Young professionals are seeking more support with rising energy bills
Six in ten employees aged 18-34 admit they are concerned about rising energy bills this year and are calling for more support from their employers, according to research from employee benefits technology provider Zest.
Water UK recently announced that the average water bill for households in England and Wales will rise 26% to over £600 per year from April.
Half (51%) of employees aged 18-34 also worried about increased housing costs while two in five (42%) call for more financial support for childcare.
Two-thirds (67%) of younger employees aged 18-34 say the high cost of living means employee benefits packages are more important when deciding where to work while six in ten (56%) also admit they would leave their job if another company offered a better benefits package.
Vital role to play
Employers need to ensure they are catering to the support employees need – half (52%) of young people say the benefits packages on offer are the most important thing they look for in employment.
“The latest spike in bills will pile more pressure on household finances – employers have a vital role to play in offering the enhanced financial support to their employees,” said Matt Russell, CEO of Zest.
“Employers must ensure they listen to which benefits are most important to their employees – right now, it’s clear that employees are favouring financial support to ease the pressure of rapidly mounting costs.
“Organisations that are able to meet employee demands around reward packages can boost morale and productivity, providing them with a competitive edge.
“However, employers must ensure they have access to benefits technology that enables them to track the uptake on specific benefits, communicate with employees to understand their needs and adapt support as needed,” he added.
Employers can use Zest’s ROI Calculator to learn more about 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.
