19 Jul 2023

Three top trends affecting benefits expectations – survey

Benify spoke to 8,000 employees across eight countries to understand how needs are shifting

The past three years have accelerated change in the UK workplace at a breakneck speed, with a total reshuffling of workplace expectations for employees and employers.

Home offices and the growth of technology have affected employee expectations about culture and communication, undoing decades of investment in location-specific benefits and email-first communication across the UK.

Different priorities

UK Boomers and Gen X are staying in the workforce longer, while Millennials tend to switch employers more frequently than their parents. So companies must both appease seasoned workers and stay up on trends to attract Gen Z.

This can result in tension between what a company offers versus what an employee needs: pension or childcare? In-office perks or remote work? Ideally, both, but with finite resources, where a company chooses to focus its benefit offering will have a direct impact on the engagement-level of employees and, ultimately, the ability to retain these employees long-term.

Benify’s report found that Baby Boomers and Gen X favour retirement planning, whereas Millennials and Gen Z prioritise work-life balance. Younger generations want better paid leave and more flexible work hours. Baby Boomers are the least satisfied employees in the UK; Gen Z are the most satisfied.

Communication and security key

One of the notable discrepancies that the results showed is the way prioritisation of personal and family needs versus pension and retirement planning has shifted.

The UK joins Denmark in ranking healthcare and retirement highest. Poland, Italy, and Spain rank family support higher, choosing to prioritise childcare and menopause support. Germany and the Netherlands prefer social benefits, such as mobility and sustainability.

Within the UK, the top three priorities are pension, leave and work-life balance; 46% of employees are satisfied with their benefits. However, with 23% of UK employees expressly dissatisfied, the report identified three areas where employees see room to improve:

1. A larger selection of benefits and rewards
2. Benefits that are more individually tailored
3. Clearer information about benefits and rewards overall

Sustainability isn’t just for the planet.

Sustainability is more than an annual report – it’s about putting principles into practice regarding employees. The report’s look at sustainability revealed that, for many employees, a ‘sustainable company’ encompasses far more than the climate. It treats employees with the same long-term care that is necessary for the earth and cultivates a workforce that can thrive.

The report focuses on three areas of employee sustainability: belonging, balance, and the ability to affect change.

The strongest sense of belonging is felt in Denmark and the Netherlands, with Spain and Italy at the bottom end of the scale. Employees in Denmark and the Netherlands also have the strongest feeling that they hold influence in their place of work, whereas UK employees consider their influence to be low. This might be why employees in the UK express the strongest desire for home office options.

Brits also stood out when it comes to working for a forward-thinking employer, with only 11% of respondents saying their workplace was progressive. At the other end of the scale, in the Netherlands, 32% of respondents said they work for a forward-thinking employer.

Get the insights you need

If you’re committed to making employee needs a priority, The Benefits Factor 2023 report takes the guesswork out of what employees want from employers. Benify has analysed the results at the level of each country so that businesses can make informed decisions about the benefits and rewards that best suit their employees. The report is designed to inspire and lead to new ideas on how to transform rewards and benefits strategy.

Click here to read the report now - https://bit.ly/3JPbvqO