"Employee benefits need to be relevant and support people both at work and at home, not just be a tick-box exercise."
- Charlotte O’Brien - MetLife UK
MetLife UK’s new study, Employee Benefits Insider, has found that 67% of UK workers say a wider range of employee benefits would make them more loyal to their employer.
The findings come as 39% of workers say they live paycheque to paycheque, while 37% occasionally dip into long-term savings earlier than planned to cover short-term expenses and 26% say they have trouble paying their bills.
MetLife’s research found that 66% of employees say a wider range of benefits would help reduce their financial stress, while 75% believe it would show that their employer cares about their overall wellbeing.
In addition, benefits may also influence employees’ decisions about where to work. Among workers who intend to stay with their current organisation, only 14% cite their employer offering a better range of benefits than competitors as a reason for staying.
When choosing benefits, 47% of employees place importance on cost savings, 44% on affordability and 43% on the range of benefits available.
Among workers intending to stay with their current employer, 43% cited the feeling of job security as a reason to stay, followed by 39% who cited work-life balance. 36% gave the fact that they enjoyed or felt fulfilled at their work as a reason, 34% cited relationships at work, and 27% reported feeling valued, while pay was also cited by 27% of workers.
A quarter of respondents gave flexibility as a reason to stay at their current workplace, followed by 19% who cited learning and development or the mission and values of their employer. 18% cited the salary being better than competitors.
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MetLife UK says the findings suggest employers should look beyond salary and consider the wider employment proposition. Benefits that employees see as relevant and accessible can help organisations demonstrate that they value their people, while supporting loyalty and engagement.
Alongside financial pressures, technological change is also raising questions about skills and the future of work. A third of workers are concerned that AI and automation could make some skills or jobs obsolete faster than new opportunities are created.
However, 64% agree they can adapt to AI and wider workplace change. According to MetLife UK, this highlights to employers the importance of combining relevant employee benefits with learning and development to support workforce confidence and help retain talent as roles evolve.
"Employers must look beyond headline retention figures and ask if they are doing enough to keep top talent," Charlotte O’Brien, head of employee benefits at MetLife UK, said. "Job security may stop people from leaving, but it doesn't mean they feel valued or see a future with their organisation.
"Retaining key skills takes more than a competitive salary. Employee benefits need to be relevant and support people both at work and at home, not just be a tick-box exercise. Employers who listen and respond meaningfully will build true loyalty and engagement."
