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BRANAGANS

Accountancy Services Ltd

01709 327 215 | info@branagans.co.uk

April 2025 | Are your employee benefits really working? Research says they might not be

Many businesses offer employee benefits to attract top talent and retain their workforce, but are these perks truly delivering the value employers expect? Research suggests they might not be as effective as you think.

A recent study by employee benefits specialist Unum highlights a significant gap between employer perceptions and employee experiences. While over two-thirds of employers believe their benefits package positively impacts employee well-being, less than a third of employees agree.

The disconnect continues-75% of employers rate their workforce's health and well-being as good, yet only 66% of employees feel their benefits help them proactively manage their health. Even more concerning, just over a quarter of employees believe their benefits package has helped prevent health issues from worsening.

Could your company's benefits strategy be missing the mark? Here's what you need to know.

A DISCONNECT BETWEEN EMPLOYER AND EMPLOYEE VIEWS

This research shows a relatively big disconnect between the wellbeing support that employers believe they provide and how employees perceive it, said Liz Walker, chief operating officer of Unum.

She added: "It's often the case that benefits are recognised and highly regarded by employers, but they struggle to communicate these effectively, leaving employees unaware or misunderstanding the true value they offer. This gap can create a ripple effect, impacting morale, engagement and turnover, then ultimately the overall success of a business. Clearly, employee benefits packages need to go beyond just good intentions."

Businesses must understand the power of a "comprehensive benefits package - as well as the negative impact of one that doesn't meet employee expectations", Ms Walker added. With the rise in National Insurance Contributions, it is more important than ever to ensure the employee benefits package is useful, otherwise it is a waste of money and could be a drain on the business.

EMPLOYERS MUST ENGAGE WITH EMPLOYEES TO FIND OUT THE BENEFITS THEY WANT

The key to getting the right package for employees is to ask employees what would be most beneficial to them. This might seem obvious, but the disconnect highlighted by this research shows this may not happen as often as it should.

Without asking employees what would be most useful to them, the money that employers spend on the benefits available could be money that is being wasted - far from ideal as business costs rise. Aligning employee requirements with the benefits on offer will help employees feel their needs are understood by their employer, which also helps to improve goodwill towards the business.

MAKE SURE YOUR BENEFITS PACKAGE MEETS EMPLOYEES'

needs Getting this right could require a few approaches. The first could be to survey your employees about the kind of benefits you are considering, and then asking for suggestions of other items they may find useful. Once you have a range of responses, you can then begin to refine the offering for employees.

You may have to consider the cost of certain benefits too, something that you can discuss with your accountant. Not only does the cost of the benefit matter, the impact it would have on your employees is fundamental too. But this is something else your accountant can help you determine.

CONTACT US

If you want to find out how to implement the best benefits package for your employees, then please get in touch with Branagans Accountancy Services. We're here to help! Contact us today at 01709 327 215 or via email at info@branagans.co.uk.

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