A major survey by the Reward & Employee Benefits Association (REBA) reveals reward and benefit packages offered to UK employees will become increasingly personalised in 2016. The research highlighted a shift toward individual responsibility, a move that is expected to translate to a huge rise in home technology, such as laptops and tablets, offered through the workplace.
Respondents project a 42% increase in the inclusion of this perk in employee benefits packages this year and a 161.5% increase long term. Employers are also set to transfer some HR costs to staff through the use of flexible and voluntary benefits, as well as salary sacrifice. Private medical insurance seems to be the most affected with an increase of 187.5%, while life insurance will see a jump of 85.7% and income protection 60%. Financial education and advice is also on the list at 28.6% more companies introducing programmes.
Rewards and benefits specialists are focused on improving employee engagement, while pay benchmarking comes in at a close second. This is likely a result of legislation for fairer pay and the introduction of the new living wage.
Read the full article from Workplace Savings and Benefits here.