Employers get better value on group risk benefits
Getting value for money in the world of employee benefits is inherently important to benefits consultants and HR departments, and will become increasingly so now the government has changed its approach on salary sacrifice. Therefore, making the most of the benefits you already offer your workforce is essential.
Spokesperson for Group Risk Development (GRiD), Katharine Moxham, asked five different providers and advisers – all members of GRiD – to give their expert point of view on how employers can get the most value from employer-sponsored life assurance, income protection and critical illness policies:
Morag Livingston, Secondsight’s Group Risk & Healthcare Manager said:
“Time and again I hear employees saying ‘I wish I’d known my employer offered X, Y or Z before now.’ Realistically only a small proportion of staff will need to rely on a financial payout under a group risk policy but the whole workforce can benefit from this provision, not only with peace of mind that a financial safety net is in place, but by actively making use of the added-value benefits that may be included such as an Employee Assistance Programme.
Throwing an employee a financial lifeline during a time when illness, disability, accident or death strikes is important but if the benefits are communicated to everyone, all employees have an opportunity to make use of them if needed, and are more likely to feel positively towards their employer for offering them.”
Read the article in full here, as featured in HR News.