Only 24% of UK employees say they deeply engage with their benefits. 

99% of C-suite executives say they’re not fully on board with them. 

62% of HR professionals say expectations around benefits are higher this year than ever before. 

Something’s not working. But what is it? 

Today, we need benefits more than ever. With prices rising and pay rises shrinking, work is no longer seen as the gateway to the life employees want to live. 

As employers, we need to find a new way to motivate employees – one that genuinely makes a difference to their wellbeing, be it financial, physical, mental, or social. Old-school benefits won’t cut it – but the new ones need to make sense for our businesses, too. 

That’s why we commissioned a piece of research digging into exactly what employees want in 2024. 

Let’s take a sneak peek.

Employee benefits: what people want in 2024

The Octopus Money team spoke to 1000 employees aged 25-55+. They live in all 12 regions of the UK, and work in roles ranging from junior to C-suite in 13 different industries. The key headlines: 

• 46% of employees are looking for a new job this year. 

• Of this 46%, 65% are leaving because they want a higher salary and 45% are leaving because they want better benefits. 

So, what are the benefits these people are searching for? 

• They’re defined by macro trends: flexibility and financial wellbeing are the most desired benefits, which we can link to the pandemic and financial crisis.

• Stage of life is a key deciding factor: those starting their careers, at child-rearing age, and approaching retirement all have different preferences when it comes to benefits.

• Gender is a key deciding factor: women are more likely to value flexibility, financial wellbeing, and mental wellbeing benefits – whereas men are less likely to see the value at all. 

• Complaints about relevance are consistent: 19% of people think their benefits aren’t relevant – and this stays roughly the same across every demographic. 

Piqued your interest? We’ve got plenty more where that came from. Download our full report on what benefits employees want in 2024. You’ll come away knowing: 

• What employees across the UK think of their current benefits packages.

• Why non-engagers don’t use their benefits. 

• What employees think of the following benefits (and how they rank against each other): financial wellbeing, flexible working, physical wellbeing, office environment, mental wellbeing, and team bonding. 

• What different demographics – grouped by age, gender, location, role and more – think of different employee benefits. 

If you’re looking to overhaul your benefits, find out why your current strategy isn’t working, boost your attraction and retention rates, or just find out what people value most, this is the report for you.