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UK SME Adoption of Employee Benefits 2019

Published By :

GlobalData

Published Date : Jan 2020

Category :

Banking

No. of Pages : 70 Pages

UK SME Adoption of Employee Benefits 2019

Summary

Employee benefits are a range of products provided to employees in addition to their normal salary. 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.

This report highlights the opportunities that exist in offering employee benefits by sizing the number of SMEs in the UK. It looks at the penetration of employee benefits among SMEs and the factors affecting this. It also explores how employee benefits are purchased, identifies the leading insurers, and highlights the importance of offering benefits in order to attract and retain employees. Additionally, the report discusses what triggers SMEs to take up various employee benefit products.

Scope

- The role of advisors has increased, but benefits are still mainly triggered by employees.
- London remains the main area for SMEs and benefits, although Wales and the West Midlands offer strong benefits as well.
- Benefit packages should be tailored to a companys workforce by generation. Our survey data indicates that Generation X and baby boomers are more driven by financial benefits, whereas Generations Y and Z give more value to the likes of soft-support services.

Reasons to buy

- Understand the opportunities in cross-selling employee benefits alongside general insurance for SMEs.
- Adjust your strategy by discovering the most common employee benefits provided by UK SMEs while identifying the top providers.
- Understand the current pressures on SMEs and how these may impact the sale of employee benefits.
- Learn how providers are innovating in the employee benefit space.
Table of Contents
Introduction
What do employees want?
SME employee benefit triggers
SMEs and employee benefits
Employee benefit provider market shares
Opportunities
SME employee benefits by region
Appendix

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