- Seven in ten employees under the age of 35 say they want more financial help from employers
- They were not interested in borrowing season tickets or app subscriptions
Companies may be trying to attract young staff with cycle-to-work schemes, ‘new pet leave’ and subscriptions to fancy apps – but under-35s say the benefit they want most is more money for their pension is reserved.
Nearly a third of employees between the ages of 18 and 34 consider higher pension contributions to be one of their most desirable employment conditions. This is evident from research by employee benefits platform Zest.
Younger workers appear to have shifted their focus to their finances, with seven in ten saying they would like more financial support from their employers.
Among the least popular benefits were cycle schemes, season ticket loans, annual leave to purchase a new pet, app subscriptions and fertility treatment benefits.
Benefits package: Younger workers appear to have shifted their focus to their finances, with seven in 10 saying they want more financial support
According to Zest, no fewer than a third of companies are unable to increase salaries in line with inflation. This means that attractive benefits packages are becoming increasingly important for employers to hire and retain talent.
To compensate for lower salaries, more than half of young workers say the benefits package is the most important thing they look for in their job.
A whopping 62 percent of younger workers said they would leave their job if they received a better benefits package in another role.
Other financial incentives were also among the most popular benefits, with 21 percent hoping their employer would contribute to them energy costs at homeand 20 percent look for discounts on well-known brands or a savings program at the workplace.
Matt Russell, CEO of Zest, said: ‘As many companies are unable to increase salaries during the cost of living crisis, benefits offer a way to support employees with their finances and overall wellbeing.
‘Now that the new hybrid working world is clearly established, more ‘traditional’ benefits, such as travel support, are becoming obsolete.
‘Modern workers who work from home half the week, or entirely remotely, will benefit very little from a subscription loan and, according to our findings, would be much better off with paid mental health leave, which they can use at their discretion.’
According to the survey of more than 2,000 people, wellbeing benefits are also top of mind for younger workers, with a third saying they want more benefits focused on their wellbeing, compared to an average of just 24 per cent.
Private health insurance came in second as the most preferred benefit among people aged 18 to 34, while it was most popular for the higher age categories and was chosen by more than half of those aged 55 and over.
The number of people who prefer jobs that offer paid mental health leave is one in four among 18 to 34 year olds, while on average only 18 percent favor this.
Spurred by the popularity of hybrid working, the offer of season ticket loans is now favored by just four percent, while a cycle-to-work scheme is only desired by eight percent of younger workers.