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Employee benefits investment rises

by Kavitha Sivasubramaniam
25/05/2023
workplace benefits
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Investment in employee benefits is increasing despite pressure on businesses, new research has revealed.

The Benefits Design Research 2023: Adapting to external and internal business change report from Howden Employee Benefits and Reward & Employee Benefits Association (REBA) discovered that nearly three-quarters (64%) of employers intend to boost their benefits funding.

The study further found that 15% believe their benefits technology is at a desirable level, with 60% planning to introduce new wellbeing and benefits technology within two years.

In terms of benefits strategies, the majority (89%) of those surveyed believe theirs is highly or somewhat effective in supporting talent goals, while 86% say they are good at supporting the company’s wider culture. A total of 84% said their strategy helped the company address talent shortages, and 85% believe they are a useful talent retention tool.

However, almost one in three employers think their benefits strategy isn’t effective when it comes to supporting equity, diversity and inclusion.

Matthew Gregson, executive director at Howden Employee Benefits & Wellbeing said: “In the past three years, we have seen a seismic shift in the approach to employee benefits. Over half of respondents have reviewed their benefits despite economic and salary pressures, with the biggest changes to programmes being improved funding.

“Two-thirds will have addressed health and protection gaps in the five years 2020 to 2024, whilst nearly six out of 10 will have improved benefits for lower grades.

“However, for all positive efforts made by reward teams in the past three years, certain elements of their offer are still falling behind, especially in terms of communications and technology – which together make up how employees ‘experience’ their benefits. This can correlate to poor results, in terms of the impact of benefits on HR goals.

“We are seeing most employers fall into one of three camps – the very small minority who likely feel they are achieving their desired benefits goals, those who’ve made the strategic changes and now need to improve experience and those who may well be left behind, if they don’t hurry up and undertake the same strategic review of their own programme.”

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The research showed fairness and inclusivity were likely to be a priority in future benefits decision-making, with more than half of organisations intending to fill benefits gaps for lower grade employees and a quarter planning to reduce the waiting period for joining benefit provisions.

Seven in 10 (70%) plan to implement new benefits or increase choice, personalisation or flexibility, while one in five (20%) are extending the provision to workers’ dependents. A further two-thirds have already, or intend to, implement or enhance benefits to support diversity, such as provisions for neurodivergent staff or gender health support.

 

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Benefits Unboxed
Benefits Unboxed

The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
byBenefits Expert from Definite Article Media

As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
22/05/2025
Benefits Expert from Definite Article Media
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