How to modernise benefits and prioritise the employee experience for the new world of work
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Has the world of employee benefits kept pace? We certainly have the technology to deliver an Amazon-style experience for employees, but many companies still only offer the standard suite of benefits. Traditionally, when a new employee joined a company, their benefits entitlement would be found at the very back of their contract – typically a 4x salary life assurance, and a company pension.
Delivering personalised employee benefits
Now, employees want the scale of workplace benefits choice to match what they’re used to at home, and they want to be able to tailor that to their personal needs, and change this in an instant. What better way to deliver this than with a whole suite of personalised choices, delivered through an intuitive, online platform?
Most of these benefits are set up on a voluntary basis so come at almost zero cost to the company. Many provide National Insurance savings for employers and some tax breaks included via salary sacrifice to help provide further value to employees. As a result, the benefits themselves will generally be cheaper and easier to obtain than on the high street, due to the bulk buying power that is found in the employee benefits field. However, this is no longer enough; employees have come to expect this level of coverage from their employer, so in order to deliver a great experience – particularly in the new world of work – organisations and benefit providers need to get a little more creative.
How are benefits providers evolving?
In the past years, most insurance companies have begun to enhance their offerings, realising that in order to compete they must innovate to entice new customers. We’ve seen a massive shift from a stance where cost is the most important factor, to considering what added value comes with the policy, and how this can benefit the wider workforce. Insurers have been forced to accelerate the digitisation of their platforms and processes; however far along these were at the start of the pandemic. And while many have put together some patchwork solutions that have been workable in the short-term, insurers will be starting to implement these processes permanently, thus totally revamping the employee experience.
One example is the use of digital GPs as a ‘freebie’ with some Income Protection, Group Life, Critical Illness and PMI policies: virtual GPs allow employees to access a remote GP within two hours of requesting an appointment. With unlimited face-to-face video consultations with a UK-based GP, any time, day or night, 365 days a year, this is a modern solution to a real problem our employees are facing everywhere.
Don’t let EAP fall behind
Another classic offering being modernised are Employee Assistance Programmes (EAPs). These traditionally telephone-based support services are moving to a more user-friendly online and app based model. EAPs can contain the above-mentioned online GP booking ability, plus services such as face-to-face therapy sessions and a plethora of content for coping with pressures at work, relationship difficulties or money worries.
During COVID-19, surprisingly the usage of traditional EAP services dropped significantly (up to 50% during March and April), and we believe this was primarily down to employees focussing on making the transition to homeworking and putting other emotional concerns on hold. A potential additional factor may also have been difficulties in finding some privacy to call the EAP service due to homeworking with others in the house. Interestingly, while the usual EAP lines were quieter, providers have seen a huge increase in the usage of mental wellbeing sections of their apps, which offer helpful content and the option to have online consultations. We believe this upturn in usage could be attributed to the apps’ focus on maintaining wellbeing as well as the ability to use it discreetly. Ultimately, this aspect of the EAP service led to customers really promoting the app to those working from home.
Over the following few months as employees gradually adjusted to a home-based working model, we saw an increase in usage of the traditional EAP channels, and are now moving towards pre-COVID usage levels. We are anticipating over the next 3-6 months a further spike in people seeking emotional support from EAPs as a result of COVID-19 (bereavement support, financial guidance, support following redundancies etc.) so it’s still a hugely valuable part of your benefits offering.
More than ever, employers need to deliver value and clarity
More and more, we’re seeing that these sorts of added value benefits are proving invaluable to employees – especially whilst working remotely. The challenge from here is for companies to provide clear signposts on what is available. Modern benefits need modern communications. Gone are the days of the poster in the kitchen advertising the EAP; organisations are now looking to personalised communications, apps and mobile comms.
By receiving regular updates from HR and reward teams highlighting these benefits, employees are empowered to make more informed decisions, and can tell that the company truly cares for them.
The author is Chris Read, senior group risk consultant at Benefex.
This article is provided by Benefex.
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