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The employee benefits consulting and administration services firm – which is part of Gallagher – said the survey found that, out of 140 employers who represent over a million employees, 47% are set to increase investment in wellbeing platforms in response to their employee’s concern over the cost-of-living crisis.
The survey conducted by the HR and employee benefits consulting and administration services firm – in partnership with the Reward & Employee Benefits Association (REBA), revealed over three in ten of the respondents indicated intentions to increase investments in global benefits, while over a quarter (26%) said they would increase pensions and workplace savings investment.
It also found more than half (56%) of those surveyed said they aim to make changes to their employee benefits platform over the course of the next two years.
Buck’s research also showed three-fifths of the employers surveyed are planning to increase their investment in benefit technologies over the next two years, while 16% said they intended to make a “significant” increase.
The survey’s findings also showed 45% of respondents intend to either change their existing reward statement technology, or implement new technology altogether, in order to demonstrate the value of the technology to their employees.
Buck head of employee benefits John Deacon said: “The rising cost of living in the UK has affected everyone and dominated press headlines. Inflation has exceeded the government’s target of 2% every month since May 2021, hitting highs of close to 10% last year; its impact can’t be ignored.
“Employers have to address this and are often simply unable to offer pay rises in pace with inflation, so it’s no surprise to see that many businesses are looking for alternative ways to invest in the financial wellbeing of their employees. The same is true when it comes to health and wellbeing, and many employers are focusing on making their reward offerings fit for purpose, so that they can attract and retain the best talent in a tight labour market.”
Deacon added: “Advances in automation and new uses for emerging technology such as AI, have driven big changes in the way that these reward programmes can be implemented and run. Cutting down on extra admin is driving efficiencies in the sector and allowing employers to deliver a more intuitive and engaging offering.
“There are serious challenges facing the UK’s workforce, but investing in their underlying benefits technology is a cost-effective way for businesses to begin to address these challenges, while also future proofing their reward offerings.”
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