Video tutorial: How to plan for a future without salary sacrifice
It’s time to rethink benefits in the light of the salary sacrifice changes, according to Matthew Gregson, SVP data and analytics, at Thomson Online Benefits.
Watch Matthew Gregson's session 'Rethink benefits: How to plan for a future without salary sacrifice' in full.
Presenting at the REBA Reward Leaders' Forum Gregson said that fundamentally there was actually not much impact. “Very little in reality has happened. The big benefits have been exempt and protected and our estimate is that 97% of tax and NI savings employes currently get will get retained,” he said.
However he said the market had been shaken up. “Somebody has disrupted the inertia and asked us to respond to change,” he said.
He said that companies should look again at their strategies, go get the data, be inquisitive and ask the question of their employees of what they actually want. Thomson’s own research suggested a rebalance of the benefits programme, he said. “When we asked what they would like employers to focus on they came up with one thing – wellbeing,” he said.
Employees also wanted personalisation and to be presented with information that was only relevant to them, he said.
“Be the force behind the change,” he said. “This is the shot in the arm that’s needed to re-evaluate and fundamentally think about your strategy. Make it more relevant, make it more convenient and enable them to self-serve,” he said.
This video tutorial was filmed at the REBA Reward Leaders' Forum which took place on 27 April 2017.
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