Younger employees prioritise increased financial support and wellbeing benefits for 2024, according to Zest.
About 67 per cent of them say that the cost of living crisis has affected their priorities and that they are looking to their employers for greater support.
Benefits such as travel assistance are becoming less popular; only 4 per cent of people are interested in season ticket loans, and 8 per cent in work-to-play programmes.
Additionally, 31 per cent indicate a wish for increased benefits related to wellbeing, which reflects worry about mental health in addition to financial problems.
The majority of workers are younger, therefore it’s important to know what they want. Of them, 62 per cent are willing to switch companies for better benefits, and 57 per cent prioritise perks when choosing a job.
Good benefit packages are even more crucial for helping younger employees, as 29 per cent of employers are unable to keep up with inflation in wage changes.
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hybrid world of work clearly established, more ‘traditional’ benefits such as support with travel costs, have become outdated.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.”