Demand for Workplace Benefits
As the cost-of-living crisis deepens, new research has revealed that employees are relying on their employers to offer support in the form of robust workplace benefits to help them navigate ongoing economic uncertainty.
Health insurance, flexible working, and pensions are considered to be the most valuable, followed closely by employee discounts and free lunches, highlighting that the UK’s workforce is looking for ways they can reduce personal expenditure where possible.
The research found that health insurance ranked in the top three most sought-after benefits for 39% of employees. This was behind flexible working (53%) and the company pension scheme (46%). The other core benefits employees prioritized were employee discounts and free lunches. This shows that with the cost-of-living crisis, people are relying on their employers to support them in navigating economic uncertainty.
As the war for talent continues, benefits play a significant role in employee attraction and retention. 42% of employees said they would be more likely to stay in their current role if it offered good health and well-being benefits.
If you are considering improving your employee benefits programme consider having conversations between you and your employees. Give them a choice to have a voice, engage in the conversation and find out what will truly make a difference to their wellbeing. If you can find a way to give it to them, you’ll have a happier workforce.
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