Professional development and well-being benefits top priority for UK employers

(2 minutes to read)

The CIPD and LCP ‘Reward Management’ report surveyed 568 HR practitioners about their organisation’s benefits provision.

A new survey has revealed that as many as 97% of employers are planning to maintain or increase their spend on employee benefits.

The CIPD and LCP’s ‘Reward Management’ report found that 8 in 10 employers (81%) intend to spend the same amount on employee benefits over the next two years as they currently do, while 16% plan to increase their investment.

When asked which benefits they intend to spend more on in the next two years, respondents said they are most likely to increase investment in:

  • Professional development (43%), which includes training, paid study leave and professional subscriptions.
  • Health and well-being (29%), including occupational sick pay, employee assistance programmes and flu jabs.
  • Financial benefits (25%), such as pension schemes, loans to help staff in financial hardship and free money and debt advice.

One in six (17%) are looking to invest in a formal work-life balance policy within the next year – this includes flexible working and shared parental leave arrangements.

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Charles Cotton, senior reward and performance adviser at the CIPD, commented on the report, “Despite the recent economic and political uncertainty, employers are committed to investing in their employees and their future. It’s encouraging to see the benefits that have been earmarked for further spend in the near future relate to people development and well-being. Spending in these areas can help to improve employee, and ultimately, corporate performance.”

Dipa Mistry Kandola, head of flexible benefits services at LCP, added, “Our report reveals that more employers than expected don’t promote their benefits or make them easily accessible. Organisations could be wasting significant costs if their people don’t know about the range of benefits on offer, or are put off utilising them if they’re not easily accessible.

“Organisations will only be able to get true engagement from their people if they offer tailored benefits facilitated through a comprehensive, multi-channel communication strategy that encourages feedback. The way benefits are communicated, delivered and measured is just as important as having the right benefits in place.”

To find out more about contracting please contact Sophie on 01442 795 100 or email sophie.lewis@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use CashPlus free of charge for the first year, saving you £69.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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