The latest Gallagher Benefits Strategy & Benchmarking Survey Results for 2023 provide an illuminating dive into the intricacies of organisational wellbeing strategies.
Drawing upon the data from responses collected from 257 diverse participant organisations across the UK, this report emerges as an indispensable resource for organisational decision-makers, offering empirical insights to steer evidence-based choices in benefits provision.
For example, the survey highlights the importance of annual leave, and how it is key to maintaining a healthy workforce. The statutory minimum annual leave entitlement in the UK is 20 days plus eight bank holidays, for full-time employees. However, many organisations offer more generous holiday allowances beyond this. The criteria used to calculate additional leave vary between companies.
Survey data shows that just over half of organisations (54%) apply the same holiday entitlement to all staff, regardless of role or length of service. Although fluctuating a little, this still shows an upward trend from 2019, when it was 42.2 percent. Compared to 2022 data, more companies are using service-related criteria (37% vs 25% in 2022) to determine annual leave.
Statistics reveal that organisations in these sectors typically offer employees an average of 27-28 days of annual leave, exceeding the typical 25-day norm observed across other industries.
Click here to read the full report.
Tax-free loans
The rising trend of offering tax-free loans to employees for various purposes further underscores organisations’ evolving recognition of the multifaceted needs of their workforce. Remarkably, statistics indicate that 17 percent of organisations surveyed are including tax-free loans as part of their lifestyle benefit choices, highlighting a strategic shift towards providing holistic support that extends beyond traditional remuneration packages.
In response to the shifting landscape, organisations are increasingly prioritising initiatives aimed at promoting employee health and fitness. Notably, statistics reveal a significant increase in the adoption of discounted gym memberships as incentives to encourage employees to return to office spaces. An impressive 15 percent increase since 2021 is observed in organisations offering discounted gym memberships, underscoring the growing emphasis on fostering a healthier, more energised workforce.
Better work-life balances
Also, the survey unveils a notable trend of organisations stepping up to support employees in balancing work and caregiving commitments. Enhanced paternity benefits and expanded leave options are on the rise, with statistics indicating that 89 percent of organisations now offer enhanced pay above statutory requirements, representing a substantial increase from the previous year.
As organisations brace for the challenges and opportunities of 2024, the impending enactment of the Employment Relations (Flexible Working) Act 2023 looms large on the horizon. Expected to usher in a new era of flexibility and work-life balance, this landmark legislation will necessitate a strategic recalibration of organisational practices and policies to adapt to the evolving landscape of employee expectations.
The Gallagher Benefits Strategy & Benchmarking Survey serves as an invaluable compass for organisational leaders, guiding them through the labyrinth of employee wellbeing with precision and purpose. By harnessing these empirical insights and embracing tailored strategies, organisations can forge a path towards heightened employee engagement, resilience, and prosperity in the dynamic landscape of the modern workplace.
Click here to read the full report.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
