With the recent triggering of Article 50, research shows almost two thirds (62%) of HR professionals expect the decision to leave the European Union (EU) to impact their HR strategy.
In a survey conducted by Secondsight, more than one third (35%) said that the UK’s EU exit will impact the profits of their business. As many as 37% have opted not to hire over the coming year, and 39% agreed that recruiting the right people into their business will now be more difficult than before the decision to leave was made.
On a more encouraging note, 95% of the HR professionals surveyed will see their budget rise in 2017, and 18% plan to introduce new benefits in the year ahead. In contrast, it is positive to see that only 5% of employers are planning to remove benefits in 2017.
The research also indicates that more than half (53%) of respondents offer a benefits package because they want to look after their employees. Forty-four per cent advised that it was to act as a recruitment tool, and 42% said it was good for their employees’ wellbeing. More than half of employers (55%) offer employees access to a wellbeing programme, cementing the fact that employee wellbeing is firmly on the agenda for employers.
Other research findings included:
• Nearly a third (29%) would like to offer financial education as a benefit in 2017.
• Nearly half (49%) of employers would like to introduce mental health first aid benefits.
• 34% of employers plan to implement some form of critical illness or medical insurance this year.
• A key challenge for the year ahead will be increased costs, as cited by 43% of survey respondents. Increased administrative burden stands at 26% and a lack of time 25%.