Half of workers say they would sacrifice more of their basic salary to get a personalised benefit package according to research from MetLife UK.
In today’s Covid environment it appears there is increased demand for more holistic employee benefits that offer health and financial protection. This research found that seven out of 10 employees said they would “work harder for an employer that provides benefits that support individual needs.”
Met Life found two in three (65 per cent) of employees now care more about financial protection over ‘softer’ benefits, such as gym membership.
Employers appear to recognise this shift. Prior to Covid-19, employers ranked income protection as the 13th most important benefit for employees, yet, this has now risen to 3rd with employers now viewing it as a vital benefit to offer their staff going forward.
The research found that three in five (62 per cent) of employees wanted to be more involved in shaping benefit packages so they adequately reflected their needs. There was also demand for benefit packages to cover children and spouses as standard.
The survey showed that Covid led to increased demand for these benefits. More than six out of 10 employers (63 per cent) said they had seen an increase in employees’ queries about benefits since the pandemic, while 61 per cent said they had noticed an increase in the need for mental wellbeing products.
MetLife said the pandemic provided a clear opportunity for employers to reflect on the current benefits they offer and re-shape for the needs of modern employees.
MetLife UK employee benefits 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. While they both remain vital, priorities have changed. Employees are now looking for a much more holistic approach to their benefits package.
“During the pandemic with social venues closed, the ‘softer’ benefits such as gym memberships and Friday drinks became obsolete. 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. Benefits valued by employees have changed, as the pandemic has brought health and wellness to the forefront of everyone’s minds.
“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.
“The transition to working from home has been a well reported challenge and has forced employers to adapt their benefits strategies in order to continue support employee’s wellbeing.”
To support employees working remotely, MetLife recently launched ‘Connected at Home’, in partnership with HCB Group, a new support service for employers to help with home working and staff wellbeing.
