Private medical insurance (PMI) has been found to be the most important perk that employees look for in their benefits package, according to research by benefits technology provider Zest.
Its survey of 2,000 adults and 500 HR decision makers also found that one-third (33%) of employee respondents ranked PMI as their most wanted employee benefit.
Demand for employers to provide PMI is particularly high among both female employees and staff over the age of 55, with more than two-fifths (42%) of those aged over 55 citing it as their top benefit. Meanwhile, 37% of female employee respondents said this was the most important benefit to them, compared to 29% of men.
Despite the importance employees place on PMI, the research found that just 15% of employees said it was available through their organisation’s benefits package.
Three-quarters (73%) of HR professionals believe PMI is now a necessity in the workplace, however just two-fifths (40%) businesses offer it to their employees.
Other in demand employee benefits were increased pension contributions (32%), employer support with energy bills (24%) and a wellbeing allowance (20%).
Matt Russell, chief executive officer at Zest, said: “With NHS waiting times on the rise, employers are seeing increased demand for private healthcare insurance. Greater numbers of employers need to introduce private medical insurance into their benefits packages, not doing so risks losing out on key talent as employees may be forced to turn elsewhere. There is considerable work to be done by employers to further integrate this support into employee benefits packages.
“The research also highlighted that many employees remain totally unaware that they may have access to private healthcare, organisations need to ensure that they are effectively communicating their benefits offering to boost engagement and ensuring employees aren’t losing out.”
