Available on either an employer-paid basis, voluntary (where employees pay) or a mix of both, it brings efficiencies of scale. Offering retail market beating rates, think of it like a supermarket getting vegetables and other supplies cheaper than a local market stall!
Roger Fairhead, Group Reward Director at Legal & General, has first-hand experience of the need to deliver more for less with regards to employee benefit provision.
“Employees’ needs have been changing for decades, and we - as employers - never caught up. Senior people decree what benefits employees should receive and it gets stuck there,” he said.
“2020 has proven that’s not a model for the future. Employees are much more aware of their own wants and needs, with regard to workplace benefits. They want to know what circumstances are covered. And we need to respond to that, if we’re going to continue to engage employees.
“At Legal & General, like most employers, we tend to set benefits in a prescriptive way and probably over-insure. For example, we used to pride ourselves on giving 8 x Life cover, but is this really needed by employees? Is it giving good value?
“With Protect, which is available to our own employees now, we can reallocate some of that spend, ensuring a core level of life cover, and providing access to more Income Protection and Critical Illness cover with the ability to top up or reduce cover levels to suit each employees needs. This has introduced more choice, flexibility and personalisation for all employees. It’s a classic win-win.”
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