Employee Benefits poll: Over a third (38%) of respondents are planning on introducing new benefits for all of their employees in 2018.
A straw poll of www.employeebenefits.co.uk readers, which received 50 responses, also found that 22% of respondents will update their existing benefits provision this year, while 20% will be shifting to a new benefits strategy focus for 2018.
More than one in 10 (14%) of respondents are not planning any benefits changes for the new year, while 6% will spend 2018 focusing on complying with legislative requirement.
With the new year often described as a time for new beginnings, many organisations see January as the ideal time to spring clean its benefits offering, or to implement something new. For example, health cash plan provider Simplyhealth launched its enhanced benefits and reward proposition from 1 January 2018. This included enhancing the organisation’s defined contribution (DC) pension scheme, introducing financial education and launching a flexible benefits personal spending account.
Across the pond, New York utilised the new year to introduce a new state-wide paid family leave benefit for employees who are based in the city and who work in the private sector. This is due to be phased in over a four-year period, with eligible employees initially being able to take up to eight weeks of leave at 50% of their average weekly wage, up to a cap of $652.96 (£482.02) in 2018. This was effective from 1 January 2018.