Employee benefits technology provider, Zest, has reported a growth its direct customer revenue by 20% in H1 2024 as employers increasingly invest in employee benefits packages.
Zest believes that this in an indicator that the need for personalised benefits packages to attract and retain talent (which they provide) is becoming increasingly clear.
According to research by Opinium, who surveyed 2000 adults weighted to be nationally representative between 14-18 July 2023, over half (56%) of employees say that they don’t use the majority of the benefits available to them because they are not relevant. A similar number (54%) would now leave their job if another company offered them a better benefits package.
Well known customers who have signed new contracts to join the Zest platform over the last six months include Newcastle Building Society, TSB Bank, Ofcom, Civil Aviation Authority, Aliaxis, Evelyn Partners, Partners&, Ridge Surveyors and Unum Ireland.
This takes Zest’s customer base to over 500, joining existing clients such as Hargreaves Lansdown, Taylor Wimpey, Zoopla and Travis Perkins, with its platform now supporting 300,000 employees.
Addressing the need for personalised, easy access benefits
The Zest platform allows employees to access their benefits all in one place, enabling them to select benefits that are relevant to their personal situation. The most popular benefits on the platform are pension contributions, private medical insurance, life assurance and holiday trading (allowing employees to buy or sell annual leave to their employer).
Zest’s platform also offers additional insight to help employers understand which benefits are working for which colleagues, allowing them to tailor benefits for different groups to increase their usefulness and ultimately, take up by colleagues.
This is currently saving Zest’s customers £6.6 million per month in National Insurance contributions via salary sacrifice, also boosting their competitiveness when attracting new talent.
Matt Russell, CEO, Zest comments: “It’s only becoming clearer that to deliver the best support, benefits need to be both personalised and accessible, driving employers to increasingly search for new ways and technologies to better support their employees”.
This customer growth continues a strong 12 months for Zest with highlights including:
- Launching Zest Marketplace, to provide customers with even more flexibility, control and choice when building a benefits package that works for their employees. Zest Marketplace includes a handpicked network of providers, offers, or individual benefits for employers to choose from including workplace savings schemes from Octopus Money, electric company cars from Electric Car Scheme and health tests from YorkTest.
- Growing the senior leadership team with new CEO Matt Russell joined by Liliana Teixeira as Head of Marketing, Graham Meinke as Chief Product and Innovation Officer, and Robert Wall as Chief Financial Officer.
- Launching Zest’s new native app in Q1 2024 which enables greater access to employees whilst retaining the same features as Zest’s desktop platform.
Employers can also use Zest’s ROI Calculator to learn more about potential savings on employer NI contributions as well as approaches to reduce talent loss and boost productivity.
You might also like:
