Two-thirds (63%) of financial services employees want more financial support from their employer, according to research by benefits technology provider Zest.
Its report Are financial services firms losing talent through poor reward packages? also found that the majority (97%) of financial services firms say benefits are now one of the first things candidates ask about at interview.
However, a third (31%) of employee respondents do not feel their employer listens to their needs and responds in terms of the benefits it offers. In addition, nearly two-thirds (63%) do not use most of the benefits available to them and 36% feel their benefits are irrelevant to them.
The research also found that there appears to be a disconnect between the benefits financial services employees want and those provided by employer respondents.
The top three benefits desired by employee respondents are private medical insurance (47%), increased pension contributions (45%) and a pensions salary sacrifice arrangement (30%). The top three benefits provided by employer respondents, however, are paid mental health leave (34%), sustainability benefits (29%) and private medical insurance (25%).
More than a third (37%) of employer respondents said they are struggling to keep up with competitors which are increasing salaries, while 54% of employee respondents said they would leave their current job if they were offered better benefits elsewhere.
Matt Russell, chief executive officer (CEO) of Zest, said: “April has proved to be a financially challenging month for both businesses and workers alike. Providing the right support through a great benefits package can ease this load, offering improved value for money for businesses and helping employees to manage the increase in household bills and ongoing high cost of living.
“However, if both parties are to reap these rewards, financial services firms must work to create more personalised, targeted benefits packages that their employees will truly value. With over half of workers in the sector claiming they’d jump ship for better perks, getting this right has never been more critical.”
