LONDON, 22 SEPTEMBER 2004 – Nearly 90% of adults employed in regular¹ work would be willing to sacrifice some of their salary for more employee benefits, according to latest research² commissioned by Aon Consulting, one of the leading pensions, benefits & human resources consultancy firms.
The research found that of those working a regular week:
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More than half (58%) opted for extensive annual leave3. Women and under 35s (both at 62%) particularly favoured this choice. This option was also popular in Scotland, with three in five people (60%) favouring the possibility of an extended holiday.
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More than five in ten adults (56%) were interested in taking a career break. The Scottish and those in the South East scored higher than the national average in this category, at 69% and 61% respectively. Respondents in the Midlands were torn between this and other options, with 50% opting for this choice. Women and the under-35 age group also scored high here, at 58% and 64%.
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60% of respondents in Scotland and half of all women surveyed (50%) favoured sacrificing part of their pay package for alternative health treatments – well above the national average of 42%. This category was least popular with people in Wales & South West where less than one in three adults (29%) were keen to go down the alternative medicine route.
Other key highlights include:
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Drama in the South East: 45% of people in the South East were interested in swapping some of their salary for theatre tickets
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All ironed out: Over a third of Scottish people surveyed (34%) wanted to take advantage of an ironing service as part of their pay package – 7% above the national average. One in three women (33%) also expressed an interest in this service
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Arrive in style: 50% more Scots wanted to avail of a chauffeur plan4service, at 29%, compared to the national average of 18%
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Toys for the boys: 30% of men were willing to forfeit some salary in order to lease or purchase a prestige sports car
Commenting on the issue, Lisa Page, Senior Consultant and Actuary at Aon Consulting, said: "Our research shows that UK employees want a wide range of benefits relevant to the way they lead their lives. Even more surprising, is the fact that employees would be prepared to go as far as reducing their salary in order to pay for the benefits they really want.
Clearly employers have a fantastic opportunity to meet employees' requirements and stand out from the crowd at very little expense. Under a flexible benefits plan, employees can benefit from the corporate purchasing power of their employer whilst personally choosing the best mix of salary and benefits to suit their lifestyle. A flexible benefits programme also allows companies to glean the best value out of their corporate benefits spend by ensuring that this spend is targeted to best possible effect."
Notes to Editors:
1. ‘Regular’ is termed as working from 9 to 5 or equivalent, five days a week.
2. Aon Consulting commissioned two surveys from David Burton Associates. Two omnibus surveys were conducted amongst 1000+ adults, selected at random within Great Britain. Of the 2000+ adults, 860 were full-time working adults (weighted base of 903). ICM Research interviewed this random selection of 903 full time workers in Great Britain, aged 18+ by telephone between 4 – 8 August 2004. Interviews were conducted across the country and the results have been weighted to the profile of all adults.
3. (Three to six months).
4. Driving service to and from place of work.
About Aon Consulting
Aon Consulting is a leading human capital consultancy, helping organisations of every size to attract and keep the employees they need. We advise on all aspects of employment, including health-related insurance and risk; employee compensation and pensions; human resource strategy planning; job design and change management; and staff assessment and legal issues.
Aon Consulting is a division of Aon, the UK’s largest insurance broker and provider of risk management services, a major force in reinsurance and the UK human capital consulting market.
Aon Consulting Limited is authorised and regulated by the Financial Services Authority.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors. Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, resolution of regulatory issues, including those related to compensation arrangements with underwriters, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, and the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure. Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.
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