Employers are prioritising professional development over the next two years.
Research from the CIPD and LCP reveals that professional development is the top benefit employers plan to increase funding to over the next two years, followed by health and well-being.
In the latest Reward Management report, 568 HR practitioners were surveyed about their organisation’s benefits provision. Respondents said they are most likely to increase investment in professional development (43%), which includes training, paid study leave and professional subscriptions. Some 29% were planning on investing more in health and well-being, including employee assistance programmes.
The research also reveals that one in six employers (17%) expect to invest in a formal work-life balance policy within the next year, which can include flexible working and shared parental leave arrangements.
The report finds that organisations with a high number of women in management positions are more likely to already have a formal work-life balance policy in place.
Charles Cotton, senior performance and reward adviser at the CIPD, said: “Despite the recent economic and political uncertainty, employers are committed to investing in their employees and their future.”
Training and career development was among the 10 most popular benefits offered to employees across all sectors (private, public and voluntary/not-for-profit). Others include childcare vouchers and employee assistance programmes.