Vinyl record sales reached an all-time low in 2007. In that year, just over 200,000 were sold, and the medium seemed doomed to disappear. Fast forward to 2025, and sales had soared to 7.6m, back to levels seen in the 1980s.
This revival has been built on many things – nostalgia, the desire to have something physical to hold, a love of the artwork. One of the main reasons driving these sales is the sound quality of vinyl records. Many people prefer the richer, more authentic sound compared to new digital formats.
For most people though, it isn’t a choice between digital and vinyl. Many music lovers will be listening to both, depending on their setting and what they want to get out of the experience.
And of course, these are lessons that can usefully be applied to employee benefits.
When looking at benefits, it is important to remember that just because something has been around for a while, doesn’t mean it is irrelevant or unwanted. Core benefits, like pensions and protection insurance, address employees’ largest financial and health risks. These are the benefits that are there at crunch times when people need help the most. These may not be needed in the short term, but the safety net they offer provides valuable reassurance and a powerful message of employer support.
Since the inception of these core benefits, employee expectations have changed. Many now expect their employer to support their life outside of work as well as in it. The rise of the smartphone and the ubiquitous nature of WiFi have completely blurred the line between work and home life, fundamentally changing how and where people work.
This altered relationship, where employees fully expect to bring their ‘whole selves’ to work, has prompted employers to consider a whole raft of new benefits, such as support with fertility issues, help to get on the property ladder and even assistance for pet owners.
All of these can provide support to individuals through challenging moments in their life, but they are very specific and, in most organisations, will only relate to a handful of people.
While employers have a duty of care to their employees and should ensure any issues are dealt with empathetically, they also have a responsibility to offer a benefits package that provides a base level of support to the whole workforce.
The last few years have been filled with insecurity and uncertainty, with conflicts in many parts of the world. With the ongoing situation in the Middle East showing no signs of coming to a swift conclusion, many employees may be feeling nervous about the future, not least because of the impact this will continue to have on the UK economy and day-to-day living costs.
Figures show many have turned to protection policies to create a sense of certainty, with individual income protection premiums doubling between 2020 and 2024.
Research suggests that these increases have been directly linked to fear surrounding global economic instability. Group risk schemes offer this protection across an entire workforce, offering peace of mind to many employees who might find this cover unaffordable or unavailable if they were to apply for it themselves.
Health concerns for the next generation
It has arguably never been so important to offer employees these vital safety nets to guard against financial hardship in the face of ill health. This comes amid a changing health backdrop, with a wealth of data showing not only rising cases of mental ill health, but also worrying evidence that cancer has been increasing among those in their 20s, 30s and 40s for the past decade.
While this is partially linked to the rise in obesity levels, there is still uncertainty around what other risk factors may be fuelling this trend.
This growing prevalence, and increased awareness of it, means more young employees are conscious that serious illness could happen to them and will value benefits that support them should they fall ill.
The strongest benefit strategies are built around core benefits that have a proven worth to as many employees as possible.
Taking the time to understand all they offer, including the added-value benefits that come with them, will help organisations map the support they already have and identify gaps that may be relevant to their workforce. Adding new benefits on top of this solid foundation will create a far more engaging and cohesive package that successfully blends the tried and tested with fresh innovations.
