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More than half of younger workers say benefits are top priority when job hunting, report finds

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Summary

A new report from Zest found that 55% of 18-34 year olds prioritize a good benefits package when looking for a job, compared to 42% of the general workforce. There is a mismatch between the benefits offered and what workers want, with private medical insurance being the most desired benefit that is not widely offered by employers. The report also found that two thirds (67 per cent) of younger employees would move to another company if offered a better benefits package, and 45 per cent of employees felt their benefits package was inadequate. Experts have recommended that employers provide both reactive and proactive support, and invest time and resources to promote and explain the workings of every aspect of the benefits package.

Q&As

What percentage of 18 to 34 year olds say a good benefits package is the most important thing they look for when searching for a job?
55%

What are the top five benefits most offered by employers according to the report?
Increased pension contributions (30%), workplace saving schemes (21%), discounts on high street shops and brands (21%), private medical insurance (26%), and flexible working (19%).

How many employees said they felt their benefits package was inadequate?
45%

What are some strategies employers can use to ensure their benefits packages better align with employee needs?
Invest in voluntary benefits, provide both reactive and proactive support, invest time and resources to promote and explain the workings of every aspect of the benefits package, and offer flexibility of choice and design.

What percentage of businesses reported increasing their investment in their benefits package in the past 12 months?
48%

AI Comments

👍 This article provides a great overview of the importance of offering benefits to younger workers and how employers can tailor packages to fit individual needs. It's encouraging to see businesses investing in their benefits package and offering more support for employees.

👎 The research reveals a mismatch between the benefits offered and what workers wanted, with private medical insurance being a priority for workers and yet not provided by many businesses. This highlights the need for better communication between employers and employees on the benefits provided.

AI Discussion

Me: It's about how more than half of younger workers say that benefits are the top priority when looking for a job. Experts say that employers need to vary the packages they offer as nearly half of workers are dissatisfied with what they are currently getting.

Friend: That's really interesting! It sounds like employers need to really think about what they are offering to their workers in terms of benefits.

Me: Yeah, it's a huge issue. It seems like employers need to do a better job of communicating with their employees about the benefits they are offering, as well as making sure that the benefits are tailored to the individual needs of the employees. They also need to make sure that they are offering benefits that are relevant to the current cost of living crisis that many workers are facing.

Action items

Research the benefits packages offered by competitors and consider how to tailor your own to meet the needs of younger workers.
Invest in voluntary benefits that can be tailored to employees’ needs and provide both reactive and proactive support.
Promote and explain the workings of the benefits package to ensure employees understand, use, and appreciate them.

Technical terms

Benefits package: A set of benefits offered by an employer to their employees, such as health insurance, pension contributions, and discounts on high street shops and brands.
Employee benefits: Additional compensation provided to employees in addition to their regular wages or salaries.
Cost of living crisis: A period of time when the cost of living is increasing faster than wages, making it difficult for people to afford basic necessities.
HR decision makers: People in an organization responsible for making decisions related to human resources, such as hiring, firing, and training.
Private medical insurance: Insurance that covers the cost of medical care, such as doctor visits, hospital stays, and prescription drugs.
Workplace saving schemes: Programs that allow employees to save money from their paychecks for retirement or other long-term goals.
Financial education: Education about money management, budgeting, and investing.
Voluntary benefits: Benefits that are offered to employees on a voluntary basis, such as life insurance and disability insurance.
Reactive support: Support that is provided in response to a specific need or situation.
Proactive support: Support that is provided before a need or situation arises.