Companies adjust pay biannually; 83% seek more perks, leading 71% to create a head of wellness for talent retention.
Payscale, a company that provides software solutions and compensation data, noted in 2022 that an increasing number of organisations are needing to make pay adjustments for their employees twice a year in order to adequately compensate them. Workers are utilising this chance to request more perks, as 83% of companies indicate that their staff members request higher pay, according to employee benefits tech startup Zest.
Companies who don’t spend money on employee benefits are playing a risky game since they could lose talented employees to rival companies. This is particularly noticeable in a market where it can be challenging to find talented people. Zest has discovered that companies are responding to employee requests more as a result. Indeed, more than seven out of ten (71%) have created a position equal to head of wellness.
The study is released just in time for October 10, which is World Mental Health Day. Zest has discovered that with more awareness being raised about mental health, the new positions created to address employee requests will guarantee that their requirements are satisfied. Because mental health is becoming more widely recognised, more workers are talking about their welfare at work. The data revealed that 89% of organisations have this situation.
The CEO of Zest, Matt Russell, stated: “It’s a very encouraging sign that so many companies are appointing Heads of Wellbeing or roles similar to them. These people will be able to communicate with the workforce directly, ensuring that workers have access to the resources and compensation they require during this trying time.”
A positive start, but more work has to be done
Even though this is a positive start, more needs to be done. As part of their benefits package, less than one-fifth (19%) of employers presently provide employees with a wellbeing allowance, according to Zest.
Even if some companies do invest in employee well-being, six out of ten (57%) acknowledge that it is at an all-time low. This shows how important it is for employers to continue developing these packages.
In honour of World Mental Health Day on October 10, the study highlights the increasing value that workers place on benefits related to their overall compensation package, as these advantages become increasingly important to the workforce.
Ways to improve well-being
Among UK companies, paid mental health leave is the most popular wellness benefit. Approximately 25% of companies that provide this. Other well-liked choices consist of:
- Twenty-three percent of firms provide cycle to work programmes.
- Mindfulness-based programmes: 21%
- Menopause assistance: 17%
“Employers who do not invest in their benefits packages will struggle to keep up,” Russell continued. particularly as the revolution in wellbeing picks up speed. They run the risk of falling behind rivals. Not to mention having trouble luring and keeping valuable personnel if they disregard employee concerns.
“Many people experienced mental health issues during the COVID-19 pandemic. Then, the crisis in the cost of living had an impact on their financial security as well; employers must make sure that their benefits packages are providing the necessary resources to support both of these.
