Offering the best possible employee benefits package is crucial for Isle of Man businesses that want to attract employees from the ‘Generation Z’ and ‘Millennial’ age brackets. 

That’s the message from experts at insurer Zurich who are seeing increasing demand from island employers that want to use employee benefits to help them address skills shortages, support business growth and gain a competitive advantage. 

Corporate benefits executive at Zurich International Stephanie Hatton leads the company’s Braddan-based team who have decades of experience in this sector.

She said: ‘For employers that rely on professionals who are sought after by competitors because of their unique skillsets and experience, offering a high-quality benefits package is often the best way to ensure employees are satisfied in their career.

‘In an era when low unemployment levels and skills shortages are combining to make it even more difficult to retain the best people, it’s more important than ever to offer benefits packages which make valued employees want to stay.’ 

There’s a growing weight of evidence that changing attitudes and expectations are transforming the employee benefits landscape.

Research published by Deloitte in 2023, for example, shows clearly how expectations of employees have shifted significantly in recent years.

The survey by the advisory, assurance, audit, consulting, financial advisory, risk advisory and tax services specialists covered 44 countries and the general trends it highlights regarding the Generation Z and millennial age brackets broadly matches Zurich’s experience here in the island. 

Generation Z are those born from the late 1990s to the early 2010s, while millennials are typically defined as the generation of people born from 1981 to 1996. Stephanie added: ‘One key trend we’re seeing here which is reflected in the research is that employee experiences and expectations are very different when compared to previous generations.

‘Health and wellbeing and achieving a good work/life balance are now much higher on employees’ list of priorities.

‘In this context, mental health support has become a major focus because mental health issues are on the rise in the workplace.

‘This means employers must recognise the importance of providing resources and support, and the best way to do that is with services provided as part of a comprehensive employee benefits package.’ 

Modern employees naturally gravitate towards employers who demonstrate how much they value their contribution to the business.

While salary and pensions are obviously key factors in this context, says Stephanie, having a well-thought-out employee benefits package that also provides practical help to support physical and mental wellbeing is equally important.

‘In our experience both locally and globally, we know that the most progressive employers see this as a sound investment in the people who power their businesses, and one which pays dividends in the long run by reducing employee turnover and sickness leave, while also increasing morale and productivity.

‘Using apps to provide 24/7/365 support for a wide range of health and wellbeing issues is very important – but we also find that offering the option to access traditional forms of one-to-one in person counselling in times of crisis is equally important.

‘It’s why we choose to partner with global technology leaders in health and wellbeing care, and we complement that by partnering with established and respected Manx providers such as Isle Listen and Cruse Bereavement Care.

‘Ultimately, recruiting and retaining the best people – and making sure they are happy and productive – underpins every successful business. That’s why employers here in the island are paying even more attention to the decision they make when choosing their employee benefits solutions provider.’