Your people are your most valuable asset, which means that happy, healthy employees are critical to the success of any organisation. In today’s unpredictable world, it is more crucial than ever to prioritize the well-being of your staff.
Similarly, we find ourselves in a very competitive market for talent, thus having an appealing employee benefits package, has never been more vital, over and above competitive salaries and a flexible approach to enhancing workplace well-being.
Having an appropriate support system will go a long way in attracting talent and keeping them.
There are a variety of employee benefits on offer, with the most popular being Critical Illness Cover, Income Protection Insurance, Retirement Planning and Life Insurance:
1. Critical Illness Cover
This cover is taken out against the most serious illnesses, which can be run alongside Life Insurance or as a standalone. The policy protects employees if they become severely ill during the policy’s term. It provides a tax-free lump sum that can be used any way your employees see fit, be it covering health-care costs, monthly bills, or compensating for lost income while they recover.
It is no secret that health care costs are particularly high and can be prohibitive without employer-sponsored insurance. In the midst of the COVID-19 pandemic, having adequate health coverage is more important than ever.
All critical illness covers include the main serious illnesses you might suffer from – coronary artery bypass, major heart attack, kidney failure, major organ transplant, multiple sclerosis, stroke and a defined set of specific cancers. Some policies can cover many more, along with cover tailored to your children.
Not only does this cover provide support should your employee become incapacitated, providing a financial safety net and peace of mind, it also provides an ideal opportunity for employers to compete for top candidates, by offering better coverage than the next business vying for their attention.
2. Income Protection Insurance
Your employees are more likely to be off work sick, than they are to pass away before retirement, so this type of benefit is more often than not, viewed as the most important cover available.
With Income Protection Insurance you can make sure your employees are provided with a monthly payment should they become ill or injured and unable to work. It supplements a portion of their lost earnings, which will enable them to cover monthly expenses whilst unable to work.
Knowing that the chances of your employees being off work sick is higher than dying, offering this type of benefit to your employees demonstrates the part your business is willing to play in investing in and supporting its staff.
3. Life Insurance
Family is often the driving force behind most employees’ commitment to their jobs and dedication towards expanding their roles and responsibilities.
Life Insurance protects the loved ones of a deceased employee and ensures that they don’t suffer financially, by paying out a lump sum to the family.
Life Insurance is a crucial advantage that employees look for when job searching. Companies providing this cover, in addition to other work benefits, can help them stand out as an employer of choice for prospective applicants.
4. Retirement Planning
Financial security is important to all employees, and that sentiment grows exponentially as employees near retirement age.
Employees invest a large part of their lives – time and energy – into their work. In return, most employees would appreciate and expect their employers to invest in their lives after so many years of service and loyalty.
Knowing that they will be looked after and financially secure in their old age, is a powerful attraction and retention tool.
Offering all your employees a path to a comfortable retirement on their terms will leave your employees feeling invested in and valued long term.
These benefits aren’t employers’ only option to help attract and retain employees, but they have proven to be the most popular and of most value to the majority of employees. The key, however, to offering benefits is making sure they match your employees’ individual needs.
Advisa can assist your business in finding the right retirement plans and insurance packages.
Alongside these plans, our team will support you with strategic advice and keep you up-to-date with additional plans and products that might suit your employees.