PMI tops employee benefits list

PMI has become the most sought-after employee benefit in the UK as NHS waiting times continue to rise, according to new research from employee benefits technology provider Zest.

A third (33%) of UK employees identified PMI as their most desired company perk, outpacing other benefits such as increased pension contributions (32%), employer support for energy bills (24%), and a wellbeing allowance (20%).

Demand for PMI is particularly high among older employees and women. The research found private healthcare was the top priority for 42% of workers over the age of 55, while 37% of female employees identified it as their most important benefit, compared to 29% of male workers.

The rising demand for PMI comes as the latest figures show that over 7.6 million people in England are currently on NHS waiting lists. Around 300,000 of those have been waiting more than 12 months for treatment.

However, despite the growing demand for private healthcare, Zest’s research shows a significant gap between employee expectations and employer offerings. Only 15% of employees reported having access to PMI through their company benefits package, even though 40% of businesses say they offer it. The disconnect suggests that employers may need to improve communication around the benefits available to staff.

Matt Russell, CEO at Zest, said: ‘With NHS waiting times on the rise, employers are seeing increased demand for private healthcare insurance. Greater numbers of employers need to introduce private medical insurance into their benefits packages – not doing so risks losing out on key talent as employees may be forced to turn elsewhere.’

Russell added that employers must do more to ensure employees are aware of the benefits available to them: ‘The research also highlighted that many employees remain totally unaware that they may have access to private healthcare. Organisations need to ensure that they are effectively communicating their benefits offering to boost engagement and ensure employees aren’t losing out.’

The research also found that 73% of HR professionals now believe that PMI is now a necessity in the workplace, and should be better integrated into employee benefits packages.