Nearly half (46%) of employees aged 18 to 34 believe their organisations could play a more active role in alleviating cost-of-living financial burdens, according to new research.
The Sodexo Engage report The mountain of lost benefits: closing the expectation gap found that 53% of employees in the same age group feel more loyal towards their employer if they feel supported at work, but only 18% leverage their benefits to help maximise their salary.
Younger staff prefer to use retail discounts or cashback benefits (38%) compared to the 27% average across all age groups; and 15% take advantage of gym memberships, versus the overall average of 6%. Meanwhile, 28% of employees aged 25 to 34 are interested in financial wellbeing benefits, compared to only 10% of those aged 55 to 64.
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Only 9% of women make full use of their benefits compared to 15% of men, with 25% of males using occupational sick leave and 17% using private medical insurance. Employees aged 65 and above fully utilise their benefits and rewards (16%), taking advantage of occupational sick pay (33%), retail discounts and cashback (19%) and private medical care (19%).
Just 11% of all employees make full use of their benefits, however 22% of those aged 18 to 34, 26% of those aged 35 to 54, and 36% aged over 55, are unsure about the benefits offered by their organisations.
Jamie Mackenzie, director at Sodexo Engage, said: “It’s concerning to see that many employees are not fully utilising their benefits due to a lack of knowledge or misinformation, especially among younger individuals who appear to have a concerning lack of understanding.
“To tackle this issue, it’s crucial to meaningfully engage all employees, ensuring the delivery of more relevant benefits that truly matter to them. By bridging the benefits awareness gap, we can support our workforce and create a thriving environment where employees feel valued and empowered.”