Winners and losers of the LEBC Benefits Cup 2022

December 2022
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For small businesses all the way up to FTSE 100 companies, our Employee Benefit Consulting services provide the specialist services you need to recruit and retain the best talent. We work with you to construct your bespoke benefits solutions and enable you to deliver them to your team.

This month, we held the LEBC Benefits Cup 2022 to find out which employee benefits you love the most.
We asked you to vote for your favourite benefits to help us find the winning employee perk. Here’s how the competition played out…

Winners Losers
Four-day week Private medical insurance
Creche or subsidised childcare Employee assistance
Three extra days holiday at Christmas Free financial advice
Enhanced pension contributions Free lunches and snacks
Free gym membership One-day volunteer leave
Free life cover Funds to set up home office
Income protection Healthcare plan
Free professional development Private dental care

From the commentary box

Winning with 63% of the votes, a four-day week was favoured over the perks of private medical insurance. This aligns with the ongoing trend for achieving a better work-life balance, but it’s surprising that only 37% of voters valued private medical insurance (PMI) higher – especially considering the potential cost-savings a group PMI can deliver.

Read more: How private health insurance can help you beat NHS waiting times and increase productivity

Receiving 65% of the votes, creche or subsidised childcare is probably best explained by the rising costs of childcare and the positive effects for employers of actively supporting working parents. 

While we totally appreciate the value of additional days off at Christmas, given the long-term benefits of free financial advice, we wonder if this has more to do with the time of year that we held the competition!

Meanwhile, gaining 90% of the votes, the value of enhanced pension contributions clearly wins over the idea of free lunches or snacks. This may be because so many people are now permanent hybrid workers or primarily working from home.

Finally, the benefits of free life cover and income protection each hold value for around 80% of all voters.

Quarter-final results

Winners Losers
Four-day week Three extra days holiday at Christmas
Enhanced pension contributions Creche or subsidised childcare
Income protection Free gym membership
Free life cover Professional development

From the commentary box

While the four-day week is still a strong contender, this round has seen some of the core financial benefits rise to the top. 

Each scoring over 85% of the votes, the four-day week and income protection were more highly sought than the other two winners. Providing a creche or subsidising childcare was pipped to the post by higher employer pension contributions, which received 62% of the votes. 

Meanwhile, free life cover gained the lead ahead of professional development but only just, with 57% of the votes. 

It’s interesting to note that when these two benefits went head-to-head, they attracted fewer votes than others in this quarter-final round.

Semi-final results

Winners Losers
Four-day week Income protection
Enhanced pension contributions Free life cover

From the commentary box

Play began tightening up during the semi-finals of the LEBC Benefits Cup. 

The four-day week snagged the winning position but, with only a 16% margin, income protection was in with a chance throughout voting.

Meanwhile, enhanced pension contributions trounced free life cover – winning a whopping 85% of your votes.

Read more: 3 questions employees might have about workplace pensions and how to answer

There’s everything to play for in the final match.

Will the work-life benefit of a four-day week smash through and take home the winners’ cup, or will the long-term financial gains of enhanced pension contributions shine through?

And the winner is… the four-day week
We’re thrilled to award the LEBC Benefits Cup 2022 to the four-day week.
Since the pandemic, work-life balance has enjoyed growing support from employers. Benefiting employees and employers alike, and with many more UK companies signing up for a permanent four-day week with no loss of pay, this looks set to be a hot topic for 2023 and beyond.

Get in touch
If this competition has caused a re-think on the work perks you provide your team, get in touch to find out how your business could benefit from supporting your employees.

By working in partnership with you to understand your specific objectives, we can design and construct bespoke benefits solutions, enabling you to achieve them. 

Email or call us on 0800 055 6585.

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