Financial wellbeing benefits are being prioritised by nearly two in three (65%) employees, according to new figures.
The research from rewards and benefits platform Benefex revealed this percentage was up from 2022, when 53% of workers reported the same.
Results of the survey – which included both employees and employers – further showed that just 13% of UK people think their organisation’s benefits align with their individual needs, far fewer than in the US and India, where 59% and 50% respectively believe this to be the case.
Nearly all (96%) of the HR and reward professionals polled say they have seen a huge shift in workers’ attitudes and behaviours towards employee benefits in the past 12 months, especially finding that individuals want more flexibility and personalisation in their provisions.
The important placed on these benefits has also grown significantly, with 55% claiming that benefits aligned with their needs would have the greatest impact on their experience in the workplace. Moreover, nearly nine in 10 (89%) believe staff attrition could be reduced if employers showed a better understanding of what individuals want from their experience.
Employees were also found to value benefits which support their financial wellbeing and protect them from the effect of illness or injury, with nearly two in three (65%) of workers recognising benefits as very important for financial wellbeing compared to just over half (53%) in 2022.
The top 10 most valued perks cited by respondents included life insurance, health screenings, critical illness insurance, dental insurance, pension, private medical insurance, childcare vouchers and income protection.
Matt Macri-Waller, Benefex’s founder and CEO, said: “Employee needs and priorities are shifting at ever greater speeds. As a result, it has become critical to evolve within, or in spite of, this chaos. Those organisations that can build appealing, distinctive and engaging employee experiences will be the ones that gain a disproportionate share of talent, regardless of the labour market. It’s no longer enough to provide standard benefits packages; organisations must deliver relevant and tailored benefits that support wellbeing and offer real-life support.”
Nine in 10 (90%) of respondents also think benefits can directly affect employee wellbeing, while 85% believe they can tackle “quiet quitting” issues, and 84% say it can help align individuals’ values with organisational purpose.
Most (83%) of HR professionals recognised a need for better insight and analytics into their organisation’s benefits spend, employee uptake and return on investment. At the moment, less than half of those surveyed are utilising data to review the effect of benefits on employee wellbeing, to gauge employee feedback, or to measure benefits engagement and take up.
Macri-Waller added: “The research emphasises the need for organisations to keep in mind the changing needs and expectations of their employees. Using data-driven insights, businesses can navigate the evolving landscape and invest in the types of online employee experiences that support a thriving workforce.”
