A recent study has found that 78% of new employees, mostly Millenials and Gen Z, are driving demands for better health care and wellbeing benefits, unlike their older colleagues.
The survey from Simplyhealth reveals a significant generational divide in workplace benefits.
Two-thirds of younger workers consider health benefits their most valuable perk, and less than half of those over 55 share that sentiment.
Younger workers are more likely to prioritise health benefits, as they would take less sick leave with health coverage. Over 70% say it’s crucial for job satisfaction. Nearly six in ten chose their current job partly due to the health benefits offered.
HR professionals are taking note, with 30% saying job candidates now expect health benefits. Health cover has proven effective in attracting and retaining talent, according to employers who report increased employee satisfaction, engagement, and productivity.
The survey highlights a growing request for private health benefits amidst rising NHS waiting times. According to recent data, NHS waiting lists have reached a record high, with patients facing an average wait of over three months for treatment.
“The research shows how much employees appreciate the value of health support and benefits at work. With health services so stretched, being able to access early support and health insurance is going to rate highly in what people want from an employer. These benefits can be a valuable part of an employer’s employee value proposition and aid recruitment and retention.” says Rachel Suff, senior policy adviser at the CIPD.
The rise in mental health issues, as evidenced by the increase in sick notes, highlights the importance of supportive workplace policies. As employers strive to attract and retain talent, investing in solid health benefits can improve employee well-being and mitigate the financial burden of mental health-related absences.