A quarter (25%) of UK employees said private medical insurance (PMI) is the single most important benefit they want from their reward packages, yet only four in 10 employers offer this, according to research by benefits and welllbeing platform provider Epassi UK.
Its survey of 2,000 employees and 500 HR decision makers also found just 43% of employers currently offer PMI, and only 16% of employees believe it is available to them. Almost nine in ten (86%) HR leaders believe PMI is now a necessity in the workplace.
Additionally, the most popular benefits offered by employers include hybrid working (57%), maternity and paternity support (45%), workplace savings schemes (40%) and a company car (39%). Other benefits being called for by employees include increased pension contributions (24%) and hybrid working (22%).
Currently, just 23% of staff believe their employer cares about their wellbeing, while 19% are demanding more health and wellbeing benefits. More than half (56%) said access to health and wellness benefits through work has improved their physical and mental health.
Matt Russell, chief executive officer at Epassi UK and Zest, said: “Demand for private healthcare insurance continues to rise and employers need to ensure they’re investing in the right benefits to offer the support their workforce is calling for. However, there are other challenges too: many employees remain unaware of the benefits they are eligible for and, in too many cases, are missing out on perks they could be utilising.
“Employers need to improve communication to clearly explain the benefits on offer as well as boost engagement to ensure that they and their employees are getting value for money. Without regular and effective communication, employers cannot fully understand the support their workforce is calling for and employees can’t personalise their reward packages to meet their demands.”
