The top 5 employee benefits introduced in 2024

How on earth is it December already?

It only feels like yesterday that we were ringing in the new year, celebrating the introduction of Zest Marketplace and soaking up the summer sun.

In the fantastic world of employee benefits, time stands still for no one, but you can forgive this dazed author for wondering just where the past 12 months have gone.

In 2024, employees have been placing an ever-increasing value on their benefits package. In fact, according to our research there has been a 5% increase this year on UK employees saying that a good benefits package is the most important thing they look for in employment – up from 42% last year.

Cost-of-living pressures coupled with National Insurance rises for companies have no doubt contributed towards the growing value placed on employee benefits, but it’s clear that salary alone is no longer enough to keep someone at a job.

Thankfully, employers are starting to take notice, with four out of five businesses (80%) admitting that their benefits package has helped them to attract and retain talent. There has also been an increased investment into employee benefits schemes according to 49% of businesses, with physical, financial and mental wellbeing taking their rightful place on the 2024 podium.

But what are the most popular benefits introduced via this new investment?

Here, we look at how employers have responded to the demands of employees, listing the top 5 benefits introduced by businesses in the past 12 months.

Forget three, four could soon be the new magic number.

As we wind down for Christmas, many of us are looking to kicking back and taking a few well-deserved days off. But what if you could do that each and every week?

27% of businesses have admitted to introducing a four-day working week for 2024, meaning employees can prioritise their work/life balance.

There’s no denying it. Every Brit loves an extended weekend. A three-day break to spend time with the family, get our accounts in order or simply enjoy a little ‘me’ time.

Employees work smarter, not harder, with roughly 32 hours jam-packed into your schedule to focus on everything you usually would over five. It certainly appeals. Recruitment and retention of top talent may improve, and an extra day away from the office certainly helps your business contribute towards a positive impact on Mother Earth.

A study by the University of Cambridge also found that a four-day week significantly reduced stress and illness, with a 65% reduction in sick days. It also reported company revenue barely changed during their trial period, in fact increasing by 1.4%.

Our CEO Matt Russell has also noted that record sick days have exposed the need for a shake up in the way employee benefits are offered, proving that employees need more protection.

A healthy mind is a happy mind!

Striking the perfect work/life balance can often seem like an impossible task, but the reality of the situation is our lives outside of the workplace will no doubt be impacted at times by things that happen in it.

According to our research, 59% of businesses say employee wellbeing has been in decline over the past 12 months, with 57% admitting it’s at an all-time low. It’s no surprise then to see 14% of employers introducing mindfulness programmes in the past 12 months.

Improving wellbeing, resilience and stress management to name just a few, mindfulness programmes are the perfect solution to reducing absenteeism and improving productivity in the workplace.

And it doesn’t start and end with company yoga sessions or free fruit, there are now a number of providers on the market who are revolutionising the way we approach mental health.

• Leafyard
• Ashia
• Flow Neuroscience
• GYST
• Emplomind
• Boutros Bear
• TherapyFinders Corporate
• Kara Connect

Money makes the world go round!

It feels like the phrase cost-of-living crisis is permanently engraved into the fabric of British society in 2024. And with the cost of Freddos soaring (and when did a 99 flake cost £2.50?), it’s no wonder people are having to live in the moment.

But despite this, there has been a surge in demand from employees for more support towards their Pension.

In fact, when recently looking into the top benefits being demanded by employees this year, our research found that 32% would like an increase to their Pension contributions.

The majority of employees now appreciate the importance of saving for retirement. Employers still need to do more to educate employees on this vital subject, but it’s refreshing to see more are starting to take action and setting employees up with an increased contribution.

Every day’s a school day!

Professional development is a benefit to both employer and employee, giving the latter a platform to progress their career with support from the former. Training courses and educational content are all part of development allowances, and even if your employer doesn’t offer it, it’s certainly worth a conversation with your company to see what support they have in place to help you progress with the business.

With 11% of employers now offering fitness classes, employees can benefit from improved physical and mental wellbeing from sessions inside and outside of the workplace.

Physical, financial and mental wellbeing, all rolled into one scheme. What more could you ask for?

We might sound like a broken record, but Cycle to Work truly is the Tour de France of employee benefits. Combining physical exercise and financial savings, the scheme helps employees stay fit and drastically reduce the cost of commuting. What’s more, both employer and employees will be doing their bit for Mother Earth.

But how does it work? Forget Chris Hoy and Mark Cavendish, even the typical average employee will realise the transition from seat to saddle is a good deal.

• Employees can hire a bike and/or safety equipment to travel to work, usually for a period of 12 or 18 months.
• Saving employees tax and NI, they select a voucher or choose a bike from you or your third party.
• They will agree with the hire arrangement and pay the full value of that through salary sacrifice.
• At the end of the hire agreement, the employee can either extend the agreement, return the cycle and/or equipment or buy it outright.

And don’t forget, a Cycle to Work scheme is the perfect benefit to help employers towards navigating the rise in National Insurance costs!

You can find a couple of fantastic Cycle to Work providers readily available through our Zest Marketplace offering here.

Implementing the top benefits for 2024 within your employee benefit proposition

Looking to add a little something extra to your benefit scheme? Zest Marketplace empowers you to take charge of your benefits strategy, allowing you to craft a bespoke benefits scheme that perfectly aligns with your company values.

You can also book a demo with our team to see how Zest can deliver a benefits scheme your employees love while saving HR and benefits teams tonnes of time. Remember, with Zest you can:

• Increase benefits uptake
• Engage and motivate your employees
• Reduce recruitment costs
• Save you time and money
• Personalise your benefits
• Analyse benefits data quickly

Book a demo today.