Pandemic has raised the case for income protection

Charlie Cousins, Founder & Director – Hooray Health and Protection

Almost a quarter of employees (24%) would like their employer to provide income protection after Covid-19, with only 6% currently receiving it.

Health insurance followed closely behind with 22% identifying it as the benefit they would most like to see their employer provide, while just 11% currently receive it.

The research revealed that almost half (47%) of employers offer no employee benefits at all.

The survey of 1,150 SME employees was carried out in July 2020 to find out how Covid-19 was impacting the job market in the UK.

A huge 50% of respondents said they were planning on looking for a new job.

Nearly a quarter (24%) of employees questioned said they were somewhat likely to seek a new job, 13% said they were very likely and twelve per cent were pretty positive when they said they were extremely likely to look for a new job post Covid-19.

With most employers being forced to offer a more informal approach to working, the research suggests that employees are requesting for it to stay. 75% said that flexible working would have some impact on their morale as lockdown restrictions ease.

“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,” said Charlie Cousins, Founder of Hooray Health & Protection.

“As businesses work to find their feet in this new normal we find ourselves in, their 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.

50% of staff in the UK are already considering seeking new employment, therefore businesses must adapt quickly and significantly to ensure that their workforce are receiving the support they need,” he continued.

survey carried out by Hooray Health & Protection.

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