Flexible benefits plans on the increase in UK companies, finds Aon Hewitt
Published: by
by

The number of companies offering flexible benefit plans to employees has increased considerably in the UK, a new report reveals.

Aon Hewitt’s Employee Benefits and Trends Survey, released earlier this year, indicates that flexible benefits increased in popularity in 2011, with 70% of respondents stating that they already used, or were about to introduce, flexible benefits plans.

The research, based on responses from 185 employers, also suggests that 82% of companies which have already implemented flexible benefit schemes believe that employees are particularly satisfied with the quality of benefits provided. 80% answered that they have had a positive effect on employee retention and recruitment, and 66% stated that employee engagement had improved.

Martha How, Principal Consultant at Aon Hewitt, says: “This increase in interest builds on the steady upward trend we have seen over the last decade, as employers increasingly recognise the advantages of a good flexible benefits programme as a benefit cost management mechanism as well as a powerful employee recruitment and engagement tool.

“Our survey highlights that introducing a flexible benefits plan can have a positive impact on employees. To ensure this positive effect continues longer-term, we recommend that employers regularly review the benefits offered, and that individual employees periodically review their benefit selections, to ensure that their benefits package continues to provide the right kind of opportunity for employees at each stage of their working life and continues to deliver for employers."

 

| Comments (0)| Comment
Related Stories
Apple and Facebook pay to freeze eggs for female staff
Apple and Facebook pay to freeze eggs for female staff
Apple and Facebook hope to improve attraction and retention of top female talent by offering to pay for them to have their eggs frozen... read more ›
The business benefits of health and safety whitepaper
Could a car secure talent for SMEs?
Could a car secure talent for SMEs?
39% of job seekers reported that the type of company car they are offered significantly influences their decision to join a small business... read more ›
Directors 'earn 120 times more than average worker'
Directors 'earn 120 times more than average worker'
Directors of the top 100 listed UK companies now earn 120 times more than their average employee, according to a report by Incomes Data Services (IDS)... read more ›
The Generation Game
The Generation Game
Tailoring Compensation & Benefits to different generations read more ›
60% of parents better off with vouchers than tax-free childcare
60% of parents better off with vouchers than tax-free childcare
60% of parents were found to be better off remaining in the existing childcare voucher scheme, than with Tax-Free Childcare... read more ›
Deutsche Bank withhold bonuses
Deutsche Bank withhold bonuses
Deutsche Bank is withholding millions of euros in bonuses from its co-chief executives and other current and former top managers as it seeks to hold senior staff accountable for a host of costly legal and regulatory problems... read more ›
DWP delays Health and Work Service launch until December
DWP delays Health and Work Service launch until December
The launch of the new Health and Work Service (HWS) has been delayed until December... read more ›