Post-pandemic perks: 4 employee benefits all businesses should consider

Business Insights

It’s March 2022, almost two years since the UK first went into a lockdown and we are still feeling the impact of the pandemic. It’s forced businesses to rapidly adopt new ways of working and respond to a shift in employee’s priorities.

I think it’s fair to say that the issue of health and wellbeing has never been more prominent. Employers now must think beyond salary incentives and career growth opportunities. There needs to be a greater focus on nurturing resilient and adaptable teams during a time of uncertainty - and employee benefits have a key role to play.

The importance of employee benefits is borne out by numerous surveys. According to a survey of start-up employees, almost two-thirds (63%) said that benefits were “very important” for their choice of workplace.

While it’s important to gauge the needs and wants of your workers, we do see some general trends in what perks are most desired. Here are four benefits which are currently in-demand and well-worth considering in any benefits mix.

1. Group Health Insurance

Offering Group Health Insurance to your employees means they have access to private healthcare and medical insurance under one plan. This benefit usually offers faster treatment, choice of consultant and hospital, rapid scans and tests, and much more besides.

Group Health Insurance gives employees a sense of control over their health and wellbeing, allowing them to return to work as quickly as possible.

Covid-19’s prevalence has made more and more employees concerned about the consequences of needing hospital treatment. While the NHS continues to do a wonderful job, the strain it’s under can’t be ignored. The latest figures show that the current NHS waiting list has reached a record high of 6.1 million.

With this in mind, it’s no surprise that access to health insurance is still popular amongst employees – 57% selected private health insurance amongst their top three most desired employee benefits.

2. Group Life Insurance

This popular benefit provides cover for an employee’s family in the event they sadly pass away. A tax-free lump sum is paid out to the employee’s beneficiaries, usually family members or dependents. Employers have the choice of how much coverage is on offer when establishing the policy – either a specific fixed amount or based on a percentage of an employee’s salary.

Group Life Insurance provides staff with a consistent level of benefit as well as peace of mind around financial security. Covid has made our own mortality more apparent, forcing many to consider the financial implications of a tragic turn of events. Many businesses choose to alleviate these concerns through offering a life insurance policy - which has the added bonus of being a low-cost form of insurance.

3. Flexible working / working from home

Flexible working, working from home, hybrid working, remote working – whatever you want to call it, it’s fast becoming an expectation. After getting a taste of working from home while it was a legal requirement, many employees are now reluctant to return to the way things were.

Many employees benefited from working at home as it enabled a better work-life balance whether by scrapping their daily commutes or enabling more family time. According to a survey by Aviva, 44% of employees say that work-life balance is a key reason for staying in their current job.

However, remote working isn’t for everyone. Some employees can feel isolated when working remotely, others may lack the physical space to have a comfortable work set-up in their homes. When considering this benefit, it is important to recognise these differences amongst staff and ensure that the whole team is consulted before any policy is implemented.

4. Extra holiday entitlement

All employees are legally entitled to 5.6 weeks of paid holiday each year. However, offering a little bit extra on top of that requirement can really make you stand out as a desirable employer.

Providing staff extra holiday entitlement is more of a want than a necessity, but it is a useful addition to an employee benefits package alongside more serious comprehensive support such as health and life insurance. Offering mood-boosting perks is a fantastic way to increase staff morale and productivity during a time when negative energy is abound.

Smart investment is key

Choosing the right employee benefits for your staff can seem like a challenging process – even more so now we are all dealing with the aftermath of the pandemic and how it’s transformed our everyday lives. However, it’s well worth taking the time to consult your teams and find out which benefits would best meet their needs. Recruitment is highly competitive right now, and the companies which succeed will be those that provide the best holistic experience for their people.

As an employer, you can ensure your employees have the best support out there, making them feel as though they are part of a supportive network. In turn, there will be massive improvements in productivity, return on investment, and general morale at work. Investing in a carefully considered employee benefits scheme for your team is a win-win situation for the business and everyone within it.

Contact us at Engage Health Group Ltd for FREE expert and no-obligation advice from our friendly team of AMII accredited employee benefits brokers. We help businesses understand and navigate the world of employee benefits and health insurance. Click on the bottom right chat box or call Engage Health Group Ltd on +44 (0)1273 974419.

Eleanor Chilvers is a digital content writer, writing for Engage Health Group Ltd and Hooray Health & Protection. Having graduated from the University of Sussex with a BA English degree, she has always had a passion for writing and developing her research skills further in this profession.