50% of staff would sacrifice salary for personalised benefits

Research by MetLife UK has revealed that half of employees would sacrifice some of their salary for personalised benefits.

The study was compiled as part of the fourth and final chapter of MetLife’s Re:Me report, redefine, which found that almost seven in 10 (69%) people admitted they would work harder for an organisation that provided tailored employee benefits to support their individual needs.

Furthermore, almost two in three (65%) claimed to care more about financial protection than perks such as gym memberships, while three in five (62%) wanted to be involved in shaping benefit packages with their employers.

The research also revealed that while salary remains the most important factor for females aged 50+ (66%), opportunities for personal development are most valued by women aged 18-29 (48%).

Employers said they had changed how they talk to their staff about the benefits already available to them, with 63% seeing a rise in employees’ queries about benefits since the pandemic and 61% noticing an increase in the need for mental wellbeing products.

Adrian Matthews, employee benefits director at MetLife UK, said: “For years businesses have believed that higher pay and job security was the answer to a multitude of problems for employees and while they both remain vital, priorities have changed. Employees are now looking for a much more holistic approach to their benefits package.”

He explained that offering personalised benefits and ensuring that they suited all members of the team were crucial to protect productivity and encourage loyalty for the long term.

Matthews concluded: “Employers must recognise how the needs of their employees will have changed in the past 12 months and work with them to find practical solutions that can be introduced quickly.”