Benefits Over Salary?

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According to a recent study from MetLife UK, one in every two workers would be prepared to give up more of their base wage for a tailored employee benefits package in today’s COVID-19 climate.

MetLife’s Re:Me report’s fourth and final chapter highlights the necessity of employers and workers realigning their needs and expectations. According to the study, nearly seven out of ten workers (69%) said they’d work harder for a company that offers employee benefits tailored to their specific requirements.

Since the pandemic, the standard benefits package has altered, and the desirable perks have shifted. As a result, we’re already seeing a shift in companies’ attitudes toward benefit packages. Prior to COVID-19, companies regarded income protection as the 13th most essential benefit for employees; nevertheless, it has since increased to the third most important benefit, with employers seeing it as a critical benefit to provide their employees with in the future. Furthermore, 58 percent of workers want their benefits package to cover all of their dependents, including their spouse.

While pay remains the most significant consideration for ladies aged 50 and over (66 percent), girls aged 18 to 29 place the most emphasis on possibilities for personal growth (48 percent ). Flexible working hours are a widely valued benefit, however women value it significantly more than men. It was important to 57 percent of women aged 50 and over, as well as 48 percent of women aged 18 to 29 and 47 percent of those aged 30-49. In comparison, males aged 50 and more scored 50%, while those aged 18 to 29 scored only 39%.

Employees are requesting employers to engage them in the decision-making process when deciding which assistance packages to give as benefit packages evolve. Employees prefer to shape their benefit packages with their employer’, according to nearly two-thirds (62 percent).

Employers have changed how they talk to their employees about the benefits already available to them as a result of COVID-19; 63 percent said they’ve seen an increase in employee questions about benefits since the pandemic, and 61 percent said they’ve seen an increase in the demand for mental health products. Employers have a clear chance to reflect on their present benefits and re-shape them to meet the demands of modern employees as a result of Covid-19.

“For years, employers have felt that increased compensation and job stability were the answer to a number of concerns for workers,” says Adrian Matthews, EB Director at MetLife UK. “While both remain important, priorities have shifted.” Employees now expect a far more comprehensive approach to their benefits package.

“It’s critical to ensure that the benefit packages offered by employers are suitable for all members of the team in order to safeguard productivity and foster long-term loyalty.” According to our findings, more than two-thirds of employees (69%) say they’ll work harder for a company who gives employee benefits that meet their specific needs. Employers must recognise how their employee demands have evolved over the last year and collaborate with them to develop realistic solutions that can be implemented swiftly.”

Working from home has been a well-publicized difficulty for millions of employees throughout the world, forcing businesses to swiftly modify their benefits policies in order to continue to support their employees’ well-being. According to 39% of employees, their employer has implemented particular advantages to assist them in working from home.

See how HealthBoxHR can help your business manage and clearly establish the needs of your employees with our Performance Management feature and ensure that your staff always have the possibility to reach out to their managers with our Mental Health Management & MyChatBox.

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