Over 60% of jobseekers rank wellbeing support as a ‘top priority’ when searching for new employment, confirms a new study.
The new research from Paychex, a HR, payroll and benefits platform, and Future Workplace reveals that workers place a high value on employers supporting their wellbeing. During a time of increased demand for employees and fierce competition for talent, employees looking for new roles are prioritising holistic benefits packages, specifically focused on wellbeing.
According to the survey, 62% of respondents agree that employee wellbeing support and benefits are a top priority when applying for or considering their next job. This sentiment reflects changing employee perspectives on their overall wellbeing over the course of the Covid-19 pandemic. More than two-thirds (69%) of employees stated that prior to the pandemic their overall wellbeing was good or very good, while during the height of the pandemic, fewer than half of employees felt that way (44%). And, while that number indicates it is starting to recover (59%), wellbeing has yet to return to pre-pandemic levels.
WELLBEING CHALLENGES
“As workers continue to leave their jobs in record numbers, organisations need to constantly take the pulse of what employees expect from their employer and adjust their offerings accordingly,” stated Jeanne Meister, Founder of Future Workplace and Executive Vice President at Executive Networks. “A focus on supporting their wellbeing will be a standard expectation that most employees will have of their employer, now and in the future.”
According to the report, only 48% employees report that their employer prioritises their wellbeing. When asked which aspects of wellbeing they are struggling with most, 29% are grappling with financial wellbeing, followed by mental/emotional wellbeing (24%), physical wellbeing (17%), social wellbeing (17%) and career wellbeing (13%).
EMPLOYEE WELLBEING SUPPORT
The report shows that employers can improve employee wellbeing support through benefits. When staff were asked to identify the actions their employers can take to improve employee wellbeing, providing additional paid time off was the frontrunner at 35%, followed by:
- Better mental health benefits (29%)
- Better health insurance (28%)
- Adequate staffing (28%)
- Better financial wellness training and benefits (27%)
Gen Z (those born between 1997 and 2015) has the biggest appetite for better mental health benefits out of any other generation surveyed. Additionally, Gen Z (30%) are more likely to want their employers to provide better childcare benefits than Boomers (9%), Gen X (12%) and Millennials (18%). Millennials are defined as those born between 1981 and 1996, Gen X is defined as those born between 1965 and 1980, and Boomers are defined as those born between 1946 and 1964.
WELLBEING BY GENERATION
According to the research, members of older generations (Gen X and Boomer) are significantly more likely to rate their current wellbeing as good or very good, compared to their younger counterparts (Millennial and Gen Z). Here is how each of the generations surveyed rated their current wellbeing:
- Boomer: 63% rate wellbeing as good or very good; 8% rate wellbeing as poor or very poor
- Gen X: 63% rate wellbeing as good or very good; 12% rate wellbeing as poor or very poor
- Millennial: 56% rate wellbeing as good or very good; 18% rate wellbeing as poor or very poor
- Gen Z: 55% rate wellbeing as good or very good; 19% rate wellbeing as poor or very poor
“This research reinforces the importance of employee wellness when recruiting and retaining top talent. HR leaders will need to actively consider the role wellbeing benefits play in creating a culture where employees feel supported and empowered to do their best,” stated Alison Stevens, Director of HR Services at Paychex. Click here to see the full research report.
In fact, the majority of Gen Z staff report that current employee benefits packages on offer are not suitable for them or their needs; and instead seek more wellbeing-related life-style benefits, according to another recent study. Click here to read more.
Sign up for our newsletter
