The rising tide of wellbeing benefits

Seven in ten (71%) employers say they have seen more requests from employees for wellbeing benefits over the past year – this has led to over three quarters (76%) of organisations increasing investment in these perks over the same period.

The same proportion (75%) say their business has introduced more mental or physical health benefits during that time.

However, our research shows that more needs to be done. Less than half (46%) of employees feel like there are more wellbeing benefits than a year ago – this figure drops to just 17% of employees aged over 55.

Shockingly, only half (54%) of employees believe their employer cares about their wellbeing. Almost half (48%) of employees are calling for their employer to introduce a Head of Wellbeing role in the organisation.

Employers should take these findings seriously as this trend could have a significant impact on an organisation’s productivity, the morale of employees as well as hurting talent attraction and retention.

After all, around two-thirds (63%) of employees agree that company benefits have become more important to them when deciding where to work and almost six in ten (56%) admit they would leave their current job if another company offered them a better benefits package.

Clearly, reward packages and wellbeing benefits in particular, are increasingly playing a key role in employee decision-making around future roles.

As ever, communication is an employer’s friend. Organisations who don’t understand what benefits employees need or aren’t able to offer this support will struggle – those businesses that regularly engage employees on their needs and can implement this swiftly possess a major competitive advantage.

Partnering with the right benefits technology provider is crucial for employers to understand the demands of employees and offer the benefits they need, when they want it.

 These findings are from Zest’s latest Employee Benefits Report. Research was conducted by independent research agency Opinium which surveyed 2,000 adults weighted to be nationally representative between 28^th – 30^th August 2024 and 500 HR decision makers between 21^st – 30^th August 2024.

Andrew Berrie, Head of Corporate Partnerships and Leading Workplace Wellbeing, Mind, adds: “Zest’s research further evidences the importance of employers being committed to supporting the mental health and wellbeing of their people. Employee benefits and wellbeing initiatives have a key role to play, ideally one part of a far broader systematic programme of mental health and wellbeing activity.

“The report highlights the importance of taking a person-centred approach to better understanding the aspects of work that may be negatively affecting worker’s mental wellbeing. Whether that’s work design, organisational culture, or stigma, all require attention to create mentally healthy work for all and enable people and business to thrive.”