One in two, or 50 per cent of workers, say they would be willing to give up more of their basic salary for a customised employee benefits package, according to research from MetLife UK.
According to MetLife’s Re: Me report, nearly seven out of ten workers, or 69 per cent, said they’d work harder for an employer that provides employee benefits that meet their specific needs. The report emphasises the importance of employers and employees realigning their needs and expectations.
Half of workers say they would give up some of their salary for individualised employee benefits, which could pay dividends for businesses, as seven out of ten or 69 per cent of employees say they will ‘work harder for an employer who provides employee benefits that support individual needs.’
But nearly two-thirds, or 65 per cent, now prioritise financial security over ‘softer’ perks like gym memberships. As a result, three out of every five employees, or 62 per cent, want to be involved in “shaping benefit packages with their employers.” Employees also want employers to expand benefit packages to include coverage for children or spouses.
MetLife UK EB director Adrian Matthews says: “For years businesses have believed that higher pay and job security was the answer to a multitude of problems for employees and while they both remain vital, priorities have changed. Employees are now looking for a much more holistic approach to their benefits package.
“Talk of a four-day week and flexible working had started to make their way into our corporate vocabulary before the pandemic but in practice, they were largely left to smaller SMEs or start-ups to introduce. Fast forward to 2022 and we’ve seen a seismic shift in the way we work and where we do it. During the pandemic with social venues closed, the ‘softer’ benefits such as gym memberships and Friday drinks became obsolete and while many of us look forward to socialising after work with a colleague again, more functional benefits such as income protection are proving to be more worthwhile to employees going forward.
“Ensuring that the benefit packages employers offer suits all members of the team is crucial to protect productivity and encourage loyalty for the long term. Our research found that more than two thirds (69 per cent) of employees ‘will work harder for an employer who provides employee benefits that support my individual needs’. Employers must recognise how the needs of their employees will have changed in the past 12 months and work with them to find practical solutions that can be introduced quickly.”
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