Employee recognition | How to get more value for less benefit spend

By Roger Fairhead, Group Reward Director at Legal & General

Did you know that for the average amount a company spends on one-off perks – such as celebrations and vouchers – you could put in place a programme of essential salary, personal asset and life protections, including mental health and wellbeing services, for all of your employees, and still enjoy some change? One-off perks can be useful in times of high employment but, still, they’re fleeting and forgettable. Employees want more.

The days of punching a clock, receiving a pay cheque and keeping life and work separate are long gone. Work life boundaries have all but disappeared. Now, employees want to know that their employer cares; that they have their best interests at heart. The pandemic has served to fast-track all these trends. In short, the time is ripe to assess whether your benefit programme is best placed to deliver genuine long-term value in terms of happy, healthy and motivated employees; whatever the size or shape of your company.

There’s a common misconception that protection products – namely group Life, Income Protection and Critical Illness Cover – are expensive. But research shows this just isn’t the case.