Workers in the legal sector are more likely than employees in any other sector to call for more financial support from their employer to help them with essential living costs, according to new research from employee benefits technology provider, Zest.
Three quarters (75%) of legal employees want support with energy bills or discount vouchers for food shopping as part of their workplace benefits packages – compared to an average of 68% across all sectors and just 58% amongst workers in education.
The top benefits that law firm employees are calling for as part of their reward packages are:
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- Private medical insurance (40% of employees prioritised this benefit)
- Increased pension contributions (33%)
- Employer contributions to energy costs at home (25%) / childcare support (25%)
- Wellbeing allowance (24%)
- Discounts on high street shops/support with costs of equipment for working from home (22%)
Employees are demanding improved benefits – three quarters (76%) of employees in the legal sector want their employer to increase investment in the benefits packages on offer.
Law firms who do not invest in their reward strategies are at risk of losing talent. Six in ten (61%) employees in the legal sector say they would switch roles for a better benefits package elsewhere whilst 58% say that benefits are the most important thing they look for.
A quarter (23%) of law firms say they can’t afford to raise salaries in line with inflation, leaving one in five (22%) to admit that due to this they have missed out on talent – employee benefits packages are a cost-effective way to reward talent.
Despite high employee demand for benefits, almost six in ten (56%) say they don’t use the majority of their benefits and half (52%) believe what is on offer is inadequate. Just 61% of employees believe their benefits packages offer value for money.
Three quarters (76%) of employees at law firms say they would like their employer to listen to their needs more. Almost all (98%) businesses in the legal sector would like to make their benefits offering more personalised yet around nine in ten (85%) say that it is too difficult – an issue that can be partially solved by employee benefits technology.
Matt Russell, CEO of Zest, says: “Even lawyers are feeling the pressure of continued high living costs – employees at law firms are demanding greater support with essential costs such as energy bills and supermarket vouchers.
“Legal employees are calling on their employer to step up investment in reward packages and aren’t afraid to head to rival firms to get what they want.
“In order to retain key talent and support commercial growth, it’s vital that law firms continue to invest in their benefits packages – prioritising personalisation to offer the most effective support to employees and boost value for money.”
Zest is an employee benefits technology company with over 500 customers, including Hargreaves Lansdown, Taylor Wimpey and Yahoo, serving over 300,000 employees. Its multi award-winning platform offers a fresh approach to truly flexible employee benefits.
