Two-thirds (66%) of full-time UK employees regard contributory pensions and savings as important, according to research by Employee Benefits Isle of Man.
Its 2023 Non-salary benefits global survey, which polled more than 2,000 full time UK and expat workers in Singapore, Hong Kong, the United Arab Emirates (UAE) and South Africa, also found that 57% of Hong Kong expatriate full-time employees and 36% of expatriate full-time United Arab Emirates (UAE) workers view contributory pensions as important.
Employee share scheme options emerged as the least important benefit across all markets, with just 15% of UK staff and 42% of South African expatriate workers valuing these as an important employee benefit.
While 64% of South African and 61% of Singapore expatriate full-time workers consider private medical cover crucial, only 37% of UK staff said this was a priority.
Almost two-thirds (65%) of expatriate staff in Singapore considered the ability to work flexibly and remotely to be important, closely followed by 59% of UK workers. Meanwhile, just 36% of expatriate full-time workers in the UAE said flexible and remote working was important to them.
Critical illness cover was seen as more important than death-in-service benefits across all markets. It was most valued in South Africa at 54%, followed by Hong Kong and Singapore at 51% and 50%, respectively.
Michael Crowe, chief executive at Finance Isle of Man, said:?“What stands out clearly is that a one size-fits-all approach is increasingly obsolete in today’s diverse global workforce. Workers worldwide are placing greater importance on flexible non-salary benefits, signalling a shift towards more personalised and immediate value-adding benefits.?This trend poses significant challenges for multinational companies, especially in terms of regionalising employee benefit provision, and reflects a growing global trend towards prioritising work-life balance and the ability to work from anywhere.”
