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Growing Adoption of Employee Benefits among SMEs in U.K. to Substantially Boost Retention of Skilled Workforce

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Growing Adoption of Employee Benefits among SMEs in U.K. to Substantially Boost Retention of Skilled Workforce

October 23
11:00 2017

The comprehensive report on the small and medium-sized enterprises (SMEs) adoption of employee benefits in the U.K. offers a critical assessment of key drivers and factors restraining the adoption, notable trends, emerging opportunities, and strategic dynamics. The research presents an in-depth evaluation of the factors affecting the penetration of employee benefits among SMEs, the way they are bought by the clients, and the prominent insurers in the country.

The study highlights various workplace schemes by the Government and the key factors driving their popularity. In addition, it takes a closer look at the scope of schemes by assessing the benefits, analyzes their role in improving the productivity of the population, and their demand among owners of small and medium-scale small businesses. The trends positively affecting the pension auto-enrolment among U.K. employers are meticulously analyzed in the report.

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The intensifying need for improving employees’ health and wellness in SMEs (typically companies that employ less than 100 workers) and the growing focus of financial wellness programs in the workplace are the key factors driving the evolution of employee benefits. A growing number SMEs across the U.K. are recognizing the potential of various employee benefits programs, including pensions, protection insurance, private company pensions, critical illness insurance, and income protection insurance, in employee retention. The rising uncertainty among employees working in SMEs, attributed to negligible monthly savings they make, is a key factor stoking the demand for employee benefits in the U.K.

The rising demand for competitively-priced and highly-valued employee benefit programs is a key factor catalyzing the growth of the market for employee benefits in the U.K. The growing need for preventative health and wellbeing provisions among employees in SMEs is a key factor accentuating the demand for employee benefits in the U.K. The reform set up the government for workplace pension schemes National Employment Savings Trust (NEST) has provided a robust fillip to the adoption of these auto-enrolment schemes in the U.K. The nature of automatic enrolment has significantly boosted their adoption among employer clients, bolstering the uptake of employee benefits in SMEs.

A growing number of SMEs are signing up to NEST are assisting their employees to choose the right qualifying schemes, which has greatly facilitated their adoption in the U.K. The stringent implementation of the regulations by the government is a critical factor that has further boosted their uptake among SMEs. Several private players in recent years are urging SME employers to adopt employee benefits schemes by harping on their significance to retain valuable skills and talent in the workforce.

The interest generated among insurers in these employee benefits is a crucial factor fortifying the demand for these schemes among SME employers in the U.K.

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A wide assortment of benefits offered by these schemes such as healthcare cash plans, cycle-to-work schemes, childcare vouchers, and dental plans are rising in popularity among SMEs in the U.K. employee benefits market. Healthcare cash plans and dental plans play a significant role in promoting health of SME workers by introducing free and regular check-ups. Furthermore, the advent of wellbeing apps and recent innovations by providers of protection products are key factors likely to create lucrative avenues for market players in the coming years.

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