What employees want

Uncertainty is fuelling employee priorities, and according to Benefex, benefits, employee experience, and wellbeing are interlinked.

The Evolution Report by Benefex outlined what employees want in 2023. Employers can help to stay ahead during uncertainty by reviewing their benefits, employee experience, and wellbeing policies.

“Even despite some high-profile downsizing, globally, we are still witnessing a buoyant hiring environment into 2023. This continues to give employees the confidence to walk away from those organisations that don’t meet their high expectations when it comes to benefits, recognition and wellbeing,” said Gethin Nadin, chief innovation officer at Benefex.

“We have never seen a workforce with the fortitude to walk away from their roles in the record-breaking numbers they have been over the last two years. Attracting and retaining the best people has never required more skill, strategy and commitment from employers than it will in 2023.

“Organisations must deliver on these growing expectations by offering benefits that offer real-life support, recognising the contributions of their people, and supporting their wellbeing in an auspicious way.”

Benefits are quickly becoming a priority for employees, with 52 per cent of respondents holding higher expectations for their benefits policy.
Recognition is equally as important, with 51 per cent wanting better recognition for the work they do. Half of those surveyed said their wellbeing expectations have also increased.

Across the world, workers’ expectations have increased by up to 65 per cent, and younger workers were more likely to have higher expectations than their older counterparts.

Most employees aren’t content with their treatment at work, with just 38 per cent claiming their being looked after “very well”. With the uncertainty of the economy and talent shortages affecting attraction and retention of workers, employers may benefit by addressing the three core areas outlined by Benefex: benefits, employee experience, and wellbeing.

Another 17 per cent believe their employers aren’t looking after them. While the results are slightly better than in 2022, employers could still stay ahead in the talent market by addressing these issues.

So, what is influencing candidates to choose an employer? According to Benefex, the top 10 most important things are:

1. Commitment to employee wellbeing (64 per cent)
2. Benefits provision (61 per cent)
3. Flexible working (56 per cent)
4. High ethical standards (55 per cent)
5. The physical workplace environment (53 per cent)
6. Culture (53 per cent)
7. Great workplace tech (50 per cent)
8. Employee recognition programs (50 per cent)
9. Commitment to diversity, equity, and inclusion (DEI) (48 per cent)
10. Commitment to sustainability (45 per cent)

With employee experience being one of the most important considerations for candidates, improving this area can help to attract and retain top talent. In fact, 85 per cent of respondents said experience is more important to them now than it was last year.

Benefex listed the top six biggest impacts on employee experience:

1. Relevant benefits that align with what I want and need (55 per cent)
2. More recognition for my contribution (54 per cent)
3. Focus on wellbeing (49 per cent)
4. A stronger sense of belonging and community (46 per cent)
5. Understanding and feeling part of the company values (46 per cent)
6. Access to high-quality workplace technology (42 per cent)

Benefits are also crucial to attraction and retention in the new world of work. Benefex said that 91 per cent of employees believe benefits impact their wellbeing. Across the world, the most sought-after benefits are:

• Life insurance
• Health screening
• Bonus waiver
• Critical illness insurance
• Dental insurance
• Pension/retirement savings
• Private medical insurance
• Childcare vouchers
• Beauty and finance discounts
• Income protection

Lyndsey Shaw, Benefex vice-president of partnerships, said: “Whilst people are being more mindful and making cutbacks to ensure their money is going further or to the best place, it’s not a surprise that these benefits are at the forefront of employee’s minds.”

“More than ever, people are interested and aware of their health and the importance of ensuring they have protections in place, should they need the support. In addition, we see the value employees place on being able to continue to go out and spend, whilst making a saving, whether that be through payroll, salary sacrifice or discount platforms.”

Ms Shaw continued: “Offering core benefits that help employees put these protections in place show[s] that as an employer, you are taking into consideration how important this is and allowing them to spend their money on other items, and ensuring they don’t feel that they have to choose between health insurance or a holiday.”

Jack Campbell

Jack is the editor at HR Leader.