Can you save your business money while also giving staff access to even more employee benefits?
Often the answer's yes. And arguably it's never been more important to find more ways to recognise and support our employees than now, in the middle of a global pandemic.
Now more than ever organisations, it seems, are looking at employee benefits through a wider lens.
What that means is that many businesses are looking past the usual options and carefully considering what else will help their colleagues during the pandemic, and beyond, particularly when it comes to support for mental health and financial matters.
Fundamentally they see these benefits as a key component of their COVID-19 strategies to support employees through what will likely be one of the most stressful periods of their lives.
Take a client of ours, for example.
This business was keen to commit to a plan providing staff with 24/7 mental health support, financial and legal advice, and other counselling services. So much so that it had allocated £900 to fund an employee assistance plan (EAP) to deliver the services.
What the client hadn't realised, and we were able to point out before management signed up to this plan, was that all these services were already available at no charge under the existing group income protection insurance.
And the provision more than met the mark. In this instance, the range of services provided were comprehensive and included:
- Access to a virtual GP 24/7 - insurance providers experienced a significant increase of 58% compared to usage rates in 2019, in people turning to this service during the pandemic
- Medical second opinion
- Mental health support and counselling
- Support to help people stop smoking
- Get fit guidance and diet advice
- Financial and legal guidance
- Life counselling
Such was the level of cover that the employer reallocated the available budget to buy a retail discount portal, which meant substantial discounts for staff shopping through popular retail outlets, helping their money go much further.
The reality is, many of these benefits listed are available under group life policies, group medical insurance and other core regular employee benefits.
However, chances are that many employees will be unaware just how much is actually covered.
And that is where an employee benefits advisor can help - making you aware of the additional support that's available and the other options out there: helping improve employee wellbeing and productivity at a crucial time.