- Employee benefits technology provider Zest has grown its direct customer revenue by 20% in the first half of 2024 as employers increasingly invest in employee benefits packages.
- Effective benefits packages are now a workplace necessity to retaining talent, with over half (54%) of employees prepared to leave their job if another company offered them a better benefits package.
- Zest’s new partnerships with customers include Newcastle Building Society and Ofcom to better meet demand for more flexible and personalised benefits, with 300,000 employees now benefiting from its platform.
- The platform allows employers to personalise the benefits on offer, boosting engagement and providing insight into take-up and desired benefits, saving employers £6.6 million per month in employer National Insurance contributions.
Employee benefits technology provider, Zest, has grown its direct customer revenue by 20% in H1 2024 continuing its strong growth trajectory as employers increasingly invest in employee benefits packages.
The need for effective, personalised benefits packages to attract and retain talent is becoming increasingly clear. Over half (56%) of employees say that they don’t use the majority of the benefits available to them because they are not relevant, and 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.
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.
“Zest’s intuitive, easy-to-use platform delivers on both of these fronts, enabling firms to offer personalised benefits without requiring huge resource to administer them. Partnering with some of the biggest companies in the UK results in many more employees being equipped with targeted support, which in turn, helps our customers retain and attract talent.”
This customer growth continues a strong 12 months for Zest with notable 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. This new market-leading app now enables even greater access to employees and has all the same features as Zest’s award-winning desktop platform.
Employers can 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: https://www.zestbenefits.com/roi-calculator/