In 2019, there was a significant trend towards more ‘value added’ benefits being offered in Group Health and Protection products. Alongside traditional bedfellows such as Group Pensions, Health and Income Protection, providers added more and more services – with a particular emphasis on wellbeing and mental health.
This may all seem well and good. After all, anything that supports employees to keep fit and well, or return quickly to work after an illness, must surely be beneficial. However, we urge employers not to become dazzled by what’s on offer, and to remain focused on what’s important for their employees.
For example, according to research conducted by Mercer Marsh Benefits , only one third of UK respondents were eager to try out digital healthcare solutions. Fifty per cent either wanted more information or felt it was not for them. The conclusion is that employers should avoid the temptation to keep adding more products and solutions without first checking they are right for their teams.
Group Employee Benefits schemes must reflect the world of work as it is today, so need to be kept regularly under review. Part time, flexible and remote working are all becoming increasing common, driven by a desire for greater work-life balance and the demands of the ‘squeezed middle’ who are juggling child and elderly care responsibilities. These ‘non-standard’ employees may nevertheless remain critical to a business and employers will wish to recognise how vital they are by considering how to include them in their Employee Benefits strategy.
Your Group Employee Benefits package should reflect who you are as a business and what is important for you. It can help to reinforce messages that are key to you and your employees. This can include anything from ensuring your Group Pension Scheme funds are invested in ethical companies all the way through to avoiding single use plastics in your staff canteen.
The scope and variety of benefits now available to employees through Group Schemes is staggering and constantly evolving. Brunsdon Financial offers a personal and individual service to help you develop a Group Employee Benefits scheme that meets your needs today and in the future. Please contact us for help and advice.
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