50% of staff would give up more salary for benefits

New data has revealed that one in two workers admitted that they would sacrifice more of their basic salary to get a personalised employee benefits package.

Research from MetLife’s Re:me report found 65% rank higher pay as the most important part of a role, followed by job security (62%), and two in five (39%) would stay in a job if their employer demonstrated more care for their mental wellbeing.

Almost two-thirds (32%) feel that the relationship with their employer has been weakened as a result of Covid-19 (Coronavirus) and 25% said that their employer’s response the pandemic has either somewhat or significantly weakened the trust between the organisation and staff.

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Meanwhile, 67% of employers confirmed that they are changing their current employee benefits packages to support staff needs and 64% have been promoting perks more during and since the start of the pandemic. Almost three-quarters (72%) of employers and 62% of employees agree the pandemic has changed their relationship.

Adrian Matthews, employee benefits director at MetLife UK, commented that it is clear that employees’ values and priorities both personally and professionally have changed as a result of the pandemic, and ensuring that the benefit packages employers offer suits all members of staff is key to protect productivity and encourage loyalty for the long term.

He explained that businesses have believed for years that higher pay and job security was the answer to a multitude of problems for staff, and believes that caring for an employee’s physical, mental and emotional wellbeing will play a part in guaranteeing an employee’s loyalty for the long term.

“Our research found that 69% will work harder for an employer who provides employee benefits that support their individual needs. 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,” he said.