Employers should maximise employee benefits packages by giving employees what they value most, according to GlobalData.
A report by the data analytics and consulting firm found there are differences in the priorities of different generations when it comes to benefits.
For example, 39% of baby boomers consider pensions to be the most valued benefit, while just 10.3% of generation Z hold that opinion.
|Benefits most valued|
The youngest generation is more concerned with work-life balance (26.3%), financial benefits (16.4%) and health benefits (14.2%).
Ben Carey-Evans, insurance analyst at GlobalData, said employees who are 50 years away from receiving pensions are not particularly enthused by them, so it would be wise for firms to consider offering alternative work-life balance benefits, such as flexible working hours, gym memberships or extra holiday purchase options.
“This represents an opportunity for employee benefits providers, as a significant percentage of the emerging workforce would be open to a reduced salary if an attractive range of benefits are offered,” he added.