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20 Oct 2021

Sustainable employee benefits: meeting the demands for greener alternatives

Sustainability matters are already high on organisations’ agenda and are only becoming more important with every passing day. Younger generations, including Generation Z, are attracted to organisations guided by clear values and those contributing to a better world.

 

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For our Gen Z e-book, we conducted a study of Generation Z together with marketing research company Kantar Sifo. Among our many findings, we found that companies that are perceived as equal opportunity employers and environmentally responsible are attractive to Generation Z. In fact, one in four young females and one in five young males say they would consider working for an employer they would otherwise not have been interested in if the company is seen as environmentally friendly.

Three out of 10 survey participants even said they would decide against working for an employer they are interested in, if that employer had a negative impact on the environment.

So how can organisations meet their employees' needs and ensure they are seen as equal opportunity employers and environmentally responsible?

Generation Z demand greener benefits

An organisation's benefits offering can play an important role in supporting an employee’s own sustainability efforts, as well as attract new talent. Our survey revealed that 54% of females say that climate compensation benefits are very important to them.

Today, an organisation's ability to address each generation by personalising its benefits offering is crucial. So, how do employers do that? By catering to the needs of different demographics. This can be achieved by giving each employee the flexibility to choose their own benefits.

Giving employees the freedom of choice
An employer-sponsored flexible benefits scheme or flexible benefits budget made available through an employee benefits platform allows employers to assemble a variety of pre-tax offerings from which employees can choose from to create their own customised benefits package.

Allowing employees to choose their own benefits results in greater usage and satisfaction, and demonstrates that you, as an employer, know, understand and support your employees' values.

ECO label benefits

In Sweden, many organisations offer their employee benefits, provided by various suppliers, through our platform. Now, through the platform, employees can find a large number of employee benefits marked with an ECO label. This means when they are browsing their benefits selection, they can easily identify and choose greener, more sustainable benefits.

To be classified as a greener benefit and be awarded an ECO label, the benefits must meet our conditions and requirements. This means suppliers that have established a strong sustainable brand in the market, or ones that can clearly be identified as sustainable compared to other suppliers offering similar services or products.

By offering greener benefits, employees can make smarter, eco-friendly choices aligned with their values. It also helps companies strengthen their employer brand and attract talent.

Examples of ECO label benefits that can be found in the platform include:

  • various sustainable mobility choices, including bicycles and public transport
  • carpooling, including electric cars
  • climate compensation benefits
  • home cleaning benefits using environmentally friendly products
  • grocery delivery services offering local and organic produce.

As a provider of employee benefit services, we have a great responsibility to help our clients offer sustainable benefits to their employees, which in turn have a positive impact on their lives and overall wellbeing. We also have a responsibility to our internal and external stakeholders to be environmentally, socially and financially responsible in our daily operations.

“Being a sustainable and responsible member of society is vital for us as a company. We believe that working more closely with sustainability can help us create both a better work culture for our employees and positively impact our clients and society at large,” comments Jesper Johansson, sustainability manager at Benify.

Need help building your benefits strategy? Download our 5 steps to a successful benefits strategy guide.

This article is provided by Benify.

Original published by Benify: Sustainable employee benefits: meeting the demands of employees today.

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