With the removal of the Default Retirement Age, Croner - the UK’s largest provider of workplace information, software and services - is advising employers to use it as an opportunity to tailor their benefits packages to suit the age profile of their workforce.
In a YouGov survey commissioned by Croner - the UK’s largest provider of workplace information, software and services - over 2,000 British adults were asked to name the three employee benefits from a given list that would most likely attract them to a job. While flexible working, company reputation and workplace culture came out tops across all age ranges, other benefits ranked according to age. The survey discovered that:
- Out of all the age groups, youthful 18-24 year olds would be most attracted to gym membership (8%) and be interested in staff development and talent management programmes (5%)
- Meanwhile money is the main driver for the 25-34 age group, as they’re the ones most bothered about bonuses (35%)
- A positive culture is top of the list for 35-44 years (45%)
- Middle aged adults, or the 45-54 age group would also be more attracted to flexible working (56%) and a company’s CSR initiatives (3%)
- The over 55s (17%) are least likely out of all the age groups to worry about bonuses (17%) and holiday allowances (26%), but are most attracted to want decent health insurance (20%).
Commenting on the findings, Viv Copeland, Head of Reward at Croner, said: “There are clearly quite significant differences between the benefits valued by different age groups, and if an employer is trying to balance all these differing needs for both existing and prospective employees a lifestyle benefits programme could really help achieve this. Knowing which benefits are valued and which are not can help employers to tailor their spend to get the best value for the company and its employees.”
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