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Employee Benefits News

Latest News
20 Apr 2015

Employee Benefits Valued Differently According To Age And Gender

New research suggests that it might be beneficial for employers to tailor their benefit offerings according to their workers´ age and gender, according to a press release on the PwC website.

In its recent study of 2,400 UK employees, PwC found a stark difference in benefits preferences across different genders and various ages. Some of the findings have been detailed below.

Gender views

When asked to list their two key workplace benefits, medical insurance was more of a priority for female respondents (32%) than men (24%). Women also placed more value on childcare, with two times more women asking for childcare benefits to be introduced at their workplace than men.

Meanwhile, men were more excited by the idea of company car schemes than women, with 29% listing this as the top benefit they would like to receive, compared to 21% of women.

Across the board, however, workers were most interested in benefits that could help with the rising costs of living. Discount shopping vouchers came out as favourite with 44%, followed by healthcare and mortgage rates, with a respective 36% and 37%.

Age divide

There was a clear difference in responses between Millennials, Generation Y and older workers. Younger workers were more willing to take risks in relation to their pay, such as accepting a salary reduction of £1,000 if it meant the possibility of a £5,000 performance-related reward – while this was favourable for 36% of workers under 20, just 18% of 40-59 year olds felt the same, and 20% on average across all age groups.

What´s more, younger employees were more likely to prefer training programmes to monetary incentives, and favoured extras such as gym memberships – cited by one fifth of respondents in their 20s and 30s, and just 13% of those in their fifties – and discounted food and drink. In fact, over half of this age group said they would accept a 5% salary drop in exchange for free food and drink while at work.

Meanwhile, Generation Y were more likely to want a company car scheme than older workers, with 32% favouring this compared to 27% of respondents aged 40 and above.

“Employers need to understand their people and their diversity to design a reward programme that takes account of individual preference,” explains PwC´s pay, performance and risk partner John Harding.

“Communicating and targeting benefits to different segments of the workforce could bring significant cost savings and stop the employer wasting valuable cash on benefits that are simply not valued by everyone.”

Copyright © M2 Bespoke 2015

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