Employee Benefits in 2023

According to Xpert HR, an employee assistance programme remains the top employee benefit in 2023. Nearly 8 in 10 organisations offer this. An EAP provides confidential services to employees who need help managing personal difficulties or life challenges.  An EAP helps employees improve their health and wellness so they can better respond to challenges that life throws their way. In turn, employers may experience better productivity, customer service, increased employee engagement and lower levels of unplanned absences.

A good pension is fundamental and at the number 2️⃣ spot.

During 2023, flexible benefits has gained momentum. Flexible benefits allows employees to choose the benefits that are more beneficial and valuable to them.  In a flexible benefit plan, the employee contributes to the cost of the benefits through a deduction of their before tax income reducing the employer’s contribution.

For employees, paying for benefits with pre-tax income lowers their taxable income.  

Flexible Benefits can include:

* Increasing pension contributions
* introducing holiday buying and selling schemes
* Going beyond statutory limits for sickness or maternity and paternity
* Establishing or increasing private medical insurance and/or income protection or health care plans
* Gym or club memberships
* Transportation benefits
* Introducing electric vehicle schemes.

How do your benefits compare to this? If you’d like to chat about your benefit offering or are looking to introduce flexible benefits, please get in touch
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