Top 5 benefits demanded by employees

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.

NHS waiting lists are growing by the day, and it comes as no surprise to us that Private Medical Insurance 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.

A benefit that is always likely to rank highly when it comes to popularity amongst employees.

32% of employees from our research have 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.

Who would have thought the energy cap would go up again?

Sadly, we don’t do sarcasm here at Zest, but as the nights get darker and the weather gets colder, household bills, including the aforementioned energy bills, continue 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.

You can’t pour from an empty cup, so treat yourself first.

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, a trip to an unexplored country or simply covering the cost of the bedside tables that give your new bedroom a little bit of colour (trust us, it’s a great use of your wellbeing fund), 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.

As we continue to dip in and out of a cost-of-living-crisis, perhaps it’s time to retire the old ‘shop until you drop’ mantra.

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.

Forget boring old pie charts, graphs and excel spreadsheets, our TRS helps employees understand the true value of their benefits package and not just their salary. What’s more, it’s all branded to your style and updates in real time.

To find out how you can use Zest’s TRS to boost employee engagement, click here.

Keen to find out how you can implement Zest? Book a demo with our team today.