New research from Sodexo Engage, a leading expert in employee engagement, shows the loyalty of younger employees is strongly tied to the level of support they receive from their employers. The report, titled The Mountain of Lost Benefits: Closing the Expectation Gap found that 53% of employees aged 18 to 34 feel more loyal towards their employer if they feel supported at work. In addition, nearly half (46%) of employees within this age group believe that their organisations could play a more active role in alleviating the financial burdens associated with the ever-rising cost of living.
However, only 18% of them are currently leveraging their benefits to help maximise their salary. This indicates a clear expectation among young employees for their employers to provide assistance in navigating financial challenges, as well as a lack of understanding of how to effectively use benefits to stretch their salaries.
The survey conducted by Sodexo Engage also revealed notable differences in how benefits are used among different age groups, genders and industries.
Male employees making fuller use of benefits than female colleagues
The research showed that male employees are making fuller use of their benefits. Notably, male employees displayed a higher preference for health-related benefits, with 25% using occupational sick leave and 17% making use of private medical insurance.
The report also found a disparity between men and women, with only 9% of women making full use of their benefits compared to 15% of men. Ultimately, though, the research revealed only 11% of all employees are making full use of their benefits, highlighting a clear lack of HR to employee communication across all demographics, leading to a majority of employees being unaware of the opportunities available to them.
Lack of understanding about benefits a problem for all age groups
The research highlights distinct preferences for workplace benefits among different age groups. Older employees, particularly those aged 65 and above, stand out as more likely to fully utilise their benefits and rewards with 16% of this group taking advantage of them, specifically occupational sick pay (33%), retail discounts and cashback (19%) and private medical care (19%).
In contrast, younger employees aged 18 to 24 showed a clear preference for retail discounts or cashback benefits, with 38% utilising these perks compared to the 27% average across all age groups. They also showed an inclination towards gym memberships, with 15% of them utilising this benefit compared to the overall average of 6%. Employees aged 25 to 34 displayed heightened interest in financial wellbeing benefits, with 28% utilising them compared to only 10% of those aged 55 to 64.
The research findings revealed a concerning lack of understanding regarding the available benefits across all age groups. Specifically, 22% of respondents aged 18 to 34, 26% of those aged 35 to 54 and 36% aged over 55 are unsure about the benefits offered by their organisations.