Identifying benefits that resonate with your workforce

Important information: This information is for scheme sponsors’, trustees’, their advisers’, and consultants’ use only, and should not be relied upon by individual investors.

We explore how women are engaging with the benefits offerings their employer provides, and what support women say they most want from their employer.

Our research found the percentage of women who are taking up new benefits offerings in the past 12 months has increased year over year, from 11% in 2021 up to 14% in 2023.

However, over half of the women who said they have not taken up any new benefits state their employer did not offer any programs that were suitable for them.

This tells us that women are willing to engage with new benefits when they meet their needs and presents employers with an opportunity to reevaluate their benefits strategy.

^{Question: Thinking about the last twelve months, which of the following statements about employee benefits apply to you?
Source: The Fidelity Global Sentiment Survey 2023}

Health & well-being services, retail discounts & perks, and employee assistance programs are popular offerings and have shown growth in uptake since 2022

^{Question: You mentioned you have taken up new employee benefits in the past twelve months. Do any of the following statements apply to you, I signed up to: a health and wellbeing service; retail discounts and perks; a private health insurance scheme; a life insurance scheme; an employee assistance programme; a private dental healthcare and/or vison scheme a new equity plan; be more engaged with my workplace pension savings and/or retirement programme (e.g. logged in to my pension account/checked balance); workplace retirement savings plan and/or pension; other?
Source: The Fidelity Global Sentiment Survey, 2023}

As companies continue to compete for top talent, company stock plans can play a key role in hiring and retention strategies and have been growing in popularity in the last three years

Key to note, 23% of women who joined their company stock plan said they did so because their employer made them aware of the program.

^{Question: Are you currently part of your company stock plan? A stock plan is a benefit that companies provide to grand their employees the ability to receive or purchase shares of company stock as part of employee compensation.
Source: The Fidelity Global Sentiment Survey, 2023}

Employers may have the opportunity to boost retention by focusing on key intangible benefits

While compensation and other tangible benefits, such as health coverage and retirement contributions, remain central, women also value intangible benefits - like the feeling that their work is meaningful - that contribute to a positive workplace environment and culture.

Reasons women might look for in order to stay with their current company (% of women who selected each factor as "important")

^{Question: On the next several screens are things that people might look for in order to stay with their current organisation.  For each of the features you see, please indicate whether or not it is important to you for staying at a job. Features will include compensation, insurance/retirement, time off, other paid benefits, location/balance, work/workload, development, relationships & culture, and fulfilment.
Source: The Fidelity Global Sentiment Survey, 2023}

Our research shows there are some areas where employees consistently value support from their employer.

In particular, employees in 22 of the 23 regions we surveyed want support on short-term injury and illness (India was the exception in this category), while employees in 19 markets value support on preparing for and living in retirement (the exceptions were Sweden, Denmark, Singapore and Saudi Arabia).

^{Question: Below are different life events that you may have experienced or may experience in the future.  For each life event, please indicate whether or not you would want support through your employer. Support through your employer may include benefits, workplace policies, information, connection to external experts and services, etc.
Source: The Fidelity Global Sentiment Survey, 2023}

Employers have the opportunity to educate their workforce on the value of benefits, as only 19% of women included “taking full advantage of workplace benefits, including retirement accounts” as part of their definition of financial wellness.

Offering benefits that resonate with women, and increasing engagement on benefits programs through education and awareness efforts, may help employees understand the breadth and value of benefits and support available to them.

^{Fidelity refers to one or both of Fidelity International and Fidelity Investments. Fidelity International and Fidelity Investments are separate companies that operate in different jurisdictions through their subsidiaries and affiliates. All trademarks are the property of their respective owners.}