UK Data Divulges What Young People Perceive to be The Most Important Workplace Benefit
While employing young staff may appear risky, it could turn out to be one of the smartest decisions a company makes. Today, a growing number of businesses are opting to recruit young people. Their skills and backgrounds are frequently ideal for those searching for employees who they can mold to the needs of the company. It’s important to understand the needs of this new generation of workers. Small and growing businesses are often unable to provide the same extensive benefits packages as larger, established ones. They must be more strategic in determining which perks are most valuable to their present employees as well as the talent they seek to hire. One way to do this is with HR systems since they provide insights into employee needs. So, what does the data say about how young people prioritize workplace benefits? That is what we discuss here.
What Young People Perceive to be The Most Important Workplace Benefit
With more companies dependent on a multi-generational and varied staff, demographics must be taken into account. According to research from the United Kingdom, the 18-24-year-olds valued enhanced leave the most. Women felt the same way about paid leave. Men and those aged 54 and up, on the other hand, ranked healthcare as the most important advantage.
Remote workers must manage their schedules and commitments on top of everything else. This is why burnout is at an all-time high for these employees. The COVID-19 crisis has had an especially detrimental impact on people’s mental wellbeing. Younger workers between the ages of 18 and 30 have taken the worst hit from this disruption. As a result, businesses that give healthcare benefits see decreased absenteeism and higher production.
In the recent poll from human resource management system data, employees ranked career development third, up from seventh in the corresponding 2018 survey. This benefit is especially important to younger employees who are attempting to advance up the corporate ladder. The pandemic-induced change in emphasis might be ascribed to workplace adaptations to remote locations. Workers saw a need for their businesses to provide this incentive because many found transitioning to remote work challenging.
Why Businesses Need to Provide Employee Benefits
Workplace benefits are an essential component of creating a corporate culture that values its employees. Benefits help staff in various ways. They make workers’ life a little simpler and their time at work a little more enjoyable while simultaneously improving the company’s bottom line.
Let’s look at some of the reasons why all businesses should provide perks to their employees.
Retaining top talent
Finding a new employee is costlier than retaining an existing one. Staff turnover disrupts coworkers and customers alike, so once organisations have outstanding people on board, the attention shifts to how to keep them from jumping ship.
Recruits no longer compare only wages when selecting a new job because many companies now provide a benefits package. Instead, they evaluate an offer in its totality and analyse its complete worth. Employee incentives that are above average may go a long way toward maintaining employees at a company.
Employees begin to rely on these advantages, and they become vital aspects of their life. They will eventually become items that your staff will not want to leave behind. For example, a long-term agreement to purchase a car via their company offers someone far more reason to stay.
Although the UK economy has been fluctuating in recent years, shifting employment statistics indicate that the recruiting market is beginning to favor employees over businesses. With more employment opportunities, applicants may be pickier about where they work. This means that companies must do more to stand out and remain competitive if they hope to hire suitable workers who will build them.
Boost Morale. Productivity and Loyalty
Allowing employees to participate in activities that they enjoy is important to them. Benefits also help them save their money and prove that they are appreciated. This is a step up from the small (taxed) cash bonus, which is costly for the company and unsatisfying for the individual.
Benefits may significantly impact lifestyle decisions or leisure activities, providing that essential feel-good element that increases morale, engagement, and productivity while also inspiring loyalty.
Young workers provide companies with a fresh outlook and a unique mindset. They are ready to learn, acquire experience, and put their talents to use in the workplace. Their enthusiasm may be a fantastic morale booster for the rest of the staff, and they can also help businesses get a foothold in the millennial and Gen Z markets.
With an HR management system, companies can figure out the appropriate workplace benefits package that will attract and retain this demographic of workers.