Eight in ten women call for more support with employee benefits
Eight in ten (80%) female employees are demanding more employer support in their workplace benefits packages, according to research from employee benefits technology provider Zest.
More than half of working women (55%) across the UK believe that their current benefits package is inadequate.
Just 55% of women think their employee benefits packages offer value for money while three quarters (74%) of female employees want increased financial support from their employer.
Pension boost
The research reveals that private medical insurance and increased pension contributions are the two top benefits women are calling for in their reward packages – 34% and 33% of female employees wanted these benefits.
Three-quarters (76%) of female employees want increased pension contributions while 72% want more support with essential costs such as food and energy bills and two-thirds (68%) would like to see improved support with workplace savings.
Overall, seven in ten (71%) working women prioritise financial benefits in their rewards packages while 19% prefer those which support their wellbeing.
Hospitality gender gap
More than nine in ten (92%) businesses say they have increased investment in wellbeing benefits over the last 12 months.
Despite the hospitality and leisure industries boasting a larger proportion of female employees than many other sectors, the benefits packages on offer to these workers are currently underserving women.
Compared to other sectors in Zest’s research, the hospitality and leisure sector is the least likely to offer many benefits that female employees prioritise.
Just 6% of employers in this sector offer menopause support, whilst menstruation leave and maternity support are offered by only 13% of organisations across the industry.
While private medical insurance and increased pension contributions are the two top benefits female employees are calling for, the hospitality and leisure sector is the least likely to offer these (just 11% and 8% businesses offered these).
Retention suffers
Offering inadequate benefits packages can impact employee attraction and retention.
Nearly all employers in the hospitality and leisure sector (97%) are seeing existing employees increasingly ask about their benefits package, with six in ten (62%) stating that they’d leave their job if another company offered them a better benefits package.
“There is a long way to go to improve support for women in the workplace with reward packages still ignoring the benefits they’re calling for,” said Matt Russell, CEO of Zest.
“Employers must ensure they listen to female employees to understand which benefits are most important to them – many organisations are yet to embrace a more personalised approach that delivers value for both employer and employees.
“Organisations that are able to meet employee demands around reward packages not only offer enhanced support but can ultimately boost productivity, providing them with a competitive edge.
“HR leaders with access to simple benefits technology can drive engagement and secure improved value from reward strategies.”
Zest’s ROI calculator can help people understand potential savings on employer NI contributions as well as approaches to reduce talent loss and boost productivity
Supplied by REBA Associate Member, Zest
Zest is the next generation platform that’s reinventing the world of employee benefits.