Alight Study Finds That European Employers Are Not Tailoring Benefits Offerings to Employees’ Needs and Lifecycle
According to Alight, a leading cloud-based human capital technology and services provider, benefit needs and priorities for European employees vary depending on their life stages, genders, and their geography. This is based on findings from Alight’s new ‘Building a Benefits Strategy Fit for the Future’ 2023 report, which surveyed 1,400 employees and 420 employers from mid and large-sized organisations across France, Germany, Italy, Netherlands, Spain and the United Kingdom to understand their perception of benefit programs.
According to the report, younger employees place more importance on benefits than their older counterparts, with 39% of 18–24-year-olds and 35% of 25-34 year-olds naming benefits as their main driver for working at a company, compared to just 17% of those aged 55-64. In addition, almost two-thirds (62%) of 18–24-year-olds and over half (54%) of 25-34-year-olds say their benefits needs have evolved over recent years.
There is also stark difference in benefit preferences between genders, where more than two-fifths (43%) of male employees think their benefits package is very comprehensive, compared to less than a third (32%) of females. Additionally, 29% of female employees named reduced working hours as one of their top desired benefits, compared to 18% of male employees.
The study also found that a global strategy with a universal roster of benefits cannot engage a diverse workforce as 45% of employees believe that the flexibility to choose or change benefits based on individual preferences is one of the top improvements companies could make. However, only 36% of employees say their company allows them to pick and choose the benefits that best suit their needs.
“It is clear that a ‘one-size-fits-all’ approach to benefits program is no longer enough for today’s workforce. Like employees themselves, a strategic approach to benefits is multifaceted. Regular communication with employees – both listening to what they have to say and sharing relevant insights – is fundamental to delivering better outcomes. If employers want to enhance total employee wellbeing, and outshine competitors in today’s ultra-competitive job market, they must evolve their benefits strategy, recognise employees’ individualities and provide a personalised benefits experience,” said Jan Pieter Janssen, vice president of business development at Alight.
To learn more about the ‘Building a Benefits Strategy Fit for the Future’ 2023 report, download it here.
About the report
The ‘Building a Benefits Strategy Fit for the Future’ 2023 report is based on two surveys conducted to capture the perceptions of employees and employers. The questions in the surveys mirrored each other. One surveyed 1,400 employees and the second surveyed 420 employers, and both were conducted across 6 countries – the U.K., France, Spain, Italy, Germany, and the Netherlands – between June and September 2022. The respondents worked for mid-sized and large companies across multiple industries.
About Alight Solutions
Alight is a leading cloud-based human capital technology and services provider that powers confident health, wealth, and wellbeing decisions for 36 million people and dependents. Our Alight Worklife® platform combines data and analytics with a simple, seamless user experience. Supported by our global delivery capabilities, Alight Worklife is transforming the employee experience for people around the world. With personalized, data-driven health, wealth, pay and wellbeing insights, Alight brings people the security of better outcomes and peace of mind throughout life’s big moments and most important decisions. Learn how Alight unlocks growth for organizations of all sizes at alight.com.
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TEAM LEWIS
AlightHub@teamlewis.com
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