Zest’s Financial Services Report

As household costs continue to rise, the importance of providing effective means to support employees and their financial situation is greater than ever.

Good salaries are no linger enough, and UK employees have suffered continuously with rising costs, including an increase in water, electric and council tax bills, not to mention the rise in travel and food costs.

When it comes to the employer’s perspective, increased National Insurance contributions are putting a strain on businesses, with the rise of 1.2% reportedly costing companies £25 billion each year.

With more cost-effective approaches to reward and support required, we commissioned a survey of 872 HR decision makers (including 100 working in financial services) and 2,000 UK employees to better understand what employees want from their benefits packages and to gain insight into the reward strategies being used by firms.

Key findings include:

• 62% of workers at financial services firms say they do not use the majority of the benefits available to them.
• 23% of financial services cannot afford to increase salaries in line with inflation, with a bigger percentage struggling to keep up with competitors offering salary hikes.
• 22% of financial services have lost talent due to being unable or unwilling to increase salaries.

To download our full report, click here.