Zest’s research reveals that for 2024, younger employees are prioritising increased financial support and wellbeing benefits.
Around 67% acknowledge the impact of the cost of living crisis on their priorities, turning to employers for enhanced assistance. Traditional benefits like travel aid are losing appeal, with only 4% interested in season ticket loans and 8% in work-to-play programs.
Moreover, 31% express a desire for expanded wellbeing benefits, reflecting concerns about mental health alongside financial stress. With the majority of the workforce being younger, understanding their preferences is crucial.
Among them, 62% are open to switching jobs for better benefits, and 57% prioritise perks in their job selection process. Given that 29% of employers struggle to match wage changes with inflation, robust benefit packages are imperative for supporting younger employees effectively.
Zest CEO Matt Russell says: “Never has the need for effective benefits packages been more apparent. With many businesses unable to raise salaries during the cost of living crisis, benefits provide a way to support employees with their finances and overall wellbeing, both of which are being affected by the crisis.
“With the new hybrid world of work clearly established, more ‘traditional’ benefits such as support with travel costs, have become outdated. Modern employees who work from home for half of the week, or entirely remotely, will benefit very little from a season ticket loan and according to our findings, would be far better off with paid mental health leave to use at their discretion.
“With younger employees – who often place more value on their benefits than older generations – increasingly populating the workforce, businesses that are unable to effectively deliver on their needs will miss out in more ways than one.”
