55% of younger staff say a good benefits package is important

benefits package importantMore than half (55%) of 18-34 year-olds said a good benefits package is the most important thing they look for in employment, according to research by employee benefits technology provider Zest.

Its survey of 2,000 employees also found that, in comparison, 42% of the general workforce said a good benefits package is the most critical thing to them.

More than one in 10 (14%) of 18–24-year-olds believe their employee benefits packages provided a lifeline during the cost-of-living crisis, compared to 4% of those aged over 55.

Despite 82% of employers increasing investment in benefits since the pandemic, 45% of employees think their workplace benefits package is inadequate. Two-thirds (67%) of 18–34-year-olds would leave their job if another employer offered them a better benefits package, compared to 37% of those over 55 and 54% of all other employees.

Although 84% of organisations believe employees use the full range of benefits available to them, just 33% of employees say the actually use all the benefits on offer. Two-thirds (65%) said they would use benefits more if they were personalised to their needs.

Matt Russell, chief executive officer at Zest, said: “Younger employees are much more heavily reliant on their workplace benefits packages than their older colleagues; without these financial benefits, many young people will have struggled to survive the last few months. In the current challenging landscape, it shouldn’t be a surprise that employees are placing greater emphasis on their benefits and employers are driving investment in this area to remain competitive.

“Employers need to ensure that the benefits on offer are relevant to their workforce, personalised to what they need and communicated clearly at the right time to those most likely to use a specific option. This approach will not only boost engagement with benefits but also offer enhanced value for money for both employer and employee.”