In 2022, Payscale, the compensation data and software solutions provider, observed that more and more organisations are having to adjust pay for their employees twice a year to properly compensate them. Employees are taking this opportunity to ask for greater benefits as 83 per cent of businesses report their workers asking for more compensation finds employee benefits tech company Zest.
Businesses not investing in their employee benefits are playing a dangerous game as they run the risk of losing talent to competitors. This is especially prominent in a market where good talent can be hard to come by. As a result, Zest has found that businesses are doing more to cater to employee demands. In fact, over seven in 10 (71 per cent) have introduced a head of wellbeing role or equivalent.
The research comes at an important time as we come up to World Mental Health Day on 10 October. With a greater light being shone on mental health, Zest has found that the new roles to cater to employee demands will ensure their needs are being met. As a result of the growing awareness surrounding mental health, more employees are now speaking about their wellbeing at work. Responses indicated this was the case in 89 per cent of businesses.
Matt Russell, CEO at Zest, said: “It’s a hugely positive sign that so many employers are appointing Heads of Wellbeing or similar roles – these individuals will be able to liaise with the workforce directly, ultimately ensuring that employees have access to the support and renumeration that they need during this challenging time.”
A first good step – but more needs to be done
Though this is a great step in the right direction, more can be done. Zest points out that less than a fifth (19 per cent) of businesses currently offer employees a wellbeing allowance as part of their benefits package.
Despite certain businesses investing in wellbeing, six in 10 (57 per cent) admit that employee wellbeing is at an all-time low. This demonstrates a clear need for employers to develop these packages even further.
The research marks World Mental Health Day (10th October) and demonstrates the growing importance employees are placing on wellbeing benefits as part of their total remuneration package as these perks become a top priority for the workforce.
Solutions to better wellbeing
Paid mental health leave is the most popular wellbeing benefit amongst UK employers. Nearly a quarter (24 per cent) of businesses offering this. Other popular options include:
- Cycle to work schemes – offered by 23 per cent of employers
- Mindfulness programmes –21 per cent
- Menopause support – 17 per cent
Russell added: “Employers not investing in their benefits packages will struggle to keep pace. Especially as the wellbeing revolution continues to accelerate. They risk being left behind by competitors. Not to mention struggling to attract and retain key talent if they don’t listen to the demands of their workforce.
“Many people struggled with their mental wellbeing during Covid. Then the cost of living crisis took a toll on their financial wellbeing too – employers need to ensure that their employee benefits packages are offering the right tools to support both.”