Roughly eight in 10 (78 per cent) employees who can personalize their benefits package to meet their needs say their employer cares about their health and well-being, compared to just 29 per cent of employees who can’t personalize their benefits, according to a new survey by Mercer.
The survey, which polled more than 18,000 global employees (including 1,000 Canadian workers), found employees with personalized benefits are more confident their employer will support them during emergencies or times of need (80 per cent versus 35 per cent of workers without personalized benefits) and are more likely to believe their employer’s benefits are on par with, or superior to, those offered by other organizations in the same industry (76 per cent versus 21 per cent).
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Nearly half of employees globally are extremely or very concerned about declines in their physical (48 per cent), mental or emotional (47 per cent) or cognitive health (46 per cent). Notably, roughly half (49 per cent) of generation Z employees reported concerns about cognitive decline.
When asked about their health and financial concerns, more than half (53 per cent) cited the ability to retire, followed by the ability to buy a home (49 per cent), physical health decline (48 per cent), covering monthly expenses (48 per cent) and mental or emotional health decline (47 per cent).
However, despite financial concerns being top of mind for many employees, the report noted employers are still catching up on their financial wellness offerings. While more than a third (36 per cent) of employees said emergency savings/loan programs are helpful, just 21 per cent said their employer offers these benefits, followed by financial coaching and education (30 per cent versus 19 per cent) and personalized investment advice (29 per cent versus 18 per cent).
The report also found flexibility is prioritized by employees across all generations. Half (49 per cent) cited alternative work schedules as the No. 1 step employers can take to support workers, followed by remote and hybrid working arrangements (42 per cent).
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