Employers in the United Kingdom navigate benefit strategies with conflicting ambitions
Highlights from the 2023 BenefitsTrends Survey
Rising costs and competition for talent are key issues driving benefits strategy
Key business issues influencing benefits strategy
- Competition for talent: 77%
- Rising costs: 57%
- Focus on inclusion and diversity: 48%
To win and keep talent, it is essential to design benefit programs that meet the needs of a diverse workforce
Key areas of focus for the benefits strategy
- Meet needs for all employees: 56%
- Wellbeing: 49%
- Plan cost: 47%
There are some areas of disconnect between employer priorities and employee needs
Employers have prioritised health benefits, mental health support and inclusion and diversity
Alignment issues between employers and employees
Employers
Health benefits: 57%
Mental health support: 56%
Inclusion and diversity: 34%
Employees*
Retirement plan/long-term finances: 45%
Flexible work arrangements: 44%
Career, training and development: 32%
Employers are looking to improve benefits to help employees with their short-term finances
Percentage of employers looking to improve their benefits positions
Financial wellbeing/short-term finances: 49%
Inclusion and diversity: 41%
Support employee benefits decisions: 38%
For UK employers who are looking to rise to the double challenge of attracting and retaining talent while controlling cost, they can:
Enhance. Stay ahead of the curve by benchmarking benefits against competitors and identifying areas to enhance using market studies and industry-specific survey data.
Differentiate. Understand the employee experience by listening to employees and identifying their wants and preferences.
Measure. Evaluate the benefits offering, and identify the changes and improvements needed to ensure better value is delivered to both employers and employees.
About the survey: A total of 339 UK organisations, reflecting the views of almost 900,000 employees, participated in the 2023 Benefits Trends Survey which was conducted between March and April 2023.
*2022 Global Benefits Attitudes Survey, United Kingdom
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