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Employee Benefits News

Latest News
11 Jan 2016

Personalisation key for benefits and rewards in 2016

According to new research, 2016 will see a growing trend for increased personalisation when it comes to workplace benefits and rewards packages, the HR Director website has written.

A survey conducted by the Reward & Employee Benefits Association (REBA), in conjunction with JLT Employee Benefits, spoke to 286 pay, reward and benefits specialists across a range of industries and organisations for their thoughts on HR issues over the coming 12 months.

The study revealed some interesting insights into the changes that will cause difficulties for HR managers in 2016 and beyond.

One example of this is the shift in working practices towards individual responsibility – a change that is likely to transform benefits, as the experts questioned said that home technology benefits packages such as tablets and laptops would increase by 42% this year, and 16.5% in the years to come.

In addition to this, it was found that employers are shifting more HR expenses to their staff through the use of voluntary benefits, flexible benefits and salary sacrifice schemes. Group Income Protection is forecast to increase by 60% in 2016, while Group Life Insurance will jump by as much as 85.7% and Private Medical Insurance a massive 187.5%.

In fact, salary sacrifice will play an increasingly significant role in employee benefits, with the number of employers providing this set to increase by nearly a quarter (23.7%) in the coming years. At the same time, car salary sacrifice schemes will almost double from 2.1% of schemes to 3.9%.

Employers are taking more of an active stance towards helping their employees to manage their finances. The number of managers providing financial advice and education to their staff will increase 28.6% from 2015, while 69.8% plan to make the communication of benefits a key spending priority this year.

Commenting on the findings, REBA partner Debi O´Donovan noted that, “Significant societal, demographic, legislative and workplace changes are showing up in employee benefit choices and strategies.”

These changes, she added, “are causing cumulatively significant shifts in the way we think about work, and therefore reward […] This research reflects the knock-on effect on individual benefits packages.”

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