One in four employees (24 per cent) working for smaller companies would like their employer to provide income protection insurance, following the Covid-19 pandemic according to new research.
When asked which employee benefits they would most like, group income protection was the most highly rated, ahead of benefits like medical insurance.
The report though shows that a far smaller percentage have this benefit, which ensures a set level of pay if the employee is off work for a protracted period of time through illness of injury.
According to Hooray Health & Protection just 6 per cent of employees currently have income protection through the workplace. .
The next most desired benefit was private medical insurance, with 22 per cent of workers saying this would be their priority. In reality just 11 per cent currently receive it this employee benefit via their employer.
The research revealed that almost half (47 per cent) of employers offer no employee benefits at all.
The survey of SME employees was carried out in July this year to find out how Covid-19 was impacting the employee benefits market in the UK.
The report also found that one in two of those surveyed said they were planning on looking for a new job.
With most employers being forced to offer a more informal approach to working at present, with options to work from home or more flexibility around hours, the research suggests that employees are requesting for it to stay. Three out of four employees (75 per cent) said that flexible working would have some impact on their morale as lockdown restrictions ease.
Hooray Health & Protection found Charlie Cousins says: “The Covid-19 crisis has been devastating for the job market and the true extent of the aftermath is still yet to be revealed. However, the biggest impact has been the human one with people fearing for their livelihoods.
“As businesses work to find their feet in this new normal, employees need to be at the heart of their approach if they are to survive. Health insurance, which historically has been referenced as the most desired employee benefit has been overridden by income protection as employees grapple with the economic impact of Covid-19.
“With 50 per cent of staff in the UK considering seeking new employment, businesses must adapt quickly to ensure that their workforce are receiving the support they need.”
