Recent research from Epoq Legal indicates that employees look to employers to help them protect their interests should things go wrong
As a provider of online legal services, Epoq is used by organisations from a number of sectors to help them give more value to their customers, clients, members or employees. Our services are most often provided as an addition to a core product such as an insurance policy, but we have seen more interest from employers who are keen to enhance their employee benefits and wellbeing programmes.
In order to find out what sort of services today’s employees value the most, we commissioned Opinium to conduct a survey on our behalf in May 2017. In all, 2,002 UK adults were questioned online and asked to rate the value of services from a list of twelve commonly offered benefits. They were also asked if they had made a Will.
Pensions (95%) and flexible working (91%) most valued benefits
The results show a clear winner with a pension being rated as valuable by 95% of respondents; a rate that was consistent across all age groups.
Flexible working followed a close second at 91%, with 25 to 34 (94%) and 35 to 44 (91%) year olds valuing it the most – perhaps unsurprisingly as these age groups are more likely to have young dependent children. However, the age group 18 to 24 also rated the benefit highly at 90%, suggesting that the younger generation of workers are looking for a less rigid approach to working hours. The age groups valuing flexible working the least were 55 to 64 (85%), 65+ group (87%) and 45 to 54 (89%).
Employees want help to protect their interests
Health insurance was most valued by the 65+ age group (93%), but also by 35 to 44 (92%) and 25 to 34 (91%), which again may be as a result of having young families. Overall, 89% of respondents valued health/medical insurance.
Employees’ desire for help with protecting their interests when things go wrong was further highlighted by the fourth most valued benefits, which were jointly life insurance and legal advice (87%), followed by critical illness insurance (86%) and income protection insurance (85%). Clearly, employees are increasingly aware and worried about the risks to their livelihoods of illness or dying unexpectedly and are keen ensure they and their families are protected.
59% of adults don’t have a Will
Help with preparing legal documents, such as Wills was valued by 83% of respondents, particularly the groups aged 25 to 34 (88%) and 35 to 44 (87%). This finding is correlates with the response to the question of who had made a Will, where shockingly 90% of 35 to 44 year olds and 91% of 25 to 34 year olds do not have a Will. This suggests if employers were to provide a Wills service as a benefit, more adults would make one and so protect the interests of their loved ones. Overall, only 41% of adults have a Will and most of those (45%) are aged 65+.