A research firm has revealed that companies that are reviewing their employee benefits packages are also the ones most likely to scrutinise the health benefit cover they provide.
The survey, which polled 356 organisations, revealed that health benefits ranks as one of the most popular benefits on offer by companies with 75 per cent of respondents offering private medical insurance. Childcare vouchers proved to be the most common and popular benefit with almost 90 per cent of employers offering it.
Pay and benefits editor for XpertHR, Sheila Atwood, said whether deciding to offer the best package to current and future employees, or to make cost and efficiency savings, many organisations are reviewing their benefits packages this year. The focus of these reviews is on improving what is there through increasing the value of current benefits or introducing new ones.
Within the UK, the most popular benefits on offer from employers are, in order:
1. Childcare vouchers offered by 88 per cent of companies
2. Private medical insurance offered by 74 per cent of companies
3. Free car parking offered by 73 per cent of companies
4. Employee assistance programme or counselling service offered by 71 per cent of companies
5. Long service awards offered by 67 per cent of companies
The research shows that companies are seeking out the best way to reward employees in a manner that is most cost-effective. Cycle loans were also shown to be a popular benefit with pension contributions also featuring heavily.