Designing a benefits strategy that has something for everyone, and appeals to the whole of a workforce can be a challenge for any business, as employees at different ages or life stages can have very varied needs.
A new report from leading Financial Wellbeing Provider, Neyber, shows how we can help to support a multi-generational workforce.
All companies must now offer a pension, but some employers will also choose to make other benefits such as medical insurance or life cover, available to all employees. Others will offer voluntary extras only or take a flexible benefits approach.
However, regardless of an employer’s benefits strategy, our research found some consistent patterns amongst the employees we surveyed.
35 to 64 year olds appreciate their pension more than any other benefit
Flexible working and pensions highly valued across all age groups. Younger workers value flexible working over pensions, but those aged between 35 and 64 appreciate their pension more than any other benefit.
This is an interesting shift from 2017, where pensions were the most valuable benefit across all age groups. Could this mean that flexible working is becoming more widely available, or has auto-enrolment made pensions ‘business as usual’ for younger workers?