According to Wright, there are some generational issues to consider when it comes to younger employees – and not just because younger people might value different things.
“The real squeeze is on the younger generation who probably have debts from university and are not on high pay,” she says. “They will only be able to start thinking about things like pensions at a much later age. There are some conflicting decisions in the workplace. Employers should be providing more for young people, but they are often seen to be providing less.”
Paul Wilson from Barclays Corporate & Employer Solutions agrees that most benefits are “built by Baby Boomers, for Baby Boomers, such as pensions and PMI”. “There’s not much that engages Gen Y, and that’s a worry as they are the talent bank,” he says.
“Employees, particularly Gen Y employees, are looking for new benefits such as help with savings and mortgages. Information about navigating the property market or debt management would be welcomed.”
Gen Y employees also typically value benefits connected to flexible working, career development or sabbaticals.