Employee benefits are an important part of the compensation employers provide to their staff to recruit and retain the best. While salary often grabs the headlines, astute employees also consider other elements of their compensation when evaluating their overall reward package.
Hot on the heels of salary comes medical insurance and then very often life cover and income protection (long-term disability) cover. Many advisers, and their clients, pore over the small print of medical cover to ensure that they are buying what they need, however how many do the same for life cover and indeed income protection cover? After all, the price is all that matters, is it not?
To differentiate themselves from others, group risk insurers have continued to expand the list of additional features they include, at no extra cost. These can be essential services that employees or employers may need to access at different times, and their inclusion enhances the overall package by offering benefits that could otherwise be costly if obtained separately. Examples of some additional, or ancillary, features provided by insurers can be found below:
- Bereavement Counselling: For staff that have lost a much-loved colleague, friend or family member, but also for the colleague’s immediate family to access.
- Virtual GP: Access 24/7 to a GP who is then able to prescribe medicine or direct the employee to more specialist care
- Dental Advice: Access to a virtual dentist who can prescribe antibiotics or painkillers but also arrange emergency dental treatment
- Funeral Service: Advice on arranging a funeral
- Probate Services: Access to probate service to deal with a deceased’s estate
- Wellbeing apps: Fitness programmes, dietary advice and assistance with mental wellbeing
- Employee Assistance Programme: More general advice and counselling for anxiety or stress that can refer to clinical care in more serious circumstances. Also access to financial guidance and legal advice.
- Elder care advice: Advice on sourcing care and benefit entitlements for older family members
- Retail discounts: Across a wide range of products, days out and experiences
- Second Medical Opinion: The ability to request that medical records are passed to another specialist to ensure that the treatment path recommended is the right one
So, when deciding who is the most appropriate insurer for you, don’t just consider the price? What else do they offer? What would enhance your benefits package to staff? What would be considered a valuable resource, and would this be beneficial?
Once the provider is selected, the trick is to keep abreast of all the services they offer (as well as the ones they don’t’) and be prepared to move if you are not getting what you want at the right price.
In today’s competitive job market, employee benefits are a powerful differentiator. By looking beyond price and focusing on the full value of what’s offered, you can build a benefits package that truly supports your team — and sets your organisation apart.
If you would like to discuss your employee benefits packages in more detail, contact us now for more information on advice@menzieseb.co.uk.
Disclaimer:
The information provided is for general information only and is not intended to address the particular requirements of an individual or business. It does not constitute any form of advice or recommendation by Menzies Employee Benefits or Menzies Wealth Management Ltd and should not be relied upon by individuals in either making or refraining from making any financial decisions. Where necessary, you should seek appropriate professional advice before acting on any of the information provided.
Menzies Employee Benefits is an appointed representative of Menzies Wealth Management who is regulated and authorised by the Financial Conduct Authority (FRN 486548).
Menzies Wealth Management Limited is registered in England and Wales under number 06597008. Our registered office is at 4th Floor, 95 Gresham Street, London EC2V 7AB.
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