A War for Talent report released by employee-paid workplace benefits solution Benni, has found more than one in five (22 per cent) employees would consider moving job just to get a superior benefits package according to the new.
The report suggests benefits are becoming a key bargaining chip when it comes to attracting and retaining the right staff, and particularly younger workers. More than a quarter (26 per cent) of Millennials sampled said they had either left or thought about leaving a job solely because of the employee benefits package on offer compared with 11 per cent of Baby Boomers. 24 per cent of millennial respondents said that considering to quit their job would be one of their reactions if they discovered that a peer were getting more or better benefits elsewhere, as did 17 per cent of baby boomers.
The survey of over 2,000 UK workers also found benefits were a factor in retention with 16 per cent of employees including the benefits package as one of their top three key factors in choosing their current position. Benni’s research found that 60 per cent of employees receive some form of benefits and perks at work but there were big differences across age groups – Gen Z (under 22s) receive the most, at 73 per cent; while Baby Boomers (aged 55-73) state they receive the least, at just 44 per cent. This suggests building the right benefits package is likely to become more rather than less important in future.
“In the current jobs landscape, businesses of all sizes need to be aware that even happy employees can be tempted to jump ship for a better benefits package,” Kyle Addy, voluntary benefits director at Benni said. “This attitude appears to be particularly prevalent among younger workers who have grown up in a period of increased job mobility and are very conscious of their market value.”
While the benefits that employees said they’d most like added to their package were a good mix of lifestyle and health benefits, perks and vouchers, at a time where auto-enrolment has encouraged employees to contribute to their pension, it seems that they are also prepared to pay towards benefits that matter to them – specifically health benefits. In fact for men and women, across all salary bands from £15,000 to £55,000 and all generations, the top three benefits that they’d be willing to contribute towards, Private Medical Insurance, Critical Illness Cover and Life Insurance, were all health benefits.
Kyle Addy added: “Given the wide range of benefits and perks available, many employers may be left feeling they’re simply not able to compete. So it’s encouraging to see that so many employees are prepared to make a contribution towards the cost of valued benefits like health insurance. Almost one in five (18 per cent) of our sample already fund, or part fund the benefits they receive, so split payment options are worth considering as part of an attractive benefits strategy.”