Retirement benefits are the most sought after benefits to replace private medical care
Increased employer pension contributions are now the most sought-after workplace benefits, with almost a third of people actively seeking them from potential employers.
Among people over 55, about 41 percent say that this is their most desired benefit, according to a survey by Zest. Older people often want to ensure that their retirement savings are in a good position before they retire.
Matt Russell, CEO of Zest, said: ‘Ongoing economic challenges mean many employees are looking for long-term financial support from their employers. Increasing pension contributions is one of the most effective ways to reward employees and attract new talent.
‘In a climate where many people are forced to dip into their savings, employers who increase pension contributions can ensure their employees continue to build up pension pots, without impacting their day-to-day finances.’
Currently, employers are required by the government to contribute at least three percent to their employees’ pensions, with five percent coming from the employees themselves and accounting for eight percent of their income.
However, employers can choose to contribute more, with some matching employee contributions, matching them or offering salary sacrifice arrangements.
Most Favorite: As many as a third of employees want their employer to contribute more to their retirement
In addition to competitive salaries, job seekers are also increasingly looking to non-monetary benefits offered by employers as they look to offset salaries that have not kept up with inflation.
Increased pension contributions proved more popular than private health insurance, with around 29 percent of employees seeking this as part of an employment benefits package.
Last year, private medical care was the most preferred employment benefit.
This figure is higher among the older generations: 39 percent of those over 55 want access to private care.
Employees are increasingly seeking private medical care benefits due to significant NHS waiting lists, with around 8 million people currently waiting for NHS care. As a result, private medical costs have also increased in recent years.
The same goes for private dental care: with NHS dentistry in crisis, more people are being pushed into private practices to access a dentist.
‘Employers need to make sure they listen to what benefits are most important to their employees. This is essential to boost morale, productivity and give organizations a competitive advantage,” said Russell.
Some 23 percent of employees said they want their employer to contribute to their energy costs, while discounts and vouchers for stores and brands were also favored by the same number.
In fourth and fifth place were welfare benefits that they could spend on whatever they wanted and paid mental health leave, which were preferred by 19 percent and 16 percent respectively.
Savings in the workplace were also requested by 16 percent of employees.
Notably missing from the list are benefits such as gym membership and cycle-to-work schemes, as well as free food and drink.
