Research confirms that a high proportion of employees in Jersey are anxious about their finances, and that the impact of rewards on wellbeing should be a key consideration for employers.
The data shows that over a third of respondents felt their workplaces are not proactive with wellbeing support and just under half felt wellbeing initiatives are a tick box exercise at their workplace, meaning there is opportunity for greater return on investment with employee benefits
Over 600 people in the Channel Islands took part in the ‘Beyond the Paycheck’ research, by workplace wellbeing specialists Anova and pensions and benefits firm Alexforbes, to identify what employees really value from their employer and provide vital data to support island employers with talent attraction and retention.
Alexforbes and Anova have now released the report ‘Beyond the Paycheck: Insights on Employee Reward and Benefits’, to understand how people truly feel about their work rewards and benefits.
The ’Beyond the Paycheck’ survey was open for responses between June and July 2023. It consisted of 55 questions based on six focus areas including flexible working, leave, wellbeing resources, access to benefits, financial health, and pensions.
The research found that ‘better flexible working options’ was the most popular workplace initiative that could be implemented to improve employees’ wellbeing. It also found that over a quarter (27%) of people surveyed disagreed that their organisation had a competitive flexible working offering.
The report shows that policies or programmes that are designed to support employee wellbeing can be perceived differently by age groups. 73% agreed that organisational policies or programmes are in place to support employee wellbeing; however, the 21-30 – year-old group of respondents was 10% less likely to have agreed with this statement, compared with those aged 41-50.
Amidst a backdrop of economic uncertainty and cost-of-living increases, the research also aimed to draw conclusions between financial health and the wellbeing of employees. 40% of respondents found that thinking about their finances made them feel anxious and stressed, and the 21-30-year-old group of respondents was 9% more likely to agree with this statement, compared with those aged 41-50.
62% of respondents agreed that they earn enough money to afford their bills, pay rent, and buy essentials, however, only two-thirds (66%) of those aged 41-50 agreed with this statement versus less than half (46%) of 21-30-year-old workers. Additionally, less than half (42%) know how much income they will need in retirement to retire comfortably with 22% being neutral (or unsure).
This research now gives vital local insight into the impact that employee benefits (such as flexible working, pensions, and wellbeing provisions) have on individual wellbeing. It is hoped the results can be used to help businesses assess the value of employee reward initiatives and, for the first time, provide data-driven insights into the psychological impact these benefits have on employee wellbeing in Jersey.
Important Survey Findings:
Flexible working:
- Over a quarter (27%) of people disagreed that their organisation had a competitive flexible working offering
- Better flexible working options were the most popular selected workplace initiative that could be implemented to improve respondents’ wellbeing.
Wellbeing Resources and Development:
- 73% agreed that organisational policies or programmes are in place to support employee wellbeing. Compared with the 41-50 age group, the 21-30 year old group of respondents were 10% less likely to agree with this statement.
- 48% agree that wellbeing initiatives are more than a ‘tick-box’ exercise at their work.
- Compared with the 41-50 age group, the 21-30 year olds were 11% less likely to agree with this statement.
- 64% of respondents believed that if they knew it was going to make a difference, they would like the opportunity to give anonymous feedback to their employer
- Less than a third (31%) agreed that their workplace is proactive with wellbeing support
Financial Health:
- 40% of respondents found that thinking about their finances made them feel anxious and stressed. Compared with the 41-50 age group, the 21-30 year old group of respondents were 9% more likely to agree with this statement.
- 62% of respondents agreed that they earn enough money to afford their bills, pay rent, and buy essentials. Two-thirds (66%) of 41-50 year old workers agreed with this statement versus less than half (46%) of 21-30 year old workers.
Pension:
- 1 in 4 Jersey employees did not have a workplace pension
- 81% of employees understood their pension.
- Less than half (42%) know how much income they will need in retirement to retire comfortably with 22% being neutral (or unsure).
- 42% felt they knew how much to save each month to meet their retirement income target with 24% being neutral (or unsure).
- 57% felt they cannot afford to save as much as they would like into their pension with 24% being neutral (or unsure).
- 34% felt their company pension plan is sufficient for them to meet their retirement goals with 41% being neutral (or unsure).
The ‘Beyond the Paycheck’ research was led by Timothy Townsend, Head of Wealth Management and Corporate Consulting, Alexforbes, and Jenny Winspear, Chief Operating Officer, Anova.
Timothy Townsend, said: “It has been a pleasure partnering with the team at Anova to drive deeper insights into what shapes employee benefits that matter. Benefits with the right impact.
“We hope this report will help to evaluate your own workplace wellbeing ambitions and to enable better decisions around the benefits that support the wellbeing and culture of your own workplace.
“Alexforbes Offshore will continue to focus on supporting employers and HR professionals, by designing and delivering future fit benefits that resonate with members as workplace reward and wellbeing continually evolves in Jersey.”
Jenny Winspear, Anova, said: “This research is important for the Island – we need to stay in touch with our workforces and understand their views on how new ways of working are impacting their expectations, how cost-of living is affecting their wellbeing, what they value outside of financial benefits, and how our Island life differs to that of other jurisdictions.
“There is no point in driving change unless we first take the time to understand the people that are affected by it. By taking the time to ask the questions, we hope this research will influence workplaces to adapt and enable people to truly thrive.”
