The role of benefits in 2021: have you reviewed your offering?

The role of benefits in 2021: have you reviewed your offering?

When it comes to employee benefits, we understand that a programme designed to protect and engage employees is at the heart of what many businesses want. As companies continue to understand more about the advantages of supporting their people in a multi-faceted way, spanning across work and home life, we are committed to partnering with like-minded providers to aid these ambitions.

Our latest partnership is with Chime Global Benefits, which provides employee benefits packages, management services and wellbeing consultancy to a wide range of multinational employers.

The rise of benefits post-pandemic

Covid-19 has certainly given employers with a benefits scheme in place cause to review their programmes, while those with limited or no scheme in place may well be looking at investing in their employee value proposition (EVP) following the global health crisis experienced over the last almost 18 months.

In fact, according to Aon’s recently published 2021 UK Benefits and Trends survey, there has been an increase in the number of companies developing an EVP with the figure standing at 28%, up from 23% in 2020. An additional 43% of those surveyed with no EVP said they were looking to develop one[1].

EVP is defined as the set of unique benefits received by an employee in return for their skills and expertise that they bring to a business. A decent EVP can attract talent and aid staff retention, as well as increase engagement. It is perhaps no surprise that a worldwide pandemic has pushed the importance of taking care of one’s workforce up the agenda and as a result, 37% of companies surveyed by Aon expect their health and wellbeing budgets to rise[2].

What do employees want?

An Oxford University study in 2019 reported that happy staff members are 13% more productive and that healthier employees that are the ones who tend to be happier[3]. This will be even more relevant today as we move forward with life post-lockdown and many people begin returning to their normal places of work.

Again, perhaps predictably, employees are looking for benefits that will offer protection to them and their families, promote good physical and mental health, and rewards[4]. Meeting these needs of your workforce can help improve retention and productivity among staff.

 In January 2020, research conducted by Deloitte revealed that £45 billion is lost to employers each year due to poor mental health. The data also suggested that investing £1 on positive initiatives in the workplace generates a £5 return, highlighting that a meaningful employee benefits package doesn’t just benefit your people, but the business as a whole[5].

A complete package

If you’re looking for wider support for your company, Chime Global Benefits can also assist in other areas, such as aiding new market entry, managing regulatory compliance, sourcing global suppliers, delivering competitive benchmarking, and helping financial efficiency through multinational pooling and multi-country policies.

To find out more about Chime Global Benefits and its offerings, please speak to your Brunsdon Financial Consultant.

Brunsdon Financial is not responsible for the content of third-party web sites.

Source 1, Source 2, Source 3, Source 4, Source 5

The role of benefits in 2021: have you reviewed your offering?

The role of benefits in 2021: have you reviewed your offering?

When it comes to employee benefits, we understand that a programme designed to protect and engage employees is at the heart of what many businesses want. As companies continue to understand more about the advantages of supporting their people in a multi-faceted way, spanning across work and home life, we are committed to partnering with like-minded providers to aid these ambitions.

Our latest partnership is with Chime Global Benefits, which provides employee benefits packages, management services and wellbeing consultancy to a wide range of multinational employers.

The rise of benefits post-pandemic

Covid-19 has certainly given employers with a benefits scheme in place cause to review their programmes, while those with limited or no scheme in place may well be looking at investing in their employee value proposition (EVP) following the global health crisis experienced over the last almost 18 months.

In fact, according to Aon’s recently published 2021 UK Benefits and Trends survey, there has been an increase in the number of companies developing an EVP with the figure standing at 28%, up from 23% in 2020. An additional 43% of those surveyed with no EVP said they were looking to develop one[1].

EVP is defined as the set of unique benefits received by an employee in return for their skills and expertise that they bring to a business. A decent EVP can attract talent and aid staff retention, as well as increase engagement. It is perhaps no surprise that a worldwide pandemic has pushed the importance of taking care of one’s workforce up the agenda and as a result, 37% of companies surveyed by Aon expect their health and wellbeing budgets to rise[2].

What do employees want?

An Oxford University study in 2019 reported that happy staff members are 13% more productive and that healthier employees that are the ones who tend to be happier[3]. This will be even more relevant today as we move forward with life post-lockdown and many people begin returning to their normal places of work.

Again, perhaps predictably, employees are looking for benefits that will offer protection to them and their families, promote good physical and mental health, and rewards[4]. Meeting these needs of your workforce can help improve retention and productivity among staff.

 In January 2020, research conducted by Deloitte revealed that £45 billion is lost to employers each year due to poor mental health. The data also suggested that investing £1 on positive initiatives in the workplace generates a £5 return, highlighting that a meaningful employee benefits package doesn’t just benefit your people, but the business as a whole[5].

A complete package

If you’re looking for wider support for your company, Chime Global Benefits can also assist in other areas, such as aiding new market entry, managing regulatory compliance, sourcing global suppliers, delivering competitive benchmarking, and helping financial efficiency through multinational pooling and multi-country policies.

To find out more about Chime Global Benefits and its offerings, please speak to your Brunsdon Financial Consultant.

Brunsdon Financial is not responsible for the content of third-party web sites.

Source 1, Source 2, Source 3, Source 4, Source 5

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