UK benefits design research for 2023 is now available in a robust report from Asinta’s UK Partner, Howden, and the country’s Reward and Employee Benefits Association (REBA). This recently published survey of UK employers regarding their benefits market and priorities for HR post-COVID reveals several factors driving benefits decisions, including inflation, a shrinking talent pool, and fairness. Employers have responded to the glaring need for change in benefits strategies, and indicators point towards a highly active period of review and benefits design change to meet the UK’s fast-changing business and economic needs.
Excerpt from Matthew Gregson, Executive Director of Howden Employee Benefits and Wellbeing
“Despite the economic and salary pressures that most employers are experiencing and expect to continue, the biggest changes to benefits programs have been to improve funding and extend coverage. As a result, two-thirds of respondents will have addressed health and protection gaps in the five years 2020 to 2024, while nearly six out of 10 will have improved benefits for lower grades.
“This highlights the vital importance of an effective benefits program for everyone to address recruitment challenges as well as support the day-to-day needs and well-being of all employees. At a time when pay will continue to be under pressure, the HR community continues to invest in benefits, especially where there are gaps.”