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SALARY SACRIFICE: MAKING EMPLOYEE BENEFITS COST-NEUTRAL

Employee Benefits

With 50% of employers planning to increase spend on financial wellbeing in place of offering wage increases and cost-of-living payments, it’s never been more important to make employee benefits sustainable. Read on to discover the financial wellbeing trends we expect in 2024 and how you can embed them within your business.

Salary 98
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49% of UK organisations’ 2024 salary budgets were lower than the previous year

Employee Benefits

Half (49%) of UK organisations reported that their 2024 salary budgets were lower than the previous year, according to global advisory, broking and solutions firm Willis Towers Watson (WTW). Its Salary budget planning report was compiled by its Rewards Data Intelligence practice.

Salary 105
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33% of UK employers plan on increasing salaries and bonuses in 2024

Employee Benefits

One-third (33%) of UK employers are planning on increasing salaries and bonuses at the start of this year, according to research by job website Totaljobs. While more than half (58%) were confident they will recruit the people they need this quarter, 30% admitted meeting salary expectations will be a challenge.

Bonuses 105
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Top 10 Employee Benefits Certifications for Professionals in 2024

HR Lineup

Employee benefits management has become increasingly complex in recent years, with professionals needing to navigate health plans, retirement packages, wellness programs, and various compliance regulations. Below are the top 10 employee benefits certifications for professionals in 2024.

401(k) 65
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Exclusive: 62% of staff incentivised by benefits through salary sacrifice scheme

Employee Benefits

Almost two-thirds (62%) of employees who plan to get an electric vehicle (EV) as their next car said a key incentive is the benefits available through a salary sacrifice scheme, according to new research by Tusker. The salary sacrifice car provider surveyed 5,942 UK employees for its Tusker EV driver survey 2024.

Salary 101
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What will employee motivation look like in 2024?

Employee Benefits

Return to workplaces Another big area of focus for employee motivation in 2024 will be the continued pullback to the office. Stretching net pay, for example, by offering season ticket loans, or maximising opportunities to save money through salary sacrifice [arrangements], will be of significant value to employees,” says Last.

Net Pay 119
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UK salary budgets expected to decline in 2024

Employee Benefits

Salary budgets for UK employees are expected to decline in 2024 after peaking this year, according to research by Willis Towers Watson. The global advisory, broking and solutions firm’s latest Salary budget planning survey found that UK employers are budgeting an average increase of 4.4% This is lower than the average 5.1%

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