HEALTH BENEFITS
All change on health benefits - XpertHR
Businesses reviewing their benefits packages are most likely to be scrutinising their health benefits provision, according to research from HR specialists XpertHR.
Based on a survey of 356 organisations, the research also reveals that health benefits feature among the most popular benefits on offer. Private medical insurance is provided by almost three-quarters of organisations, second only to childcare vouchers.
When polled on recent and planned changes to benefits, health benefits were mentioned significantly more than any other benefit. But practice varies - the benefits most likely to be reduced in value are private medical insurance (PMI) and permanent health insurance (PHI). But PMI is also the benefit most likely to be increased in value.
In contrast, the benefits most likely to be have been introduced over the past year are employee assistance programmes and healthcare cash plans.
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Overall, around four employers in ten have made changes to their benefits packages over the past year, with a similar proportion planning further changes over the next year.
The top benefits available to UK employees are:
Salary-sacrifice benefits
An indication that employers are looking for the most cost-efficient method of providing benefits is the finding that salary-sacrifice benefits (offering savings to both the employer and employees) are now offered in around seven in ten organisations.
The most common benefits available under these arrangements are childcare vouchers, pension contributions and cycle loans.
A final word
"Whether to offer the best package to current and future employees, or to make cost and efficiency savings, many organisations are reviewing their benefits packages this year. The focus of these reviews is on improving what is there through increasing the value of current benefits or introducing new ones." - Sheila Attwood, XpertHR Pay and Benefits editor.
Want to know more?
Title: “XpertHR benefits and allowances survey 2012: childcare vouchers top benefits list”, IRS Employment Review, 15 June 2012.
Survey details: The research is based on a survey of benefits arrangements in 356 organisations, conducted in April and May 2012.
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