Top Benefits that UK Employees Want the Most
Offering a good employee benefits package is proven to increase staff loyalty, boost productivity and help attract the best talent. But what perks and benefits do employees actually want?
The employee benefits you provide can play a big part in the success of your business. A good selection of employee perks and benefits helps workers stay happy, and a happy team tends to be more productive and creative.
Additionally, employees who feel satisfied with their benefits package are less likely to move elsewhere. According to the LinkedIn Global Talent Trends Report, better benefits were one of the top 3 reasons why millennials changed jobs in 2020.
However, with so many different types of employee benefits to choose from, it’s not always easy for employers to know which ones are worth investing in. Whether you are a small business or large corporate, below is Yulife’s top 5 list of benefits most desired by employees today:
1. Flexible working
When it comes to the benefits employees want, flexible working is one of the most popular.
The turbulence of the pandemic has caused people’s priorities to shift considerably, and for many working parents, finding an employer who embraces flexible working policies is of critical importance.
Caring for loved ones can often get in the way of working life, and part of creating a more positive workplace that supports work-life balance is allowing employees to fully manage these responsibilities without any repercussions.
A flexible working policy can help you to attract more top talent: 88% of workers would consider a lower salary if flexible hours were provided. This is a huge percentage and is becoming a symbol of the modern workplace, as more companies look to make employee wellbeing a priority.
2. Employee Life Insurance
The influence that financial wellbeing can have on people’s health and happiness is often underestimated.
As uncertainty persists in the wake of the pandemic, people need more than ever to feel reassurance and security from their employers. In fact, 69% of employees say their employers have a duty to assist them with their finances.
Offering employee life insurance as one of your workplace benefits is an excellent way of letting your people know you care about their financial situation and will be there for their loved ones should the worst happen. And interestingly, over 20% of employees see life insurance as a more important benefit now than they did before the pandemic.
3. Digital healthcare
With health concerns at an all-time high following the pandemic, health insurance is fast becoming one of the top perks for employees. 26% of workers said they would be more likely to stay with an employer that offered digital health solutions.
For many people, attending the doctor’s isn’t easy, and getting an appointment at a time that suits them is a struggle. Offering digital healthcare can be a great way to eliminate this stress and help colleagues deal with long NHS waiting times – providing a safe, cost-effective way of gaining access to vital health services.
4. Group Income Protection
Mental health is one of the most common causes of workplace absenteeism, and in 2020, Deloitte analysis found that poor mental health is costing UK employers up to £45 billion a year.
As a result, an increasing number of employees are demanding that their employers provide income protection insurance to support them should they fall ill. Group income protection makes no distinction between physical or mental illness – and in 2020, mental health was the second most common reason for a claim.
Additionally, group income protection products are not underwritten, so all employees can benefit regardless of their medical history.
5. Mindfulness apps
With workplace stress and uncertainty culminating over the last couple of years, more people are being drawn to companies that actively fight burnout and champion employee wellbeing. A recent Slack study reported that a third of UK workers are now looking for a more mindful work culture.
Providing subscriptions to digital mindfulness apps is a great way to facilitate a mindful workplace. There are many mindfulness apps rated among the top benefits for employees, including Calm and Headspace, which offer a variety of guided meditations that help users stress less and strengthen their mental fitness.
These apps can fit around different employee schedules and space allowances and have been shown to really work in improving mental wellness in the workplace: a recent study by the British Psychological Society found that regular access to meditation apps significantly increased staff wellbeing and performance.
Create a competitive employee benefits package
Providing a comprehensive package of the best employee benefits will have a long-term impact in increasing employee wellbeing, helping to retain and attract staff and improving overall business outcomes.
To take your benefits strategy to the next level, there is a real need for seamless integration to limit the number of touch points for employees looking to access these important services.
Technology has the potential to bring together all these benefits under one umbrella. This can drive utilisation and engagement, and ultimately better serve colleagues when they need it most.
YuLife offers companies an easy way to provide employee life insurance bundled in with critical digital health services like 24/7 GP access via a gamified app that rewards employees for practising healthy behaviours such as walking and the use of mindfulness apps. With their in-app wellbeing hub, employees can easily access all of their wellness tools in one place.