Young professionals require more support with rising energy bills
Six in ten young professionals want more financial support from their employer to deal with rising energy bills.
• Half (51%) of employees aged 18-34 also worried about increased housing costs while two in five (42%) call for more financial support for childcare.
• Improved support with rising financial costs remains important to employees across all ages.
• 56% of younger employees admit they would leave their job if another company offered a better benefits package.
Six in ten employees aged 18-34 admit they are concerned about rising energy bills this year and are calling for more support from their employers, reveals new research from employee benefits technology provider, Zest.
Water UK recently announced that the average water bill for households in England and Wales will rise 26% to over £600 per year from April.
Half (51%) of employees aged 18-34 also worried about increased housing costs while two in five (42%) call for more financial support for childcare.
Two thirds (67%) of younger employees aged 18-34 say the high cost of living means employee benefits packages are more important when deciding where to work whilst six in ten (56%) also admit they would leave their job if another company offered a better benefits package.
Employers need to ensure they are catering to the support employees need – half (52%) of young people say the benefits packages on offer are the most important thing they look for in employment.
Matt Russell, CEO of Zest, says: “The latest spike in bills will pile more pressure on household finances – employers have a vital role to play in offering the enhanced financial support to their employees.
“Employers must ensure they listen to which benefits are most important to their employees – right now, it’s clear that employees are favouring financial support to ease the pressure of rapidly mounting costs.
“Organisations that are able to meet employee demands around reward packages can boost morale and productivity, providing them with a competitive edge. However, employers must ensure they have access to benefits technology that enables them to track the uptake on specific benefits, communicate with employees to understand their needs and adapt support as needed.”
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/
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