Two in three workers believe that a wider range of benefits would cut their financial stress as four in 10 reveal they are living paycheque to paycheque.
This is according to MetLife UK’s Employee Benefits Insider study which polled 1,000 full-time employees and shows that almost two in five workers (39%) live paycheque to paycheque, while 37% occasionally dip into long-term savings earlier than planned to cover short-term expenses. More than a quarter (26%) reported having trouble paying their bills.
Financial stress
But the research also found that 66% of employees want a wider range of benefits to help reduce their financial stress, while 75% maintained it would show that their employer cares about their overall wellbeing.
Among workers who intend to stay with their current organisation, only 14% cited their employer offering a better range of benefits than competitors as a reason for staying. When choosing benefits, employees placed particular importance on cost savings (47%), affordability (44%) and the range of benefits available (43%).
Alongside financial pressures, the research also showed a third (33%) of workers are concerned that AI and automation could make some skills or jobs obsolete faster than new opportunities are created. However, almost two-thirds (64%) believe that they can adapt to AI, automation and wider workplace change.
Looking beyond the headline figures
Charlotte O’Brien, head of employee benefits at MetLife UK, said: “Employers must look beyond headline retention figures and ask if they are doing enough to keep top talent. Job security may stop people from leaving, but it doesn’t mean they feel valued or see a future with their organisation.
“Retaining key skills takes more than a competitive salary. Employee benefits need to be relevant and support people both at work and at home, not just be a tick-box exercise. Employers who listen and respond meaningfully will build true loyalty and engagement.”
