Women also care more about flexible work schedules, paid family leave, and professional development; Men prefer hard-cost reimbursements such as internet and phone. Among generations, Gen Z values flexible work schedules the most; Millennials value paid family leave and mental health.
SALT LAKE CITY, July 19, 2022 (Newswire.com) - Women overwhelmingly value mental health benefits compared to men (70% compared to 49%), according to a recent report from PeopleKeep, the leader in personalized benefits for small to midsize organizations.
The report—based on a May 2022 survey of over 900 SMB employees—evaluated benefit preferences among genders, generations, and types of work environments. It found that women also value flexible work schedules (84% to 70%), paid family leave (73% to 61%), and professional development (64% to 57%) more than men, while men valued internet and phone bill reimbursement more than women (40% to 32%).
"As employers consider their benefits offerings, they should acknowledge that priorities are sometimes different based on demographics," said Victoria Glickman Hodgkins, CEO of PeopleKeep. "To help employees stay happy in their workplaces, employers should broaden the options available to be inclusive—matching the needs of their employees regardless of gender, age, sexual orientation, race and ethnicity, or location."
Of benefit options, both women and men value paid time off and retirement benefits the most and student loan repayment assistance the least—however, women prefer the latter benefit more than men (23% to 17%.)
In comparing generations, Gen Z respondents feel strongest about employers offering a flexible work schedule compared to other generations, whereas Millennials prefer paid family leave and mental health benefits more than other generations.
All generations value health and dental insurance, but the Silent Generation of employees values those benefits less than other generations, likely because they are eligible for Medicare.
The report also evaluated how employees' work environments shape their most valued benefits. Not surprisingly, remote workers value internet and phone reimbursement more than their counterparts. On the other hand, field-based workers who are in more dangerous occupations value life insurance more than other workers.
Understanding how individual employees differ in what they want from their employer-provided benefits is crucial for small and midsize organizations, which often have to compete with larger organizations for top talent. By offering personalized benefits like a health reimbursement arrangement (HRA) or an employee stipend, employers can tailor their benefits packages to the unique needs of their employees.
An HRA is an IRS-approved, employer-funded health benefit used to reimburse employees, tax-free, for healthcare expenses that meet their individual needs. Employee stipends are a fixed amount of money offered to employees to cover costs ranging from remote office set-ups to wellness apps and more.
View the full report here.
PeopleKeep helps organizations take care of their employees with hassle-free benefits. As the leader in personalized benefits, PeopleKeep has learned what the thousands of employers who use our software want: a seamless employee experience, easy-to-use software, and automated compliance.