Employers are planning significant investments in employee benefits over the next year.
- 43% of employers intend to increase their investment in employee benefits.
- Emphasis is placed on offering equal support through established providers.
- More employees are likely to have access to workplace support.
- Effective communication is key to maximizing employee benefits utilization.
In a promising development for employees, 43% of employers are preparing to enhance their investment in employee benefits over the forthcoming year. This initiative is grounded in the recognition of the significant advantages that supporting staff can bring to an organization. GRiD, an industry body in the group risk sector, has uncovered this trend through recent research, emphasizing the preparedness of employers to financially back these benefits.
The study, however, reveals concerns about the approach 37% of employers are adopting—opting to directly fund staff support. GRiD advocates that collaborating with established employee benefits providers assures more cost-effective and consistent quality. This strategy also mitigates potential inequalities in support distribution, ensuring that all employees receive equitable assistance devoid of discrimination.
The scope of workplace support is projected to expand, with 44% of employers planning to extend benefits to a larger segment of their workforce. Understanding that health issues transcend roles and seniority, this move encourages providing support universally across staff, which can potentially reduce turnover and boost productivity by fostering a satisfied and healthy work environment.
Central to the effective utilization of employee benefits is robust communication. GRiD reports that 43% of employers are committed to enhancing engagement and utilization of available support. Moreover, 40% plan to streamline access to benefits, incorporating digital solutions such as apps and online platforms. This initiative is fortified by the necessity of regular and precise communication, which is crucial for employees to be aware of and access the benefits they are entitled to.
Katharine Moxham, GRiD spokesperson, underscores that while the outlook for employee support is positive, strategic discussions with experts, including providers and intermediaries, remain essential. She states, “Increased investment is good, but any budget must be spent wisely to get value.” The research, conducted by Opinium, surveyed 500 HR decision-makers in UK businesses, providing credible insights into the industry’s trajectory.
Employers are strategically increasing their focus on comprehensive and equitable employee benefits, underscoring the necessity of informed provider selection and effective communication.
