MarketResearchReports.Biz
presents this most up-to-date research on "UK SME Adoption of
Employee Benefits 2017".
"UK
SME Adoption of Employee Benefits
2017", report highlights the opportunities in offering employee
benefits by sizing the number of SMEs in the UK. It discusses the
penetration of employee benefits among SMEs and factors affecting
this, such as pension auto-enrolment. It explores how employee
benefits are purchased, which are the top insurers, and the
importance of offering benefits in attracting and retaining
employees.
The report explores the
provision of 10 employee benefits among UK SMEs across pensions,
protection insurance, and healthcare benefits, which include private
company pensions, pension contributions into a NEST government
auto-enrolment scheme, life insurance, critical illness insurance,
income protection insurance, private health insurance, healthcare
cash plans, dental plans, cycle-to-work schemes, and childcare
vouchers.
Employee
benefits are a range of products provided to employees in addition to
their normal salaries. Their purpose is to increase the economic
security and wellbeing of staff, and they are pivotal in both
attracting and retaining employees.
Businesses
that offer more employee benefits are considered to be more
attractive to employees. It means individuals do not have to purchase
the equivalent benefits themselves, making their employee contracts
more valuable. Providing employee benefits is also in employers best
interests; encouraging health and wellbeing among employees will help
to prevent illness and injury, and benefits can help get employees
back to work sooner.
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Scope
- Pensions are the most
commonly offered employee benefit among SMEs due to auto-enrolment.
This is followed by private health insurance, and life insurance and
critical illness insurance. Penetration of all employee benefit
products increases with SME size.
- Pensions are the most
commonly offered employee benefit among SMEs due to auto-enrolment.
This is followed by private health insurance, and life insurance and
critical illness insurance. Penetration of all employee benefit
products increases with SME size.
- The introduction of
auto-enrolment, increases in business rates, rises in the national
living wage, and Brexit have been putting pressure on SME profits. In
order to cut costs SMEs may look to reduce the provision of employee
benefits. SME business numbers and the employment rate may also fall
due to pressures.
- Protection products are
increasingly providing services such as virtual GPs, wellbeing apps
that assess health using wearables, and rehabilitation services.
Private medical insurance allows employees to skip NHS waiting lists,
while healthcare cash plans and dental plans help promote health
through free, regular check-ups.
Reasons to buy
- Understand the opportunity in
cross-selling employee benefits alongside general insurance for SMEs.
- Adjust your strategy by
discovering which are the most common employee benefits provided by
UK SMEs, who the top providers are, and how employee benefits are
purchased.
- Understand the current
pressure on SMEs and how this may impact the sale of employee
benefits.
- Be aware of how providers are
innovating in the employee benefit space.
Table Of Contents
Executive Summary
SME Market Dynamics
What Employees Want
SME Adoption of Employee Benefits
Pensions
Protection Insurance
Healthcare Benefits
Other Benefits
Appendix
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