Salt Lake City—Women overwhelmingly value mental health benefits over men (70% vs. 49%), according to a recent report from PeopleKeep, the leader in personalized benefits for small and medium businesses.
The report, based on a May 2022 survey of more than 900 SMB employees, assessed benefits preferences across genders, generations and types of work environments. It found that women also value flexible working hours (84% to 70%), paid family leave (73% to 61%) and professional development (64% to 57%) more than men, while men appreciate the reimbursement of Internet and telephone bills. more than women (40% to 32%).
“When employers review their benefits offerings, they need to recognize that priorities are sometimes different based on demographics,” says PeopleKeep CEO Victoria Glickman Hodgkins. “To help employees stay happy in the workplace, employers should expand the options available to be inclusive, meeting the needs of their employees regardless of gender, age, sexual orientation, race, ethnic origin or place of residence.”
Of the benefit options, both women and men value paid vacation and retirement benefits the most and student loan repayment assistance the least – however, women prefer the latter benefit more than men (23 % versus 17%).
Comparing generations, Gen Z respondents are more confident that employers offer flexible working hours compared to other generations, while Millennials prefer paid family leave and mental health benefits more than other generations.
All generations appreciate health and dental insurance, but the silent generation of employees appreciates these benefits less than other generations, likely because they are eligible for Medicare.
The report also assessed how employees’ work environments shape their most valuable benefits. It’s no surprise that teleworkers place more importance on reimbursing internet and phone than their counterparts. On the other hand, field workers in more hazardous occupations place more importance on life insurance than other workers.
Understanding how individual employees differ in what they want from employer-provided benefits is crucial for small and medium-sized businesses, which often have to compete with large organizations for top talent. By offering personalized benefits like a Health Reimbursement Arrangement (HRA) or Employee Allowance, employers can tailor their benefits to the unique needs of their employees.
An HRA is an employer-sponsored, IRS-approved health benefit used to reimburse employees, tax-free, for health care expenses that meet their individual needs. Employee allowances are a fixed amount offered to employees to cover costs ranging from setting up remote offices to wellness applications and more.
See the full report here.
PeopleKeep helps organizations take care of their employees with hassle-free benefits. As a 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.