Exploring the impact of internal and external pressures on benefits and wellbeing strategies and design over the past year, key trends have emerged:

• Despite half of employers worrying about rising costs, a substantial 70% intend to maintain their current benefits offering.
• Notably, among the confident third (31%) who anticipate absorbing cost increases, 32% intend to increase their investment in benefits.
• One key challenge will be securing budget approval. 8 in 10 employers say it is a barrier to investment, highlighting the need for them to show investment ROI and measure benefits to demonstrate value.
• Two major trends also emerged. 38% planning to allocate resources to financial wellbeing in 2024/25, witnessing a striking 217% surge from 2023 figures.
• Investment in pension spend is also set to soar. 30% intending to increase their investment in 2024/25, a notable 233% increase from 9% in 2023.
• Looking ahead, companies will focus on technology and financial wellbeing projects over the next two years.
  

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If you want to know more about the survey results or find out how you can create an effective employee benefits & wellbeing strategy for your organisation, please get in touch.

Many thanks,

Matthew

Matthew Gregson
Executive Director, Howden Employee Benefits & Wellbeing
matthew.gregson@howdengroup.com