The Evolving World of
Employee Benefits by Nick Hale, Founder and UK Director of Engage Health Group
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ince COVID-19 hit our shores many UK businesses have had their benefits strategies tested, with HR leaders now starting to reflect upon how well they fared when their employees needed more support than ever before. Nobody could have predicted what we have all experienced, however some businesses, by virtue of investing in their people over the years, have been on the front foot and performed particularly well during these tough circumstances. In the past, employers have been sold various Employee Benefits with the narrative solely focused around protection, highlighting scary tales of what it could mean if the worst happened.
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It’s a shame really, and a huge opportunity missed that those advising businesses have not instead, adapted their patter to promote wellbeing and focus on areas where employees can extract regular and meaningful value.
their own capacity. It is now reported that NHS waiting lists could reach 10 million for non-urgent procedures, so whilst private treatment hasn’t been available of late, it’s a market that is expected to grow dramatically.
Of course, the protection element shouldn’t be discounted, but in a world where Employee Benefits and their incumbent tertiary services are developing at rapid pace, a more holistic approach to benefits consultancy should be sought. Let’s start firstly by considering how various Employee Benefits were ranked by Employer and Employee alike, pre-COVID-19 (see bottom of page).
Health Cash Plans were also largely under-utilised as appointments for dental, optical and physiotherapy (which make up the lion’s share of claims) couldn’t take place. In terms of employee popularity, Cash Plans have overtaken traditional medical insurance because cover for everyday healthcare costs inspires a higher perceived value. It is believed that these claims will now catch up as employees are able to access treatment.
Some of the most highly rated benefits from this research, such as Private Medical Insurance, have been rendered almost inaccessible over the last few months as the NHS, rightly, commandeered private settings in preparation for a potential rise in the COVID-19 infection rate. Thankfully, the swathe of patients needing hospitalisation didn’t materialise and our NHS coped fantastically well within
The real “stars of the show” have come from the in the form of Wellbeing Services, which historically rank low in employer/employee perception, but deliver brilliantly. Ironically, these are often the most inexpensive benefits to provide and frequently come free as part of existing products, but are unknown to the employers or poorly communicated.
