The nationwide research, of over 1000 employees commissioned by Equiniti Employee Services** reported that 31% had changed job in the last 5 years meaning that employers need increasingly to be focused on retaining staff, particularly where they may face fiduciary constraints that hinder other forms of staff retention.
The survey also asked full time workers what would swing their decision to stay or take a new job.*** A share option scheme (15%) came ahead of child care options (12%), commuter programme (10%), access to financial advice (7%) and charity/volunteer schemes (4%).
Interestingly, share schemes had the biggest influence amongst the younger workforce - 72% of 18-24s said they would change their attitude if they had a share scheme at work, and of that 72%:
- 58% reported that they would look for opportunities to grow the business;
- 56% would take a greater personal interest in how the business was run;
- 33% would take their career progression more seriously; and
- 25% would both be more loyal and prepared to work longer hours.
Phil Ainsley, Managing Director of Employee Services at Equiniti, commented: “At a time when the country is moving tentatively back into growth, with many business leaders conscious of the scarcity of skilled labour as a major challenge to their growth(****) and productivity, it is important to retain the best people and attract talent. It is now less likely that a decent salary or a company car is enough to encourage productivity and loyalty.
Our research suggests that employees are increasingly looking for a long-term financial plan and a sense of involvement in the business. Share schemes are currently under utilised across all industry sectors, but they can have a hugely positive effect on the way employees view their employers and how involved they are with the company and its future. This can only be good for corporate growth and individuals alike.”
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For more information or to arrange interviews contact:
Alban P Maginness
Group PR Manager, Equiniti
Tel: 00 44 748394934
Notes to the editor
The top five positive impacts of a share scheme that were reported were as follows:
1. Greater interest in the business (46%)
2. Look for opportunities to grow the business (32)
3. Be more loyal (30%)
4. Speak well of the firm outside of work (26%)
5. Progression and career path more seriously (22%)
5. More productive at work (22%)
** In the first quarter of 2015, Equiniti ran a research project on Employee Services which surveyed a total of 1,189 (606 male and 584 female) employees from across the full spectrum of UK industry sectors. The purpose of this survey was to gain insight into the financial behaviours and needs of the UK workforce, and to assess the impact that the introduction of an employee share scheme could have on a company’s workforce.
In the UK just 10,000 companies have employee share schemes, whereas there are over 88,000 companies in the UK that employ over 50 staff. Not all have structures that allow the introduction of share plans but many thousands do, and they are missing out.
*** Top 10 items in an employee’s shopping basket:
1. Flexible working hours – 58%
2. Personal development – 29%
3. Having flexible benefits package – 27%
4. Private health insurance – 26%
5. Discount on company products – 18%
6. Share option scheme – 15%
7. Child care options – 12%
8. Commuter programme – 10%
9. Access to financial advice – 7%
10. Charity/ volunteer schemes – 4%
Equiniti keeps things running smoothly behind the scenes for some of the best-known brands and public sector organisations in the UK.
We specialise in providing finely-tuned finance and administration services, as well as smart technology solutions, in complex and regulated markets. Our services are delivered by 3,500 employees across 29 office locations, enabling us to offer solutions that are flexible, adaptable and scalable.
We are acknowledged leaders in the pension services market and in the share registration market, where our clients include around half the FTSE 100.
Our mission is to make the complex simple.