According to new MetLife UK research, 50% of workers in today’s COVID-19 environment would be willing to give up more of their basic salary to receive a personalized employee benefits package.
The fourth and final chapter of MetLife’s Re:Me report, redefine, emphasizes the significance of employers and employees realigning their needs and expectations. According to the report, nearly seven out of ten (69%) workers said they would work harder for an employer who provides employee benefits that meet their specific needs.
Since the beginning of the pandemic, the traditional benefits package has evolved, and the desired perks have shifted. As a result, we are already seeing a shift in employers’ approaches to benefit packages. Before COVID-19, employers ranked income protection as the 13th most important benefit for employees; however, this has now risen to the third position, with employers now viewing it as a critical benefit to offer their employees going forward. Furthermore, 58 percent of employees want their benefits package to cover all of their dependents, including their spouses.
While salary remains the most important factor for females aged 50+ (66%), opportunities for personal development are most valued by females aged 18-29 (48%). Flexible working proves to be a universally important perk, but slightly more so for women than men. 57% of women aged 50+ voiced its importance as did 48% of females aged 18-29 and 47% of those aged 30-49. This compares with a 50% ranking for males aged 50+ and just 39% for those aged 18-29.
Employees are urging employers to include them in decisions about which support packages to offer as employee benefits packages change. Almost two-thirds (62%) of employees want to “shape their benefits packages with their boss.”