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Scottish workers rate shares, pensions and health at top of work benefits list- PwC

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pwc_logoNew research by PwC has revealed that healthcare and tax efficient savings such as share schemes and pensions are among the most popular flexible work place benefits with Scottish workers.

According to the the ‘big four’ accountant, businesses could make savings and boost productivity by revamping reward packages which are frequently a one-size fits all, with employers’ schemes traditionally offering a range of benefits depending on position and pay-scale.

PwC said that by tailoring and flexing what is offered, firms could not only save valuable resources but strengthen harmony and loyalty among their workforce.

When asked to choose their two most highly-valued employee benefits, 60 per cent of respondents opted for contributions to their pension pots, while 52 per cent said they would participate in a company share scheme.

Medical insurance for themselves and family and company cars were chosen by around 30 per cent of Scottish workers; and proving that one-size doesn’t fit all, women rated healthcare highest while men preferred the transport option.

And there was a strong preference by Scottish workers for new employee benefits that could help cut the cost of living:

  • discount shopping vouchers were a surprising favourite, chosen by 40 per cent of respondents (44%-UK);

  • with health a key issue in Scotland, 45 per cent chose discounted private healthcare compared to 36 per cent across the UK; and

  • help with mortgage rates was also very popular (41 per cent v 37 per cent - UK)

    • Steve Couch
    Steve Couch

    Steve Couch, human resources partner, PwC in Scotland, said: “With people still feeling the squeeze, despite record low inflation, it’s clear that they value benefits that will save them money. The most popular benefits among Scots are long-term savings vehicles, with pensions and shares the most highly prized, suggesting that people recognise the need to save for the long-term rather than spend their earnings on immediate consumption.

    “But innovation can also result in commercial benefits for business. By better understanding their people and the diversity of their workforce, businesses could design a reward programme that takes account of individual preference. Effectively communicating and targeting benefits to different segments of the workforce could bring significant cost savings and stop the employer wasting valuable cash on benefits that are simply not valued by everyone. After all, as our research highlights, reward is not necessarily a one size fits all programme.”

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