Employee Benefits – What to look out for in 2020

Recruiting or retaining the right talent will remain a top priority for businesses in 2020. Being able to offer the right employee benefits package may make all the difference when encouraging talented people to join you or motivating existing valued employees to stay. So, it’s important to keep abreast of new developments in the employee benefits arena.

There are certainly some innovative ideas out there. For example, companies like Walmart and Uber are apparently doing away with traditional paydays and instead allowing employees to access their money as soon as hours are logged. Other employers are maximising opportunities for staff to work flexibly, with benefits not only for both parties but also for the environment as the impact of commuting is reduced.

Working on the premise that what’s happening in the USA often arrives over here, UK employers may be interested in offering employees more ‘on demand’ healthcare at work. An example of this is access to a health care provider over the telephone or via online video link. Ninety-six percent of the US’ largest employers currently offer telemedicine to their employees. Although healthcare is set up very differently in the USA, employers here may find this idea appealing as technological advances make it more possible and the onus is increasingly placed on them for the wellbeing of their staff. In fact, some UK businesses are already setting up Employee Assistance Programmes whereby confidential advice is offered 24/7 to employees either face-to-face or by telephone on a range of issues that could be affecting their mental health.

At a time when money concerns are reported to be one of the biggest causes of stress, the financial wellbeing of employees must be uppermost in any employee benefits package. Employers who offer in-house financial wellbeing programmes and / or counselling based on individual needs may gain that extra edge. Opportunities for tax-friendly incentive schemes such as pension contributions, childcare and cycle to work will also be well received.

Finally, employers should not overlook the societal changes we are witnessing, particularly in terms of family groupings, gender identity and care responsibilities. More progressive companies will want to consider what this means in terms of their benefits package and make adjustments accordingly.

Keeping abreast of changes and ensuring your benefits package continues to be relevant to employees is critical. Not only does it demonstrate how much you value them, but it helps you to stay ahead of your competition.

Brunsdon Financial can offer advice on all aspects of your employee benefits package. We’re not tied to any particular product or provider, so please contact us for impartial advice.