Increased employer pension contributions are now the most sought after workplace benefit, as almost a third of people actively seek it from potential employers.
Among those over the age of 55, some 41 per cent said this is their most desired benefit, according to a survey by Zest, with older people often looking to ensure their pension savings are in a good position ahead of retirement.
Matt Russell, chief executive of Zest, said: ‘Continued economic challenges means many employees are looking for long-term financial support from their employer – increasing pension contributions is one of the most effective ways to reward employees and attract new talent.
‘In a climate where many people have been forced to dip into their savings, employers who increase pension contributions can ensure their employees continue to build retirement pots, without impacting their day-to-day finances.’
Currently, employers are required by the Government to contribute at least three per cent towards employees’ pensions, with five per cent coming from the employee themselves to make up eight per cent of their earnings.
However, employers can choose to contribute more than this, with some matching employee contributions, doubling them or offering salary sacrifice schemes.
Most favoured: As many as a third of workers want their employer to contribute more to their pension
Alongside competitive salaries, job-hunters are also increasingly looking to non-monetary benefits offered by employers as they look to make up for salaries that haven’t kept up with inflation.
Increased pension contributions proved more popular than private medical insurance, with some 29 per cent of workers looking for this as part of an employee benefits package.
Last year, private medical care was the most favoured workplace benefit.
The figure is higher among older generations, with 39 per cent of those over 55 desiring access to private care.
Private medical care benefits are becoming increasingly sought by employees as a result of significant NHS waiting lists, with some 8million currently waiting for for NHS care. Due to this, private medical costs have also increased in recent years.
The same applies to private dental care – with NHS dentistry in crisis, more people are pushed towards private practices in order to get access to a dentist.
‘Employers must ensure they listen to which benefits are most important to their employees – this is vital to boost morale and productivity, providing organisations with a competitive edge,’ Russell said.
Some 23 per cent of employees said they want their employer to contribute to their energy costs, while discounts and vouchers for high street shops and brands were also favoured by the same number.
Occupying the fourth and fifth spots were wellbeing allowances to spend on what they wish and paid mental health leave, favoured by 19 per cent and 16 per cent respectively.
Workplace savings were also requested by 16 per cent of employees.
Notably absent from the list is benefits such as a gym membership and cycle to work schemes, as well as free food and drink.