Around two-thirds (65%) of employer respondents feel that offering employee benefits can strengthen an organisation’s reputation as a good employer to work for, improving talent attraction and retention, according to research by Busy Bees Benefits.
Its Changing perceptions of personal financial health and wellbeing research, which surveyed 293 employers and 1,371 employees in the UK, also found that 20% of employee respondents do not have any protection or insurance products because their employer does not provide them.
The research also found:
- 61% of employee respondents do not have any protection or insurance products because they have not got around to looking into them.
- 32% of employee respondents purchase health and wellbeing products through their employee benefits programme.
- 40% of employee respondents would purchase health and wellbeing products through their employee benefits programme in the future.
- 69% of employee respondents are more concerned about their health than they used to be, and 65% are worried that the level of health support they can expect to receive from the state is declining.
- 54% of employer respondents fund benefits using salary sacrifice or voluntary benefits schemes.
Wojciech Dochan, managing director at Busy Bees Benefits, said: “With state support under pressure, employees across the UK want cost-effective support and access to protection that will plug the gaps in both public and private healthcare and provide extra financial wellbeing support at a time when they may be unable to work.”