Top 5 sought-after employee benefits
Is there a disconnect between employers and employees when it comes to benefits?
We certainly believe so. In fact, our latest research has found a major shift in what colleagues are demanding.
With one in five (19%) businesses being unable to raise employee salaries in line with inflation, and consumers equally hit by ongoing cost of living pressures, employees want and need more financial support.
That is why financial perks have proved the most popular requests when it comes to the top benefits being demanded by employees this year. While some of the most popular benefits being offered by employers do align with what employees want, our latest report has outlined the shift in priorities for working staff.
Here, we explore the top 5 benefits employees are asking for.
1. Private medical insurance
NHS waiting lists are growing by the day, and it comes as no surprise to us that private medical insurance (PMI) sits on the throne as the most popular benefit being requested by employees.
Offering employees fast access to treatment and the specialist support they need, employees can also add their family members to a policy, ensuring the whole household is covered.
2. Increased pension contributions
Nearly one-third (32%) of employees from our research said that increased pension contributions are important to them, with a comfortable retirement a key priority.
And while some employees may prefer to live in the moment rather than save for a rainy day, it’s also key that employers educate colleagues on the importance of their fund.
3. Employer contributions to energy costs at home
Household bills are continuing to rise. In order to meet these inflated costs, 24% of employees would like to see their employers offering support towards their energy bills. It will certainly ‘spark’ a debate, but it’s fully understandable.
4. Wellbeing allowance to spend on what you choose
Every now and then, it’s important to look after number one. That’s why 20% of employees are now requesting a wellbeing allowance from their employers.
Whether it’s to be used on a relaxing spa day or a trip to an unexplored country, having a little treat once in a while without having to pay for it yourself can certainly put a smile on your face.
And while employers may see it as an extra expense, a wellbeing fund is a great way to improve employee satisfaction, motivation, and ultimately improve talent attraction and retention.
5. Discounts on high-street shops and brands
With employees up and down the country learning to become savvier with their money, even the high-street shopping trips require a little scrimping and saving.
From the weekly grocery shop to children’s clothes, 19% of employees have confirmed that they would like employers to offer increased support for some of life’s necessities.
Reconnecting the disconnect
Despite half (49%) of employers increasing investment in their benefits package, the bottom line is that two in five (41%) employees still think that their workplace benefits package is inadequate, growing to nearly half (47%) of 18–34-year-olds.
Packages are falling short when it comes to matching employees’ personalised needs and the desire for targeted communications.
It’s important to remember, the one-size-fits-all approach to employee benefits is long gone. It’s one thing to think you know what your people want, but it’s another thing to ensure you’re getting it right.
Employee engagement is key to repairing that disconnect and providing the benefits that well and truly hit the mark.
While it’s promising that businesses are taking initial steps forward, benefits require more than investment. Investing in new benefits is important, but increasing accessibility and effective administration is vital.
Seeing the true value of an employee benefits scheme
In a candidate-driven market, employees are increasingly wanting reassurance, and to know that you as their employer care. Ultimately, it’s important that you don’t simply see them as another cog in the wheel that is your business.
But how do you prove that there’s more to an employee’s benefit package than just their salary? Enter the Total Reward Statement (TRS).
Forget boring old pie charts, graphs and excel spreadsheets, a TRS helps employees understand the true value of their benefits package and not just their salary.
Find out how you can use Zest’s TRS to boost employee engagement.
In partnership with Zest
Zest is the next generation platform that’s reinventing the world of employee benefits.
