Research: How younger employees are more satisfied with their benefits than their older colleagues
The Employee Benefits Research 2018 found that those least satisfied are in the 60+ age group, with only 15% of them agreeing that their employer offers a wide-range of benefits, followed by people in their 50s (22%) and 40s (35%).
Overall, 38% of employees believe that their employer offers a wide-range of benefits and of that number, slightly more men (39%) than women (37%) are happy with the choice of benefits on offer.
Employees were also asked if they consider that their employer offers benefits that are relevant to their stage in life.
Again, it appears that the younger generation are more satisfied, with 46% of those in the 20s agreeing with the statement and 45% of those in their 30s. Only 17% of the 60+ group and 20% of employees in their 50s felt that the benefits on offer were relevant to them.
Benefits relevant to life stage
Overall, 35% of employees agree that their employer provides benefits that are relevant to their stage in life, with little difference shown between the genders – 35% of women and 34% of men agreed with the statement.
The extent to which employees believe employers will support them when they encounter problems outside work was also assessed by the survey.
Encouragingly, nearly half of employees (47%) felt that their employer would support them; 55% of people in their 20s compared with 54% of those in their 30s. The age groups least confident of employer support were the 60+ (33%) and 50s (33%). There was no significant difference between men (47%) and women (48%).
Finally, employees were asked how well-informed they felt about the range of benefits available to them and nearly half (47%) of them said they felt this was done well by their employer. Those feeling the most well informed were employees in their 20s and 30s (54%), followed by those in their 40s (43%), 50s (39%) and 60+ (38%).
Andrew Walker, commercial director at Epoq comments: “These results show a consistent trend in that younger employees feel better served by their employer with regard to the benefits on offer. With more emphasis than ever being placed on wellbeing and given the multi-generational nature of the current workforce, it’s vital that employers constantly strive to deliver benefits packages that meet the needs of all age groups and lifestyles. While there is much to be applauded in these results it is clear that there is still work to do in this area.”
Read the complete findings of the Employee Benefits Research 2018.
This article was provided by Epoq.
