Only 38% of UK businesses believe their employee reward and remuneration structure is highly successful, according to Grant Thornton's Growth and Strategic Services survey of the Top 100 best companies to work for in the UK.
Of the remaining 62% of businesses, 47% surveyed felt they were only achieving partial success through their reward strategies. Some 12% felt they were marginally successful, while 3% of businesses surveyed said reward and remuneration have no impact on their business objectives at all.
Grant Thornton’s survey also asked respondents to identify the most popular rewards in their organisations.
Flexible working time was the most popular, with 89% of businesses allowing their staff to take up such benefits, followed by formal recognition or awards (86%).
One-off benefits, such as Christmas parties (79%), performance related bonuses (78%) and extra holidays (74%) were also popular in the businesses surveyed.
The survey also revealed that certain benefits, including life assurance, a salary increase and maternity or paternity benefits now seem to be taken for granted by employees.
Head of growth and strategic services at Grant Thornton Jim Rogers, said: “We are astounded that only one third of the UK's Top 100 best companies to work for believe that their reward and remuneration strategies are highly successful in terms of aligning staff rewards with business objectives. Perhaps, despite their success, they are still missing a few tricks in terms of making the best use of the various incentivisation tools available.”
© Crimson Business Ltd. 2006
