Thursday, 4 August 2016

Finance and Wellbeing employee benefits - Research results show interesting trends

65% of employers believe that offering employee
benefits strengthens their brand!

Busy Bees Benefits is one of the UK’s leading providers of employee benefits in the UK. Our recent research has highlighted that 65% of employers believe that offering additional employee benefits can strengthen their brand and help with staff retention. Also the research showed that employees are concerned about their future health care needs.

In May 2016, as part of Busy Bees Benefits on-going dialogue with employers and employees, we set out  to gain further insight into the challenges faced by employers whilst also taking into consideration the needs of employees within the workplace and what part employee benefits can play in this.  Our research findings within this area showed:

Employer research finding results:
·         65% of employers believe that the provision of employee benefits help their business to be seen as a good company to work for. In addition, the provision of benefits helps to retain and attract new staff to their brand.

·         Also, 75% of employers sampled said that they do provide additional benefits to all staff.
·          54% of employers surveyed said that they have helped fund benefits within the workplace through pay roll deductions, either as a salary sacrifice or a voluntary purchase!

Within the research carried out by Busy Bees Benefits, we also looked at the link between people’s private spending on health and wellbeing protection against what they have access to within the workplace.

Employee research finding results:
·         69% of employees surveyed said they were worried about their long term health and are concerned about what support will be available to them in the future from the state due to increases in the working age and the ever increasing demands on the national health!
·         The main diseases and illnesses that caused the main areas of concern are:
Cancer, Heart attack and Strokes. However, our respondents were also concerned about Dementia and Alzheimer’s.

Research summary:
The message from the research is clear, employees want simple and effective products that will support them at a time of need. They also want access to products that give them tangible benefits. Inertia plays a large part in people not purchasing employee benefits, with 61% of those interviewed just not having got round to it. There is therefore a huge role for employers and their suppliers such as Busy Bees Benefits, to better engage with staff by providing practical support that will raise awareness of products and simultaneously explain how they work. 

Wojciech Dochan Managing Director of Busy Bees Benefits, said:
“A clear message emerges from this research. 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.
At Busy Bees Benefits, we believe our flexible approach to providing benefits, puts us in a strong position to support employers and their staff. Our focus to date has been to help employers deliver a wide range of cost effective salary sacrifice solutions. We welcome dialogue with liked-minded employers who want to take this opportunity.”