More than a fifth (56%) of employees would leave their current role if another organisation offered them a better benefits package, according to research by benefits technology provider Zest.
Its Employee benefits report, which surveyed 2,000 employees, also found that just 39% respondents believe their benefits package offers good value for money.
Just below two-thirds (63%) agreed that benefits have become more important to them when deciding on an organisation, rising to 72% among respondents aged 18-34. Despite this, 41% admitted they think their workplace benefits package is inadequate, rising to 47% of 18-34 year olds.
Private medical insurance was found to be the most in-demand benefit, with 40% of employers offering this. Two-fifths (42%) of respondents aged 55 and above said that it tops their benefits wish list.
Increased pension contributions (32%) and employer contribution to energy costs at home (24%) were the second and third most in-demand benefits.
Although 32% named increased contributions and 9% called for mindfulness programmes as a priority benefit, just 14% of organisations introduced mindfulness programmes during the last 12 months, while 12% raised pension contributions.
In addition, one-fifth (19%) of employers said they cannot afford to increase salaries.
Matt Russell, chief executive officer at Zest, said: “Organisations which fail to meet the needs of their employees could face a debilitating talent drain unless they enhance their benefits packages. Employees are placing increasing importance on financial support from their employer and aren’t afraid to switch jobs to get the perks that they need. Employers must ensure that not only are they increasing investment in their benefits offering but delivering enhanced value by implementing the support employees are calling for.
“However, there is also an opportunity for employers which understand the support their employees are demanding when it comes to benefits packages. These firms can possess a competitive edge as they can leverage their generous and targeted benefits to support talent attraction and retention which can support productivity and business performance.”
