Category Archives: Employee Benefits

Boardroom News, Employee Benefits, HR, HR News, News

New study shows UK employers continue to prioritise employee benefits despite intense cost pressures

New research from REBA & Howden Employee Benefits & Wellbeing

26 April 2024 – A new research report, ‘Benefits Design Research 2024’ from Howden Employee Benefits & Wellbeing and the Reward & Employee Benefits Association (REBA) reveals that cost is the number one factor driving decisions around employee benefits and wellbeing strategies in UK businesses.

Yet, despite escalating concerns regarding costs, employers still place significant importance on employee benefits, with a majority vowing to maintain their existing benefits structures.

The research, conducted amongst REBA members and subscribers representing 1.5 million employees*, explores the impact of internal and external pressures on benefits and wellbeing strategies and design over the past year and key trends 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.

 

Matthew Gregson, Executive Director at Howden Employee Benefits & Wellbeing said: “Despite increasing costs, employers continue to invest in employee benefits, reinforcing their value both to the business and employees.  Employers recognise prioritising benefits supports business and HR goals such as improving diversity, equity, and inclusion, attracting talent and retaining employees with key skills.

“However, a pressing business concern is risk mitigation. People risk is a growing issue, particularly when it comes to employee health. Annual insurance cost increases can be considerable and are unlikely to significantly reduce in the years ahead. Therefore, ensuring the workforce remains healthy and productive has never been more important.”

 

Top spending areas

Benefit strategies are evolving with adjustments to spending seen in 2023 continuing in 2024/25, as employers adapt to cost pressures from medical inflation and insurance price rises, through to rises in national minimum wage and pension burdens.

To control costs nearly half (49%) plan to review current suppliers to remove duplication and streamline spend in 2024/25; whilst 40% plan to increase spend on benefits technology and 38% on financial wellbeing.

Around a third of employers will increase investment in healthcare benefits, as well as spending on mental wellbeing and enhancing the pension offering.

Of note are the projects and strategic transformations employers are planning for 2024/25 with technology and financial wellbeing projects being the major focus, followed by pensions and retirement adequacy. These are often complex and costly areas, highlighting the seriousness with which employers are taking benefits, despite the tough economic environment.

 

Where improvement is most needed

The top three areas earmarked by employers for improvement this year include communication of benefits (54%); financial wellbeing (47%) and benefits technology (45%).

With more than eight in ten stating that budget approval will be a barrier to change, the ability for companies to demonstrate value and return on investment will be key to future investments.

Gregson says, “Companies must prioritise measuring the impact of benefits to demonstrate value and secure budget. Currently, significant numbers are failing to measure the impact of their benefits on key strategic business objectives, such as employee absenteeism; Diversity, Equity, and Inclusion initiatives; employee wellbeing; retaining and recruiting employees, and employee engagement.”

 

Pensions must be a priority.

Almost one in three (30%) employers plan to enhance their pension offering in the next two years, highlighting that employers increasingly recognise that pensions must be given priority to prevent their employees sleepwalking into a retirement nightmare.

Gregson concludes: “Despite increasing costs, employers continue to invest in employee benefits, reinforcing their value both to the business and employees.  However, moving forwards companies will need to run their programmes more effectively, benchmarking their existing benefits, using data-driven insights to inform their strategies, and ensure they measure the value of their benefits, and manage their stakeholders well.

“Strategic priorities will involve ensuring pension are better funded and performing well, financial wellbeing support is provided for employees and that healthcare and protection benefits are universally available and more effective. Businesses will also need to make better use technology and improve benefits communications to drive value and to measure and demonstrate the value of their benefits programmes to secure support and ensure their aspirations become a reality.”

 

Howden recommends employers take these actions to improve their future benefits strategies and programme design:

  • Baseline their current benefits programme.
  • Understand what to measure and start measuring it.
  • Get a better handle of spending and forecasting of costs.
  • Keep pace with the scale of transformation happening in reward.
  • Don’t forget about the workplace pension.
  • Next steps – create an actionable plan.

To read the report in full click here.

 

*The research was carried out by the Reward & Employee Benefits Association among its approximately 4,400 professional members and 20,000 subscribers during January and February 2024. The survey had 230 responses from employers representing an estimated total of approximately 1.5 million employees.

For more information, please visit www.howdengroup.co.uk

Employee Benefits, Health & Care, News, Wellbeing, Wellbeing News

Plane Saver Credit Union launches Vivup benefits for 26,000+

In the first of its kind move, Plane Saver, one of the largest credit unions in the UK, has introduced a range of lifestyle, health and wellbeing benefits for its members and its employees. Now, in addition to savings accounts, affordable loans and financial tips, Plane Saver is providing its 26,000 members and 36 members of staff with Vivup benefits.

Plane Saver will be supporting individuals’ health and wellbeing, including social, mental, physical, spiritual and financial. In particular, the financial institution wanted to help alleviate the cost of living burden for employees and members. Now, each member and employee will be able to access over 1,150 ways to save money at popular retailers through discounted eGift cards, physical gift cards and discount codes. They’ll benefit from savings on everyday essentials such as grocery shopping as well as leisure activities like going to the cinema.

Alongside lifestyle savings, Vivup’s benefits platform also provides Your Care Wellbeing, 24/7 in the moment support and information, and an online GP focussing on proactive wellbeing and preventative services. Plane Saver members and employees can access expert advice any time of the day for issues ranging from debt advice, menopause, smoking cessation, domestic abuse to getting support with trauma, bullying or sleep.

They will receive:

  • Immediate access to employed counsellors should they need it
  • Access to secondary mental health support with clinicians at highest level of clinical accreditation (APPTS)
  • Early intervention, self-service and proactive wellness platform which includes assessments, recommendations and signposting to suitable treatment
  • Award-winning dedicated menopause support.

Rachel Downing, Head of Marketing & Business Development at Plane Saver Credit Union, explains: “Everyone in the UK is dealing with the rise in living costs. Being able to provide our members with benefits that save them an average of over £2,000 per year is over £160 a month back in their pocket that’s going to make a huge difference for them and their families. On top of this, with Vivup, we are supporting our members and employees with a full range of health and wellbeing benefits which is core to our values of decency, dignity and inclusivity”.

Simon Moyle, CEO of Vivup, adds: “This is such a groundbreaking initiative. Plane Saver is a financial institution that helps its members to think, plan and save. They’re now supporting their employees and thousands of members with their overall health and wellbeing. Normally, Vivup is in the business of helping engage employees, yet with this launch, we’re helping one of the largest credit unions in the UK to support health and wellbeing of members and employees”.

For more information visit www.vivupbenefits.co.uk.

 

—

About Plane Saver

Plane Saver was founded in 1993 by a group of British Airways Engineers. They wanted to provide a range of flexible savings and affordable loans to their colleagues. Now with over 25,500 members, it is one of the largest Credit Unions in the UK.

Over the last 30 years, Plane Saver has been dedicated to assisting people in managing their finances. As we have grown, we have embraced modern technology while preserving the essence of personalised service. We firmly believe that the human touch is what matters most when handling money matters, and this principle remains unchanged.

For more information, visit Plane Saver.

 

About Vivup

For 18 + years, Vivup has been providing world-class health and wellbeing benefits to employees across the public and private sectors while arming employers with the tools to cultivate resilient workforces, retain great staff and win the war on talent. Vivup partners with over 2,000 clients and supports 2.5 million+ employees throughout the UK.

Vivup was awarded UK Employer of the Year at the Investors in People Awards in 2022 and won Best Supplier to Work for at the Employee Benefits Awards in 2023. Simon Moyle, CEO was awarded UK Leader of the Year at the Investor in People Awards in 2022 and won Scale up Entrepreneur of the Year (North East) at the Great British Entrepreneur Awards in 2023. Vivup has also just been awarded number one SME in the UK by Elite Business.

Employee Benefits, Mergers & Acquisitions, News

Benefits Experts Vivup and Perkbox Combine, Creating a World-Class, All-in-One Employee Wellbeing, Benefits and Engagement Platform

Strategic Majority Investment from Great Hill Partners to Enhance Go-to-Market Capabilities and Accelerate Growth Opportunities

Vivup, a leading provider of world-class health and wellbeing benefits, and Perkbox, an award-winning global benefits and reward platform, have this week announced an agreement to combine and a strategic majority investment from Great Hill Partners, a growth equity firm that invests in high-growth, disruptive companies.

This brings together combined strengths with the goal of offering a truly market leading solution for the UK’s public and private employee benefits sectors. Great Hill Partners’ investment will help the newly strengthened organisation scale its go-to-market capabilities, innovate product offerings, and accelerate organic and inorganic growth opportunities. Omni Partners (“Omni”), a lower mid-market focused investor in UK private companies, invested in Vivup in 2022 and will retain a minority stake to continue supporting the combined company’s growth. The agreed transaction is subject to Financial Conduct Authority (FCA) authorisation.

Vivup and Perkbox are powered by a global team of professionals, together supporting over 4 million employees across almost 7,500 organisations. This includes over 85% of the UK’s National Health Service (NHS), helping improve the lives of its people via leading employee wellbeing, benefits, engagement, and recognition & reward solutions. Powered by complementary expertise, this newly integrated proposition of world class products will be instrumental in supporting more organisations and their employees across Europe and APAC. Vivup brings a strong heritage and expertise of working with the public sector providing leading wellbeing, family care, and product expertise in Salary Sacrifice Benefits, giving employers tools to connect their workforce and help their people thrive. Perkbox is a leader in Employee Discount Schemes and Reward and Recognition technology that enables organisations to better motivate and financially support their employees. Vivup and Perkbox brings together two like minded organisations with an aligned mission and set of values that will help employers to better care for, connect with and celebrate their employees.

Day-to-day executive leadership will remain consistent across the combined businesses with Vivup CEO Simon Moyle serving as the newly formed company’s Group CEO, and Perkbox CEO Doug Butler serving as Group executive chairman. After 20 years in management and leadership roles delivering innovation and development in the UK retail services market, Moyle has spent the past five years leading the transformation and rapid growth of Vivup into the market leading employee benefits provider it is today. He has led Vivup to achieve record growth and created an award-winning culture that is people centric and empowering. Butler, who became Perkbox’s CEO in December 2023, brings over 30 years of leadership experience, having run businesses across the technology, telecommunications and the employment engagement sectors. Butler is a long-time executive working with Great Hill, most recently as CEO of former Great Hill portfolio company Reward Gateway, a global HR technology and employee engagement company. Great Hill Partners’ Drew Loucks, Chris Busby and Mats Heimes will join the company’s Board of Directors.

 

Simon Moyle said: “It is amazing to bring these two great organisations together. Pending FCA approval, we will be in the best possible position to support people and organisations across the UK in a very special and unique way. It is rare to find a combination such as Vivup and Perkbox where between us, we have the leading products needed across voluntary benefits, wellbeing and recognition and reward, yet very little overlap in the areas in which we currently operate.  When I joined Vivup over five years ago, our team consisted of 17 people. Since then, our team has expanded significantly to almost 400 and with the addition of our Perkbox colleagues, we will now be over 500 strong. I am so proud of every member of our team and cannot wait to welcome our new Perkbox colleagues and support over 4,500 organisations. These last five years have been amazing but our future as a combined company is going to be even better!”

“Bringing the combined resources and technical product and support capabilities of Vivup and Perkbox together will be boon to the thousands of public and private sector clients and millions of employee users who rely on our solutions to meet their needs and challenges,” added Doug Butler. “I’ve always admired Vivup’s mission and growth under Simon’s leadership and, now supported by Great Hill as an investor, our complementary technology, service offerings and people centric cultures create a perfect combination to support HR professionals and their people.”

 

Great Hill Managing Director Drew Loucks noted: “Today’s exciting milestone creates a new industry player that is well-positioned to capitalise on a large and growing market opportunity. Doug and Simon both have strong track records of scaling industry-leading businesses by creating successful, client-centric cultures and innovative product offerings. We are excited to support the teams and bring Vivup and Perkbox together to deliver a more powerful employee wellbeing, benefits and engagement platform in the UK”

 

Charles Gallagher-Powell, Partner at Omni added: “This deal validates our strategy of partnering with mission-led, fast-growing businesses to help push them to greater heights. Recognising these attributes in Vivup, plus a shared ambition and culture, drove our decision to invest in 2022. We’ve loved every minute of working with Simon and the team since then. We couldn’t be prouder of what Vivup has achieved and are excited to support the new combined entity as a minority shareholder.”

 

The investment from Great Hill Partners has also enabled Vivup to complete the acquisition of The Employee Resilience Company (TERC Ltd), providers of specialist counselling, psychotherapy and employee assistance provision, and Work & Life Partners, specialists in childcare, eldercare and petcare. Both transactions further support Vivup and Perkbox’s focus on becoming the leading provider in the mental health, wellbeing and family care space.

 

Great Hill Partners’ investment in Vivup and Perkbox builds upon the firm’s significant expertise in the employee benefits space, including investments in Reward Gateway, bswift, RxBenefits, Retiree First, ParetoHealth, PlanSource, and more. Financial terms of the transaction were not disclosed.

 

 

About Vivup

Since 2005, Vivup has been providing world-class health and wellbeing benefits to employees across the public and private sectors while arming employers with the tools to cultivate resilient workforces, retain great staff and win the war on talent. Vivup partners with almost 4,000 clients and supports 3.3 million+ employees throughout the UK.

Vivup was awarded UK Employer of the Year at the Investors in People Awards in 2022 and won Best Supplier to Work for at the Employee Benefits Awards in 2023. Simon Moyle, CEO was awarded UK Leader of the Year at the Investor in People Awards in 2022 and won Scale up Entrepreneur of the Year (North East) at the Great British Entrepreneur Awards in 2023. Vivup has also just been awarded Number One SME in the UK by Elite Business.

 

About Perkbox 

Perkbox is the global benefits and rewards platform that allows companies to care for, connect with and celebrate their employees, no matter where they are and what they want. With over 10 years’ experience, Perkbox is trusted by thousands of companies with users across the globe. Its location agnostic globally available platform helps companies with diverse and dispersed workforces harmonise their Employee Value Proposition (EVP) — keeping each employee happy, healthy, and motivated.

 

About Great Hill Partners

Founded in 1998, Great Hill Partners is a private equity firm targeting investments in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. With offices in Boston and London, Great Hill has invested in more than 95 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has been recognized for its industry leadership, being ranked #4 in the 2023 HEC Paris-Dow Jones Mid-Market Buyout Performance Ranking on March 6, 2024, which evaluated fund performance of 632 leading private equity firms between 2010-2019[1]. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com.

 

About Omni 

Omni invests in mission-led, fast-growing and profitable businesses that are looking for their first external capital. These are typically high-margin, UK-based companies that dominate their niche, are driven by culture-focused management teams and make at least £2m EBITDA. Omni approaches investing from a different angle. With a unique team make-up and approach, Omni focuses on shifting the odds in favour of success to turbocharge its investments and ensure that everyone wins together. Omni is authorised and regulated by the Financial Conduct Authority. For more information, please visit www.omni.co.uk

 

Employee Benefits, HR, Mergers & Acquisitions, News

Vivup and Perkbox Merge to Form a Unified, All-in-One Platform for Employee Wellbeing, Benefits, and Engagement

Vivup, renowned for its top-tier health and wellbeing benefits, and Perkbox, celebrated for its global benefits and rewards platform, have announced a strategic merger, backed by a significant investment from Great Hill Partners, a private equity firm focused on investing in high-growth, innovative companies.

This merger unites their strengths, aiming to create a leading-edge solution for both the UK’s public and private employee benefits sectors. The investment from Great Hill Partners will enable the newly fortified company to enhance its market presence, develop new products, and pursue both organic and inorganic growth strategies. Omni Partners, a UK-focused investment firm that previously invested in Vivup in 2022, will maintain a minority stake, supporting the company’s ongoing expansion. The completion of this deal is contingent upon approval from the Financial Conduct Authority (FCA).

Collectively, Vivup and Perkbox boast a global team of experts, supporting over 4 million employees in nearly 7,500 organizations, including over 85% of the UK’s National Health Service (NHS). Their combined offerings aim to improve employee wellbeing, benefits, engagement, and rewards across Europe and APAC. Vivup’s expertise lies in public sector wellbeing and Salary Sacrifice Benefits, while Perkbox excels in Employee Discount Schemes and Reward and Recognition technology. This merger brings together two organizations with shared missions and values, focused on enhancing employer-employee connections and wellbeing.

The leadership structure will remain stable post-merger, with Simon Moyle, Vivup’s CEO, taking on the role of Group CEO of the new entity, and Doug Butler, Perkbox’s CEO, becoming the Group Executive Chairman. Moyle has a successful track record in transforming Vivup into a leading employee benefits provider, while Butler brings over 30 years of leadership experience across various sectors, including a previous role as CEO of Reward Gateway. Drew Loucks, Chris Busby, and Mats Heimes from Great Hill Partners will join the company’s Board of Directors.

 

Simon Moyle said: “It is amazing to bring these two great organisations together. Pending FCA approval, we will be in the best possible position to support people and organisations across the UK in a very special and unique way. It is rare to find a combination such as Vivup and Perkbox where between us, we have the leading products needed across voluntary benefits, wellbeing and recognition and reward, yet very little overlap in the areas in which we currently operate.  When I joined Vivup over five years ago, our team consisted of 17 people. Since then, our team has expanded significantly to almost 400 and with the addition of our Perkbox colleagues, we will now be over 500 strong. I am so proud of every member of our team and cannot wait to welcome our new Perkbox colleagues and support over 4,500 organisations. These last five years have been amazing but our future as a combined company is going to be even better!”

“Bringing the combined resources and technical product and support capabilities of Vivup and Perkbox together will be boon to the thousands of public and private sector clients and millions of employee users who rely on our solutions to meet their needs and challenges,” added Doug Butler. “I’ve always admired Vivup’s mission and growth under Simon’s leadership and, now supported by Great Hill as an investor, our complementary technology, service offerings and people centric cultures create a perfect combination to support HR professionals and their people.”

 

Great Hill Managing Director Drew Loucks noted: “Today’s exciting milestone creates a new industry player that is well-positioned to capitalise on a large and growing market opportunity. Doug and Simon both have strong track records of scaling industry-leading businesses by creating successful, client-centric cultures and innovative product offerings. We are excited to support the teams and bring Vivup and Perkbox together to deliver a more powerful employee wellbeing, benefits and engagement platform in the UK”

 

Charles Gallagher-Powell, Partner at Omni added: “This deal validates our strategy of partnering with mission-led, fast-growing businesses to help push them to greater heights. Recognising these attributes in Vivup, plus a shared ambition and culture, drove our decision to invest in 2022. We’ve loved every minute of working with Simon and the team since then. We couldn’t be prouder of what Vivup has achieved and are excited to support the new combined entity as a minority shareholder.”

 

The investment from Great Hill Partners has also enabled Vivup to complete the acquisition of The Employee Resilience Company (TERC Ltd), providers of specialist counselling, psychotherapy and employee assistance provision, and Work & Life Partners, specialists in childcare, eldercare and petcare. Both transactions further support Vivup and Perkbox’s focus on becoming the leading provider in the mental health, wellbeing and family care space.

 

Great Hill Partners’ investment in Vivup and Perkbox builds upon the firm’s significant expertise in the employee benefits space, including investments in Reward Gateway, bswift, RxBenefits, Retiree First, ParetoHealth, PlanSource, and more. Financial terms of the transaction were not disclosed.

 

 

About Vivup

Since 2005, Vivup has been providing world-class health and wellbeing benefits to employees across the public and private sectors while arming employers with the tools to cultivate resilient workforces, retain great staff and win the war on talent. Vivup partners with almost 4,000 clients and supports 3.3 million+ employees throughout the UK.

Vivup was awarded UK Employer of the Year at the Investors in People Awards in 2022 and won Best Supplier to Work for at the Employee Benefits Awards in 2023. Simon Moyle, CEO was awarded UK Leader of the Year at the Investor in People Awards in 2022 and won Scale up Entrepreneur of the Year (North East) at the Great British Entrepreneur Awards in 2023. Vivup has also just been awarded Number One SME in the UK by Elite Business.

 

About Perkbox 

Perkbox is the global benefits and rewards platform that allows companies to care for, connect with and celebrate their employees, no matter where they are and what they want. With over 10 years’ experience, Perkbox is trusted by thousands of companies with users across the globe. Its location agnostic globally available platform helps companies with diverse and dispersed workforces harmonise their Employee Value Proposition (EVP) — keeping each employee happy, healthy, and motivated.

 

About Great Hill Partners

Founded in 1998, Great Hill Partners is a private equity firm targeting investments in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. With offices in Boston and London, Great Hill has invested in more than 95 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has been recognized for its industry leadership, being ranked #4 in the 2023 HEC Paris-Dow Jones Mid-Market Buyout Performance Ranking on March 6, 2024, which evaluated fund performance of 632 leading private equity firms between 2010-2019[1]. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com.

 

About Omni 

Omni invests in mission-led, fast-growing and profitable businesses that are looking for their first external capital. These are typically high-margin, UK-based companies that dominate their niche, are driven by culture-focused management teams and make at least £2m EBITDA. Omni approaches investing from a different angle. With a unique team make-up and approach, Omni focuses on shifting the odds in favour of success to turbocharge its investments and ensure that everyone wins together. Omni is authorised and regulated by the Financial Conduct Authority. For more information, please visit www.omni.co.uk

Employee Benefits, HR, HRTech, News, Technology

Vivup wins employee benefits framework with Welsh Government

Vivup will be sole supplier for Managed Service Provision of employee benefit schemes

The Welsh Government has awarded employee benefits and wellbeing provider Vivup sole supplier for Managed Service Provision (Lot 1), worth around £22.4m (approximately £5.6m per annum)

The Managed Service Provision framework, which is available for all public sector customer organisations in the UK, includes a fully managed service and/or individual services for employee benefit schemes covering a range of salary sacrifice and voluntary deduction schemes.

This is the third generation of the Welsh collaborative framework awarded by Welsh Government Commercial Delivery – WGCD (previously National Procurement Service).

Vivup will provide the following employee benefits through the framework:

Online Benefits Platform

  • Cycle to Work Scheme
  • Green Car Scheme

Financial Wellbeing Scheme including:

  • Debt Management Products and Services
  • Low Cost Borrowing
  • Savings and investment options
  • Financial education and planning resources
  • Financial wellbeing workshops.
  • Pensions Savings
  • Insurances such as Pet, Eldercare etc.

Health and Wellbeing Scheme including:

  • Health Cash Plans
  • Life Insurance
  • Personal Accident Insurance
  • Cancer Cover
  • Sick Pay Insurance
  • Medical
  • Dentistry

Home Technology & Smartphones Scheme

Childcare Voucher Scheme

Retail & Leisure Discount Scheme

Reward & Recognition Solutions including:

  • Gift Cards, Vouchers & Gift Experiences
  • Long-Service Awards
  • Recognition Messages / Cards
  • Lump Sums.

As part of the framework agreement and in alignment with Welsh Government policy, Vivup will make provision for Welsh Language Standards which ensures websites, portals, marketing materials and emails will be available bilingually in both Welsh and English. Welsh speakers will also be available to respond to telephone or email correspondence.

Vivup are funding Welsh language training for five Vivup employees per year over the duration of the contract.

The framework agreement will commence from 12 February 2024 and will run until 2028 with break clauses at the end of years two and three.

Simon Moyle, Vivup CEO, said: “Since 2005, Vivup has been partnering with over 2,000 public sector organisations, supplying a cost-free platform and supporting more than 2.5 million+ employees with essential wellbeing and employee benefits.

“We are absolutely delighted to have been awarded the framework agreement as sole supplier for Managed Service Provision of employee benefit schemes for the Welsh Government and public sector customer organisations across Wales. We are very much looking forward to delivering quality and value benefits to the public sector over the next four years. The public sector and its employees are a vital part of UK services and this appointment demonstrates the high level of service, innovation and trust that Vivup delivers.

“Furthermore, our commitment to Welsh Language provision by funding Welsh language training will bring revenue to a local Welsh language educator and will also help our people understand the importance of the Welsh language.”

 

About Vivup

For 18 + years, Vivup has been providing world-class health and wellbeing benefits to employees across the public and private sectors while arming employers with the tools to cultivate resilient workforces, retain great staff and win the war on talent. Vivup partners with over 2,000 clients and supports 2.5 million+ employees throughout the UK.

Vivup was awarded UK Employer of the Year at the Investors in People Awards in 2022 and won Best Supplier to Work for at the Employee Benefits Awards in 2023. Simon Moyle, CEO was awarded UK Leader of the Year at the Investor in People Awards in 2022 and won Scale up Entrepreneur of the Year (North East) at the Great British Entrepreneur Awards in 2023.

For more information visit www.vivupbenefits.co.uk

 

Employee Benefits, Healthcare, News, Wellbeing

UK Workers Resort to Self Treatment as They Struggle to Access Healthcare

  • Fresh insight from Health Shield Friendly Society reveals UK workers are still struggling with ongoing cost of living pressures, while the impact of NHS appointment shortages are now adding to their worries
  • Three quarters struggle to get a doctor’s appointment and half say they are suffering as a result

 

New research from Health Shield Friendly Society has found that many UK workers are self-treating or suffering medical issues due to lack of healthcare access.

Over half (55%) of UK workers who need healthcare have resorted to self-treating medical symptoms due to being unable to access the NHS. Gen Z (60%) and Millennial (58%) employees say they have resorted to this the most. Almost half (48%) of workers needing healthcare believe they have suffered due to lack of access, with younger employees again being hit the hardest – 55% of Gen Z workers said this was the case, the highest of any age group. These figures underline the enormous pressure the health service is under. The findings come ahead of World Sick Day on Sunday February 11th 2024.

 

GP appointments

The survey of full and part time workers across the UK* further found that more than seven in 10 (72%) say they have found it difficult to get a doctor’s appointment when they needed one. All age groups reported similar issues with Gen X (73%), Gen Z (72%), Millennials (72%) and Baby Boomers (70%) stating this was the case.

GP appointment waiting times have been hugely impacted by the effects of Covid-19, industrial action and rising levels of chronic illnesses. There are currently 852 fewer full-time qualified GPs compared to 2019[1].  As a result, GP waiting times can vary dramatically across the UK. Whilst many are lucky to secure an appointment within 48 hours of calling their local surgery, one in 20 patients must wait at least four weeks to see a GP2. The survey from Health Shield found that overall 64% of workers are worried about the current pressures the NHS is facing. Baby Boomers (aged 60-78) are worried about this the most (83%), followed by Millennials (67%).

 

Cost of living impact on healthcare

Meanwhile the ongoing cost of living crisis is a direct reason for many workers putting off or avoiding paying for routine healthcare appointments. More than eight in 10 (81%) say they have reduced their spend on routine appointments such as opticians, physiotherapy, and dental appointments. More than four in ten (41%) say they have also cancelled appointments to save money, and they are twice as likely to have suffered as a result (68% vs 34%).

 

Matt Liggins, Head of Wellbeing at Health Shield Friendly Society, commented: “It’s really worrying that so many UK workers feel the need to put off attending routine medical appointments, that could be important, because they simply can’t afford to pay for them.  Alongside this, the challenges many are facing trying to get a GP appointment are equally concerning. GP services are obviously overstretched and under pressure but it’s worrying if workers are resorting to self-medicating when they cannot access the support that they need. The combination of these two issues can leave employees feeling unwell, risking long term health complications, and causing worry and stress.

“We encourage employers to be as active as they can in 2024 in helping their employees to stay healthy. Not only will it mean employees receive the treatment they need it will also help to alleviate the stress and worry associated with not being able to access healthcare, which could make any issues or symptoms much worse. A supportive approach to employee wellbeing can have huge benefits for employers too, helping with engagement and productivity, whilst reducing absence and turnover. Health Cash Plans are an affordable, flexible solution that can provide the help employees need, often including cashback for routine appointments and accessible services such as Virtual GPs. This can help create a solid foundation for an effective health and wellbeing strategy.”

 

—

References:

1 https://www.rcgp.org.uk/News/Waiting-times

2 https://digital.nhs.uk/data-and-information/publications/statistical/appointments-in-general-practice/november-2023

*Snapshot survey, carried out by Health Shield with Survey Monkey in December 2023 amongst 564 people in full- or part-time work; and with a cross-section of regions, gender and age.

Employee Benefits, Employee Engagement, News, Scotland

Howden expands Employee Benefits division in Scotland to help businesses address HR, benefits & wellbeing challenges.

As Scotland navigates economic uncertainties and evolving workforce expectations, Howden Employee Benefits & Wellbeing is expanding its presence in the region to provide tailored employee benefits solutions and expert advice to Scottish employers of all sizes.

Howden already has an established team in Scotland, with over 40 years of specialised insurance experience. The recent appointment of Saba Haran as Employee Benefits Director strengthens its offering to Scottish businesses, to include pension, employee benefits and wellbeing consultancy services too.

Understanding the landscape:

Scottish businesses are grappling with skills shortages, talent acquisition and retention issues, and the rising cost of living. While budgets are tight, strategic benefits and reward strategies can play a crucial role in attracting and retaining top talent.

Why Howden?

Independence and Employee Ownership: Howden’s independence and employee ownership model sets it apart, ensuring a client-focused approach free from external influences. Its local presence in Scotland ensures decisions are made with a deep understanding of the regional business landscape.

Tailored Solutions for Scottish Businesses: Howden offers customised employee benefits solutions tailored to the unique needs of Scottish employers of all sizes. Its local teams ensure a nuanced understanding of the local market, including industries like whisky, agriculture, and oil & gas.

Specialised Employee Benefits & Insurance Experience: With over 40 years of specialised insurance & benefits experience, Howden brings a wealth of knowledge to address the specific challenges faced by employers. The local team’s expertise spans various sectors, providing insights into industry-specific needs, covering people and business risk management.

How can Howden help your business?

Strategic Benefits and Wellbeing Consultancy: Howden assists companies in maximising existing benefits and insurance, leveraging additional services, and future-proofing their strategies. A locally grounded approach ensures that the consultancy services are aligned with the current and future needs of Scottish businesses.

Technology and Inclusivity Solutions: Howden helps businesses navigate the rise of flexible benefits technology and AI solutions with a human-centric approach. Tailoring benefits with an inclusive mindset, considering local sensitivities and demographics, promotes diversity and a supportive work environment.

Supporting employee financial wellbeing: Financial education and pension support play vital roles in employee benefit programs, with employers typically aiming to enhance the financial literacy and retirement readiness of their workforce. Howden’s commitment to bridging the gap, delivering financial education, and tackling pension challenges provides critical support to employers in promoting the financial well-being of their employees.

Saba Haran, Employee Benefits Director, “As a forward-thinking ally, Howden is strategically positioned to anticipate and address HR, benefit, and wellbeing challenges. Through our local expertise and personalised guidance, we can play a pivotal role in ensuring the success and future prosperity of Scottish businesses.”

To learn more about key trends in employee benefits and wellbeing and how Howden can help your business, join Saba and her colleagues on 23rd January 2024 to discuss the top employee benefits and wellbeing trends for businesses this year.  To sign up go to: ttps://event.eu.on24.com/wcc/r/8000061365/4397B943BD93AE23E13260EDA473A724

Employee Benefits, Finance and Banking, Mental Health, Mental Health at Work, Wellbeing News

New Benchmarking & Insights report from Howden reveals mental health is the top concern for asset management firms, plus predictions for 2024

Mental health is the biggest concern for asset management firms, according to a new ‘Benchmarking and Insights Report’ from Howden Employee Benefits & Wellbeing (Howden), and two in three firms offer specific initiatives to support mental health.

Physical wellbeing is of equal importance; however, the report showed that just 35% of firms ranked financial wellbeing as a priority.

The research was conducted with 174 companies within the asset management industry of different sizes – small firms with less than 20 employees; mid-sized firms between 20-99 employees and large firms with 100 plus employees.

Other key findings included:

 

Wellbeing

  • Addressing stress and resilience were pressing concerns across all organisations, and the number one priority in large firms.
  • In mid-sized and small firms, ensuring a good work-life balance is the top priority.
  • Other important wellbeing areas are sleep, ranked third by large firms, along with nutrition, physical inactivity and musculoskeletal issues.

 

Technology

  • 57% of asset management firms do not currently use benefits technology but are considering using it in the future.
  • 16% offer a discounts portal and 16% have a flexible benefits platform.

 

Communications

  • Face-to-face presentations are the top preferred employee benefits communication channel.
  • Most companies lack a dedicated communications budget – which is a missed opportunity to ensure staff fully utilise and appreciate benefits.

 

Private Medical Insurance (PMI) and Risk Benefits

  • All firms offer PMI as standard to all staff; but 72% offer PMI to staff and dependents, reducing employee stress and anxiety related to family healthcare needs.
  • 20% of firms offer both UK and international PMI, which is becoming more common.
  • Majority of firms expect PMI costs to increase by 10%, but the reality is this is expected to increase by 25-30% for a standard renewal.
  • 97% offer life insurance, 86% income protection, but only 28% critical illness cover.

Robbie Weston, Executive Director, Asset Management at Howden Employee Benefits & Wellbeing said: “Asset management employees are highly skilled and expect high quality benefits.  Our report shows that firms are increasingly aware of their employees’ wellbeing and mental health and the effect it can have on their performance, the culture and the overall employee experience.

“It is also interesting to note that PMI is a standard offering to all employees across firms; however, PMI alone does not provide comprehensive cover in times of need and in times of hardship. Employee benefits, such as critical illness cover and income protection, can play a major role in strengthening benefits packages. Despite this, financial wellbeing seems to be the least important concern, with greater emphasis placed on mental and physical wellbeing.

“It’s good news that more companies offer mental health support. Some though may assume their mental health provision is well catered for by PMI, but this is most often used to treat conditions rather than prevent symptoms. Companies should continue to invest in preventative care and ensure they communicate their benefits effectively to maximise support for staff.”

 

Robbie outlines five key benefit trends for asset management firms in 2024:

  • Mental health is the area of most concern and firms will be looking for solutions in 2024 to continue supporting their staff in this critical area.
  • Increasing numbers will adopt benefits technology to support a better employee experience and increase engagement with their benefits package. This goes hand in hand with improving communications.
  • More firms to offer an International PMI (iPMI) solution to their globally mobile employees. Having both a UK domestic and iPMI solution ensures firms can offer employees the most relevant medical insurance for their requirements.
  • Providing additional support outside of insured medical benefits in key areas such as menopause, mental health and private GPs will be on the rise.
  • Increasingly firms will be looking to provide benefits that “look and feel” like they are provided by larger companies while their employment comes with the advantages of working in a smaller or mid-sized company.

 

Robbie Weston adds: “Employers continue to demonstrate a commitment to providing comprehensive benefits packages to their employees. Our report reveals that asset management firms provide significantly better benefits than many other companies, although smaller firms with lower headcounts, may not offer the same range of benefits and or communicate in the same way as their larger peers.

“Most companies don’t have a communications budget. This could be an area for improvement across the sector as having a dedicated budget for communicating their benefits would help to ensure staff fully utilise and appreciate them. As the war for talent continues, firms are focusing more on the employee experience they offer and the tools they use to communicate the reward and benefit programmes. Without a proactive approach though, firms run the risk of their benefits being their best kept secret.”

 

To read the Benchmarking and Insights report in full, click here.

 

Howden has developed a range of benefits designed specifically for new or growing asset management firms. It includes all the core benefits with the added opportunity to access the market for dental, travel and other benefits. This unique offering gives start-ups the chance to match the benefits provided by their larger competitors.

Appointments, Employee Benefits, News

Vivup appoints Wayne Story as chairman

Employee benefits and wellbeing provider Vivup has appointed Wayne Story as the firm’s new chairman.

Wayne has held several CEO roles previously, including at public sector software provider Civica and financial services company Equiniti. He’s also been MD of Capita HR.

Wayne’s in-depth experience in both public sector tech software and the employee benefits fields will provide valuable insight and know-how to Vivup as they bring new solutions to market and look to diversify.

Simon Moyle, CEO of Vivup, said: “I am excited to be working with Wayne to build on the incredible success we have had over the past five years. Vivup has grown from a strong employee benefits company supporting the NHS to the leading employee benefits and wellbeing provider across the NHS and public sectors while also establishing our solutions across the private sector.”

Wayne Story, Vivup chairman, said: “I am delighted to have joined Vivup at this exciting time. Vivup’s very successful journey has been built on the strong foundations of clear purpose and vision, directly making a big difference to our clients, the lives of their employees and our employees. I am looking forward to working with the team to develop the business further and continue to deliver exceptional growth.”

Employee Benefits, Hospitality, News, Wellbeing at Work

Accor Group introduces new employee wellbeing and EAP solution for its UK workforce

Multinational hospitality company Accor has launched a wide-ranging employee wellbeing solution along with a financial wellbeing scheme for its 4,500 UK employees across its hotels and London support office.

Together, the benefit solutions – provided by employee benefits and wellbeing experts Vivup – will support Accor’s UK employees with physical and mental health as well as the cost of living.

The wellbeing solution, Your Care Plus, is a health management platform which offers a range of wellbeing products and services with a focus on positive, proactive care. It provides evidence-based interventions and support tools to help build mental resilience, strengthen people’s emotional, physical and financial wellbeing, supporting them in and out of the workplace.

In addition to wellbeing assessments, face-to-face and virtual counselling, online GP services, financial wellbeing tools, access to EAP support and counselling, the platform also provides a specialist menopause helpline. Personal goal setting services and access to a wide range of wellbeing resources are also included.

The menopause helpline offers a range of resources to help colleagues understand and manage menopausal symptoms.

Also launching is the Lifestyle Savings scheme which helps people afford the things that matter, with access to over 1,150 ways to save money.

Fran Carr, Talent and Culture Director UK/I&Nordics, Accor Hotels, said: “We needed a one-stop solution for our diverse and multi-generational UK-based workforce which would be easy to use and accessible while bringing together existing and new benefits.

“Vivup’s platform does all this and more. The menopause helpline, in particular, will support a large proportion of our employees.”

Jilly Brown, Client Acquisition Director of Vivup, said: “We are delighted to partner with Accor to provide such an important range of benefits to their UK staff. The Your Care Plus platform focuses on providing positive, proactive care from access to counselling 24/7 365 days a year, EAP support and health and fitness apps, while the financial wellbeing provision will help enormously with the cost of living.”

Accor already provides a range of existing benefits for their staff, including eye care vouchers, a Cycle to Work scheme, up to 50 percent discounts in Accor hotels and restaurants, additional holidays, Merlin Entertainment discounts and a generous pension scheme. These are now available to employees on Vivup’s benefits platform.

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About Accor

Accor is a world leading hospitality group offering experiences across more than 110 countries in 5,500 properties, 10,000 food & beverage venues, wellness facilities or flexible workspaces. The Group has one of the industry’s most diverse hospitality ecosystems, encompassing more than 40 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. Accor is committed to taking positive action in terms of business ethics & integrity, responsible tourism, sustainable development, community outreach, and diversity & inclusion.  Founded in 1967, Accor SA is headquartered in France and publicly listed on Euronext Paris (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit www.group.accor.com or follow us on X, Facebook, LinkedIn, Instagram and TikTok.

About Vivup Employee Benefits

For 17+ years, Vivup has been providing world-class health and wellbeing benefits to employees across the public and private sectors while arming employers with the tools to cultivate resilient workforces, retain great staff and win the war on talent.