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Employee Benefits News

Latest News
07 Aug 2017

Employees value health policies, pensions and legal advice, survey shows

Pensions and health insurance are among the workplace benefits most valued by UK employees, according to a new survey.

The research by legal services provider Epoq Legal found that over 80% of employees value pension, health, legal and protection services, ahead of ‘softer´ benefits such as gym membership (62%) and childcare vouchers (41%).

The top five most valued benefits were pension (95%), flexible working (91%), health insurance (89%), legal advice/life insurance (87%) and critical illness insurance (86%).

These were followed by income protection insurance (85%), legal documents e.g. a Will (83%), financial advice (76%), access to a counselling service (70%), gym membership (62%) and childcare vouchers (41%).

Commenting on the survey, Epoq commercial director Andrew Walker said: “Our findings indicate that the majority of employees are looking to employers to offer the kind of benefits strategy that educates, enables and empowers them to protect their future wellbeing.

“Against this backdrop, giving individuals access to the type of benefits that will help them protect their interests — such as pensions, health, protection, legal advice and documents — will clearly be a welcome move.”

Legal advice is typically offered via an Employee Assistance Programme, Epoq Legal explained, although it can also be combined with online legal document services and offered as an added value service on health and protection products.

Noting that access to — and help with — legal documents, such as a Will, also featured highly in the overall list of most valued employee benefits, Walker added: “Legal advice should include not just helplines, but also online access to tools such as document templates that help people to take action and protect their interests.”

Discussing the findings in an interview with FT Adviser, Nadeem Farid, employee benefits consultant at Drewberry Insurance, said: “Health and life policies are rightly considered by employees as very important in this research.

“It is surprising to see legal advice valued so highly and it shows that these services, as well as the likes of gym membership and counselling, are excellent additions to have as part of a core service like protection and are valued.

“For insurers building health and life packages, these extras are clearly more than just an afterthought, they help to keep retention rates lower by, potentially, giving immediate benefits back to customers.”

Copyright © M2 Bespoke 2017

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