Australia
According to Alight, a leading cloud-based human capital technology and services provider, benefit needs and priorities for European employees vary depending on their life stages, genders, and their geography. This is based on findings from Alight’s new ‘Building a Benefits Strategy Fit for the Future’ 2023 report, which surveyed 1,400 employees and 420 employers from mid and large-sized organisations across France, Germany, Italy, Netherlands, Spain and the United Kingdom to understand their perception of benefit programs.
According to the report, younger employees place more importance on benefits than their older counterparts with 39% of 18–24-year-olds and 35% of 25-34 year-olds naming benefits as their main driver for working at a company, compared to just 17% of those aged 55-64. In addition, almost two-thirds (62%) of 18–24-year-olds and over half (54%) of 25-34-year-olds say their benefits needs have evolved over recent years.
There is also stark difference in benefit preferences between genders, where more than two-fifths (43%) of male employees think their benefits package is very comprehensive, compared to less than a third (32%) of females. Additionally, 29% of female employees named reduced working hours as one of their top desired benefits, compared to 18% of male employees.
The study also found that a global strategy with a universal roster of benefits cannot engage a diverse workforce as 45% of employees believe that the flexibility to choose or change benefits based on individual preferences is one of the top improvements companies could make. However, only 36% of employees say their company allows them to pick and choose the benefits that best suit their needs.
“It is clear that a ‘one-size-fits-all’ approach to benefits program is no longer enough for today’s workforce. Like employees themselves, a strategic approach to benefits is multifaceted. Regular communication with employees – both listening to what they have to say and sharing relevant insights – is fundamental to delivering better outcomes. If employers want to enhance total employee wellbeing, and outshine competitors in today’s ultra-competitive job market, they must evolve their benefits strategy, recognise employees’ individualities and provide a personalised benefits experience,” said Jan Pieter Janssen, vice president of business development at Alight.
To learn more about the ‘Building a Benefits Strategy Fit for the Future’ 2023 report, download it here.