It is no doubt that we are in challenging times, the voluntary market is no exception when it comes to adapting to the new landscape of the workplace. During the coronavirus pandemic; season ticket loans, gym memberships, dental and eye care lost their status and cycle to work schemes and technology equipment loans begun to build.
It’s very hard to predict where the benefits market will be in a year due to the uncertainty of the global economy, however there are some trends that have emerged in the short-term.
Connecting with employees and communicating will continue to be one of the main focuses for the next twelve months. Benefits that were work focused are now less relevant, car schemes and season ticket loans hold less value at the moment. Offering more relevant benefits are imperative and the key is to successfully communicate them.
Many employees will have been placed on the furlough scheme and as that comes to an end, fears of redundancy are growing for some employees. Teamed with the impending recession, financial stability is of the highest priority for a lot of individuals. Savings discount platforms and salary-linked loans will continue to be popular as well as the shift we are seeing towards home improvement discounts from travel discounts. There has also been a significant shift towards discounts on supermarket shops and takeaways which will add value to your benefits proposition.
Now that a large portion of the population is working from home, employees are looking to upgrade their technology, both personal and for work. There was a delay in the supply chain due to popularity so equipment for hire has become more popular. As an employer you should provide your employees with the kit to do their job and if you can’t by it, for hire is the next best thing.
The cycle to work scheme now could be renamed, cycle for leisure, as during lockdown everyone has taken up cycling on the road. The scheme introduced to encourage people to cycle to work, has gone through the roof as a result of the restrictions of lockdown. Equipment easy at home exercise
The coronavirus pandemic has encourage people to stay local and consequently some employers are reflecting this in their benefits offering. There will be a continued want to support local shops and restaurants so integrating this offering in the benefits package. Due to face to face appointments being cancelled there are also calls to move will writing services online. Offering flexibility will encourage retention.
The need for employee benefits to be accessible on one easy to use platform is growing as the voluntary benefits alone won’t stand out anymore. For information on how you can utilise MyBenefitsZone in line with this trend contact one of the team.