to understand what they are being offered.
In the war, for talent, the results show that clearer employee benefits information is needed for companies to win, recruit and retain talent.
Furthermore, 94% of younger employees between the ages of 25-34 agreed that better labelling would help their decision process. And according to the same research, communication regarding benefits is often sporadic, with less than two in five (37%) respondents stating that their employer is very transparent and helpful when it comes to workplace benefits.
A third (31%) wish that their employer would provide more information, and one in five (19%) said they only received benefits information when they first joined and never again after that. More than one in ten (13%) would have no idea who to ask for further information.
Who is responsible for making sure that employees understand their benefits? According to the survey, 32% of respondents believe this falls to their employer. However, a fifth (20%) would pin responsibility on both employers and product providers/insurers. A similar proportion said they are responsible as an individual (19%), rising to a third (33%) of respondents aged 25-34, the highest of any other age group.
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