UK Employee Benefits Market

UK Employee Benefits MarketSummaryThis report provides a comprehensive analysis of the current employee benefits market, focusing on trends affecting this space as well as the challenges employee benefit providers and employers face. The report uses insight from our proprietary primary surveys of consumers and SMEs.Unemployment in the UK is at the lowest level since 1975 according to the Office for National Statistics. This means job seekers are more powerful in the current market due to the sheer number of jobs available. Having a strong and competitive employee benefits offering helps attract and retain top talent, as well as making employees more productive and engaged. This report explores the different types of popular benefits being offered by employers, the challenges facing employee benefits, and how the employee benefits market is evolving.Scope- Companies in the mining industry are more likely to offer a wide range of employee benefits, likely because of the high risk employees in that sector agree to take on.- Two thirds of employees not receiving a private pension would like one. Pension plans are one of the most important benefits to employees, so employers that provide this benefit will be more attractive than others.- Three quarters of employers believe they should play an active role in supporting their employees mental health. However, only 17% offer an employee assistance program, which is an effective tool in helping employees deal with mental health issues.Reasons to buy- Understand the employee benefits market landscape.- Discover how perceptions of benefits differ between employees and employers in order to tailor your offering.- Review your strategy by learning about key industry challenges and how to address them.- Remain ahead of your competitors by understanding how the employee benefits market will evolve in the future.
1. EXECUTIVE SUMMARY1.1. Employee benefits are crucial to attract and retain staff1.2. Key findings1.3. Critical success factors2. CURRENT MARKET LANDSCAPE2.1. Introduction2.2. Objectives of employee benefits2.2.1. Increased productivity2.2.2. Attract and retain top talent2.2.3. Increase employee engagement2.3. Types and uptake of benefits2.3.1. Financial protection2.3.2. Wellness2.3.3. Retirement planning2.3.4. Financial incentives2.3.5. Career development2.3.6. Travel2.4. Benefits providers2.4.1. Insurance providers2.4.2. Insurance brokers2.4.3. Employee benefits consultants3. INDUSTRY CHALLENGES3.1. Engagement between employers and employees3.1.1. Employees may not know what benefits they have3.1.2. Benefits offerings need to be aligned to employees needs3.1.3. Employers need to view benefits as a way to build resilience3.1.4. Workplace demographics are changing3.1.5. Benefits for gig economy workers are lacking4. HOW THE EMPLOYEE BENEFITS SPACE IS EVOLVING4.1. Focus on wellbeing4.1.1. Physical wellbeing4.1.2. Mental wellbeing4.1.3. Financial wellbeing4.2. Using data to improve benefits offerings4.2.1. Companies can benchmark their offerings against competitors4.2.2. Aligning benefits offerings with employee wants4.2.3. Using historical data to prepare for the future4.2.4. Employers need to be wary about how data is collected, used, and stored4.2.5. Aon and Reward Gateway are examples of how data can be used4.3. New companies are innovating and challenging the space4.3.1. Headspace focuses on mental health4.3.2. Pensionsync helps reduce the burden of auto-enrollment4.3.3. Perkbox wants to improve the employee experience5. APPENDIX5.1. Abbreviations and acronyms5.2. Definitions5.2.1. SME5.3. Methodology5.3.1. GlobalDatas 2018 General Insurance Consumer Survey5.3.2. GlobalDatas 2018 UK SME Insurance Survey5.4. Secondary sources5.5. Further reading

List Of Figures

Figure 1: The level of concern about staff retention among SMEsFigure 2: Types of employee benefitsFigure 3: Protection policy uptake increases in line with the size of the businessFigure 4: Three quarters of people working in the mining industry receive a healthcare cash planFigure 5: Flexible working is popular across all SMEsFigure 6: IT and business services employees are most likely to have flexible working arrangementsFigure 7: Manufacturing has the highest proportion of employees receiving NEST and private pensionsFigure 8: Almost 50% of SMEs in the mining industry offer cycle to work schemesFigure 9: The different ways SMEs organize payroll and HR dutiesFigure 10: Percentage of SMEs currently providing employees with an online hub or app for their benefitsFigure 11: Basic salary is viewed as by far the most important benefit by both employers and employeesFigure 12: Employment rate for people aged 65 and over, 1992-2018Figure 13: Three quarters of employers think they should actively support employees mental health

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