Every New Year brings with it that same ambitious feeling to set new goals for the next 12 months. This makes it an important time to review your financial portfolio and adjust your goals accordingly.
Workplace Benefit Insights
For workplaces focused on recruitment and retention in the busy January period, it would be wise to refer to the latest research from Capita on employee benefits. In a bid to further understand the thinking behind workplace benefits, Capita undertook research of almost 2000 UK employees. The data was then analysed by The Knowledge Academy to identify the most sought-after workplace benefits.
Nearly half (42.7%) of UK employees listed private medical insurance as the benefit they would most like to see in their employee package. Retail vouchers came in second with 35% and life insurance followed next with 34.5%.
Critical illness cover was also a priority for 27.4% while 20.3% of respondents chose income protection. We are so pleased to see that employees are recognising the importance of their health when it comes to workplace benefits.
Creating a Balanced Package
Lifestyle benefits such as discounted shopping, season tickets and Cycle to Work schemes also prove valuable. But without our health, we would not be able to enjoy our day-to-day life or maintain our performance in the workplace.
Joseph Scott, a spokesperson from the TheKnowledgeAcademy.com commented: “Alongside the enjoyment [employees] gain from their respective role, how well they are treated beyond the monetary level contributes heavily towards their overall job satisfaction.”
Scott suggests that the research showed the need for employers to present a range of benefits in their packages. This should include lifestyle and insurance-based products.
He also discusses the importance of communicating with employees to help them understand the benefits available. Employers should also help their team to identify which benefits will best meet their needs.
Companies in the UK still have some way to go in engaging their employees. A study by employee engagement organisation Engaging Works ranks the UK 10th in the world for workplace happiness. The survey assessed more than 10,000 employees around the globe. Results were published this month in its State of the nation: An annual review of job satisfaction report.
On a scale ranked from 0 up to 10, Austria came out top with a score of 7.67. The UK took 6.43. The survey shows that the UK ranked below average in a number of areas. This included pride in the organisation, feeling respected, fairly rewarded and workplace relationships.
All of these aspects can be directly linked back to employee engagement. The higher the engagement, the more employees feel valued and the happier they will be. Happiness also directly impacts productivity. It therefore comes as no surprise that eight of the top 10 countries also rank higher than the UK for productivity.
The importance of engagement cannot be overestimated. In the words of Lord Mark Price, founder of Engaging Works: “In a post-Brexit, free-market, open-trading world, improving our productivity through having a more engaged and happier workforce will become even more vital if we are to become globally competitive.”
All of the uncertainty and disruption surrounding Brexit is bound to impact employee morale. This makes it even more important to create a secure and rewarding workplace environment. Engaged employees also have a positive impact on absence levels, staff turnover and productivity.
Brexit and Private Healthcare
When it comes to Brexit, the private health insurance industry has shown no signs of suffering. London continues to attract the world’s top private health groups. This means that the highest standard of care, innovation and exclusivity are available.
In contrast, the NHS continues to struggle with overlong waiting lists. Patients are often left so long that their conditions worsen and are more difficult to treat. Insurance means skipping the line and speeding up your employee’s recovery for a quicker return to work.
A record £1.1billion was spent on private healthcare in the UK last year in an attempt to avoid NHS waiting times. But the prospect of waiting for free healthcare is not an attractive one.
Many people are unable to self-fund their treatment and NHS waiting time targets have fallen short for at least two years. Four million people remain on the waiting list.
The provision of private healthcare as an employee benefit may make more difference than you realise with employees attracted to the consistency of this safeguard.
Problems with the NHS
The NHS also has endemic problems that show no signs of abating. The government has pledged a £20bn a year funding boost by 2023-24. But key figures are concerned that the plan is underfunded and lags far behind more superior health systems abroad.
The numbers speak for themselves with the UK government planning to spend £166bn on health in 2019-20, equivalent to 7.5 per cent of GDP. OECD research shows that this is below the average spend. We trail behind other rich countries including Germany, Sweden, France and the Netherlands.
The research also highlights poor health outcomes in comparison to other countries regarding some of the most common conditions including cancer, stroke and heart attack. It is abundantly clear that the NHS simply cannot cope. Going private is becoming more and more of a necessity.
Tailored Private Health Insurance Policies
Our expert team at Vintage Health assist corporate clients with all aspects of private medical, dental & travel insurance, as well as international travel insurance and health cash plans. We work with everyone from small family-run businesses to multinational corporations in creating a desirable and competitive benefits package.
With a focus on streamlined business practice and best return on investment through a bespoke employee benefits package that offers value for money, we provide employers with long-term, sustainable insurance coverage tailored to their team.