At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
In today’s blog post we share with you our experience with employers buying insurance for employees and if they appreciate it.
Will my employees appreciate insurance?
Yes and no.
At Super-Advice we have installed a lot of group insurance plans with businesses that are looking to offer this staff something over and above an hourly rate.
The reason why we say “yes” and “no” is because the initial reaction we get from employees is that they would prefer a pay rise.
But let’s dive a little deeper and see what happens later on.
What are the benefits?
When you buy insurance for lots of people in one go, you get it at a much cheaper rate than if you buy individually.
An employer can provide quality insurance products to their employees for a fraction of what it would cost if the employee went out and bought insurances for themselves.
What the employer is looking to do, is to show that they care about the employee over and above just swapping money for time.
They’re looking to show that if the employee can’t work for whatever reason (depending on what insurance product the employer decides to buy for the employee) they will be looked after.
There could be medical insurance, meaning they got access to private health if they needed it. It could be life insurance meaning that the family receives a payment should they no longer be around.
It could be income protection insurance, meaning that if the employee can’t go to work for whatever reason their financial obligations can still be met as the employer has paid for an insurance product to help them.
How do you ensure employees understand the benefits?
We have quite a large number of employers that have chosen to do this and a key component on ensuring that employees appreciate what you do, is an effective communication strategy.
It’s very important to communicate regularly to the employees about what their benefits are.
It all changes when
Now we mentioned earlier that employees will be like, “Oh, what’s this, you know, I’d rather have a pay rise.”
That is the attitude Initially, until the employees start to use the insurance products that their employer has provided to them.
And then when an employee returns to work, after utilising the insurances, they will share the good news!, “that was really fantastic. My income continued when I couldn’t work, I would have been stuffed if the boss hadn’t organised that.”
Initially, it’s a challenge for the employees to potentially see the value of insurance that is provided by the boss.
But once we have a history of these insurances really helping employees, it becomes a wonderful attraction and retention strategy.
You will have employees that I don’t want to leave because they will not want to lose the wonderful insurance products that you provide.
Employees won’t want to leave
Employers that offer that little bit extra, like what we have mentioned above, are what we call ‘Employers of choice’. These are employers that have gone a little step further and have demonstrated that they genuinely care about their employees a little bit more than just simply swapping money for time.
Employees won’t want to leave with such great benefits.
That’s a wrap
So what do you think? What do you think about financial wellness in the workplace?
If you need any financial help or advice please get in touch with us at Super-Advice.
