- Over half of women (55%) across the UK believe that their current benefits package is inadequate
- Three quarters (74%) of female workers want more financial support from their employer
- Private medical insurance and increased pension contributions are the two top employee benefits female employees are demanding
Ahead of International Women’s Day, new research from employee benefits technology provider, Zest, reveals that eight in ten (80%) female employees are demanding more employer support in their workplace benefits packages.
Over half of working women (55%) across the UK believe that their current benefits package is inadequate.
Just 55% of women think their employee benefits packages offer value for money whilst three quarters (74%) of female employees want increased financial support from their employer.
The research reveals that Private Medical Insurance and increased pension contributions are the two top benefits women are calling for in their reward packages – 34% and 33% of female employees wanted these benefits.
Three quarters (76%) of female employees want increased pension contributions whilst 72% want more support with essential costs such as food and energy bills and two thirds (68%) would like to see improved support with workplace savings.
Overall, seven in ten (71%) working women prioritise financial benefits in their rewards packages whilst 19% prefer those which support their wellbeing. Over nine in ten (92%) businesses say they have increased investment in wellbeing benefits over the last 12 months.
Businesses in hospitality and leisure industries lagging behind in female employee support
Despite the hospitality and leisure industries boasting a larger proportion of female employees than many other sectors, the benefits packages on offer to these workers are currently underserving women.
Compared to other sectors in Zest’s research, the hospitality and leisure sector is the least likely to offer many benefits that female employees prioritise. Just 6% of employers in this sector offer menopause support, whilst menstruation leave and maternity support are offered by only 13% of organisations across the industry.
Whilst Private Medical Insurance and increased pension contributions are the two top benefits female employees are calling for, the hospitality and leisure sector is the least likely to offer these (just 11% and 8% businesses offered these).
Offering inadequate benefits packages can impact employee attraction and retention. Nearly all employers in the hospitality and leisure sector (97%) are seeing existing employees increasingly ask about their benefits package, with six in ten (62%) stating that they’d leave their job if another company offered them a better benefits package.
Julia Aaltonen, Head of HR at Zest, says: “Too many female employees are still being let down by their benefits packages. There is a long way to go to improve support for women in the workplace with reward packages still ignoring the benefits they’re calling for.
“Employers must ensure they listen to female employees to understand which benefits are most important to them – many organisations are yet to embrace a more personalised approach that delivers value for both employer and employees.
“Organisations that are able to meet employee demands around reward packages not only offer enhanced support but can ultimately boost productivity, providing them with a competitive edge. HR leaders with access to simple benefits technology can drive engagement and secure improved value from reward strategies.”
Zest is an employee benefits technology company with over 500 customers, including Hargreaves Lansdown, Taylor Wimpey and Yahoo, serving over 300,000 employees. Its multi award-winning platform offers a fresh approach to truly flexible employee benefits.
Employers can use Zest’s ROI Calculator to learn more about potential savings on employer NI contributions as well as approaches to reduce talent loss and boost productivity: https://www.zestbenefits.com/roi-calculator/
