30 May 2024

Isio insights: Old job, new tricks

The first report in Isio’s series, looks at the role of the employee benefits package in helping to reduce employee turnover

Isio’s research reveals eye-opening insight into the UK workforce’s attitudes towards work, finances, moving jobs and employee benefits. It aims to help employers, particularly senior HR leaders, understand how their organisations can maximise value from their benefits packages and even harness the benefit package to address staff turnover challenges.

This first report – one of eight – asks whether there is a link between the employee benefits package and retention? And whether getting your benefits “right” could help to reduce the cost of employee turnover?

Key findings include:

The financially confident are more likely to want to stay with their employer and the financially unconfident already have one foot out the door.
People who do not value their employee benefits package are more likely to want to change job, while those who do value their employee benefits package are more likely to want to stay.
There is untapped potential for an employer in both ensuring as many employees as possible feel their benefit package meets their needs and in maximising financial confidence across a workforce. Both actions are expected to reduce employee turnover.

In conjunction with YouGov, Isio surveyed 7,674 private sector employees in June 2023 on a range of issues surrounding employee benefits and personal finance concerns. Responses for don’t know or prefer not to say answers have been removed, unless explicitly shown.