1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends

UK SME Adoption of Employee Benefits 2017

  • September 2017
  • 77 pages
  • GlobalData
Report ID: 5134629

Summary

Table of Contents

Search Inside

UK SME Adoption of Employee Benefits 2017

Summary
"UK SME Adoption of Employee Benefits 2017", report highlights the opportunities in offering employee benefits by sizing the number of SMEs in the UK. It discusses the penetration of employee benefits among SMEs and factors affecting this, such as pension auto-enrolment. It explores how employee benefits are purchased, which are the top insurers, and the importance of offering benefits in attracting and retaining employees.

The report explores the provision of 10 employee benefits among UK SMEs across pensions, protection insurance, and healthcare benefits, which include private company pensions, pension contributions into a NEST government auto-enrolment scheme, life insurance, critical illness insurance, income protection insurance, private health insurance, healthcare cash plans, dental plans, cycle-to-work schemes, and childcare vouchers.

Employee benefits are a range of products provided to employees in addition to their normal salaries. 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. It means individuals do not have to purchase the equivalent benefits themselves, making their employee contracts more valuable. Providing employee benefits is also in employers’ best interests; encouraging health and wellbeing among employees will help to prevent illness and injury, and benefits can help get employees back to work sooner.

Scope
- Pensions are the most commonly offered employee benefit among SMEs due to auto-enrolment. This is followed by private health insurance, and life insurance and critical illness insurance. Penetration of all employee benefit products increases with SME size.
- Pensions are the most commonly offered employee benefit among SMEs due to auto-enrolment. This is followed by private health insurance, and life insurance and critical illness insurance. Penetration of all employee benefit products increases with SME size.
- The introduction of auto-enrolment, increases in business rates, rises in the national living wage, and Brexit have been putting pressure on SME profits. In order to cut costs SMEs may look to reduce the provision of employee benefits. SME business numbers and the employment rate may also fall due to pressures.
- Protection products are increasingly providing services such as virtual GPs, wellbeing apps that assess health using wearables, and rehabilitation services. Private medical insurance allows employees to skip NHS waiting lists, while healthcare cash plans and dental plans help promote health through free, regular check-ups.

Reasons to buy
- Understand the opportunity in cross-selling employee benefits alongside general insurance for SMEs.
- Adjust your strategy by discovering which are the most common employee benefits provided by UK SMEs, who the top providers are, and how employee benefits are purchased.
- Understand the current pressure on SMEs and how this may impact the sale of employee benefits.
- Be aware of how providers are innovating in the employee benefit space.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 60 Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

Veronica helps you find the right report:

Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

Purchase Reports From Reputable Market Research Publishers

Implementing Cognitive Systems in Insurance Organizations

  • $ 4500
  • Industry report
  • July 2017
  • by IDC

This study is intended to help business and IT executives in insurance organizations (insurers and intermediary organizations) understand what cognitive systems are, why they are relevant, and how they ...

Kidnap and Ransom Insurance in Latin America and Africa

  • $ 3800
  • Industry report
  • September 2017
  • by Timetric

Synopsis Timetric’s Insight Report: Kidnap & Ransom Insurance in Latin America and Africa analyzes the evolution and expansion of kidnap and ransom insurance in Latin America and Africa. Kidnapping has ...

Global Logistics Insurance Market 2017-2021

  • $ 3500
  • Industry report
  • July 2017
  • by Infiniti Research Limited

About Logistics Insurance Insurance is a promise of compensation in case of damage/injury/loss in exchange for a premium. It is a form of risk management. Insurance services include various forms of compensation ...


ref:plp2017

Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.