Employees would trade lower salary for better benefits

A recent survey conducted by MetLife UK reveals a compelling trend: 40% of UK employees are willing to accept a lower salary if it means gaining access to enhanced benefits. These sought-after benefits include income protection, death in service advantages, and hybrid working options, illustrating a shift in workforce priorities towards more comprehensive employment perks and financial security.

Financial protection is a significant concern for many, with 33% of respondents indicating that income protection is a critical factor in their job decision-making process. Additionally, 35% of those surveyed express a desire for generous pension contributions, highlighting an increasing focus on long-term financial planning.

Flexible working is a priority

The importance of non-financial benefits, such as work flexibility and well-being support, is also evident from the survey results. Nearly half (47%) of the respondents place a high value on hybrid and flexible working arrangements, reflecting the evolving nature of the workplace. Furthermore, 42% of workers prioritise generous annual leave allowances, and 34% seek mental health support and wellness programmes.

In alignment with these findings, MetLife UK has relaunched its Group Income Protection offering, tailored to provide businesses with an affordable means of supporting employee well-being. This revamped service extends beyond financial aid during absences to encompass virtual GP services, early intervention programmes, rehabilitation services, and employee assistance programmes.

Adrian Matthews, Head of Employee Benefits at MetLife UK, emphasises the growing importance of a holistic approach to employee benefits in attracting and retaining talent. He notes: “Competitive salaries are important, but businesses need to realise that it’s not the only thing candidates think about when assessing job opportunities.”

The survey also highlights the economic impact of employee absenteeism, with larger organisations facing annual costs of approximately £1.75 million due to related expenses.