Employers risk wasting the money they are spending on employee benefits by not effectively engaging with their employees, Chase de Vere has warned.
A survey from the financial and corporate advisory firm found 41% of employers do not provide regular employee benefits updates to their staff.
Of those who give regular updates, 39% provide them on an annual basis only.
The survey, which consisted of 10,000 phone calls to employers and 300 in-depth interviews, also found the main reason for providing employee benefits is recruiting and retaining good quality staff, cited by 58% of respondents.
A further 40% said they provide benefits because staff value them and 29% said it makes employees feel secure about their jobs.
Sean McSweeney, corporate advice manager at Chase de Vere, warned many companies are likely to be wasting money by not engaging effectively with their employees.
“What this means is those companies that do put in the time and effort to listen to their employees and that provide benefits which are valued and communicate effectively, will have a competitive advantage in terms of recruiting and retaining the best employees for their business,” he said.