Around 53% of employees would take the same role elsewhere if the benefits were better, according to PIB Employee Benefits.
According to its ‘Mind the Gap’ survey in collaboration with YouGov, employees’ need for personal financial support is growing in light of the persistent economic difficulties and rising cost of living.
The report found that those under 35 exhibit the strongest desire for increased financial assistance from their employers – 45% – followed by the 35-44 age group – 32%. Overall, 32% of respondents seek more support in managing day-to-day finances.
According to the report, the emphasis on childcare and eldercare support continues among workers, particularly in the “sandwich generation,” which consists of people who concurrently look after small children and elderly parents.
Nearly a quarter – 23% – of respondents aged 35-44 in this category express that childcare concerns adversely affect their work performance, compared to 11% across all respondents. Additionally, 8% of those over 35 cite eldercare commitments impacting their performance, contrasting with 2% for the under 35s.
PIB Employee Benefits head of consulting Joanne Neary says: “Employee benefits need to be viewed as a multi-faceted tool; they can improve employee wellbeing and contain future health costs, alongside boosting staff retention and attraction.
“Although it can be difficult to balance employee needs with ever-rising costs of providing comprehensive benefits, it’s worth the investment – because when companies get their strategies right, everyone stands to gain. Our new ‘Mind the Gap’ survey shines a light on exactly what employers need to do to improve their value proposition and keep staff happy and healthy.”