Employee Benefits Magazine has recently finalized its annual Benefits research which surveyed UK-based employers about their benefit strategies, provision and practices. Employee Benefits Magazine has carried out this research for more than a decade.
The last ten years has seen a shift in the popularity in certain benefits as Employers have made more strategic decisions with regards to the value placed on benefits not only in terms of cost but on how their staff actually use the benefits or feel protected. Employee Assistance Programs and Health Cash Plans are amongst the benefits which are much widely used now than ever before.
We have highlighted below some of the key findings from the research:
- The desire to improve employee engagement is the top issue shaping an employers’ benefits package, cited by 74% of the respondents
- 28% of respondents reviewed benefit providers to get a cheaper or better deal in the past 12 months, whilst 38% intend to do so in the coming 12 months.
- Life Assurance/Death in Service is the most common ‘core’ benefit offered to employees and was provided by 76% of respondents.
- 84% of respondents offer benefits as an effective recruitment tool whereas 83% offer benefits as part of their employee retention strategy.
- 81% of respondents offer benefits to support employee health and wellbeing
What benefits are most popular?
The top three benefits offered to employees are:
- Life Assurance/Death in Service – 76%
- Pension – 75%
- Employee Assistance Programs – 71%
As a business, have you ever discussed your employee benefits strategy? If so, when was it last reviewed. If not, is this something that you should consider?
*Taken form ‘The Benefits Research 2013’. Employee Benefits Magazine.
- Wingate will discuss your circumstances and objectives and identify your specific needs.
- Based on this research we will provide you with a report confirming the options available and our recommendations without cost or obligation.
- If you wish to consider changes to your benefits, we will provide advice on your options
Wingate Benefits Solutions is here to assist you with all aspects of your Employee Benefits offering. Should you wish to discuss this or any other such matter please contact your Wingate Benefit Solutions adviser on 0844 406 0027.
Tax and legislation are liable to change. This information is based on Wingate Benefits Solutions’ current understanding of UK law and HM Revenue & Customs practice and legislation. No guarantees are given regarding the effectiveness of any arrangements entered into on the basis of the information contained herewith. It is recommended that professional advice is sought prior to entering into any financial arrangement.