It’s fair to say that, in general, there has not been much change over the past 20 years in terms of benefits offered and how they are communicated, despite major shifts in employees working patterns and expectations. Core benefits such as pensions, life cover and medical solutions still remain relevant to all and for some essential, but there is a trend for staff now making their own benefit selections based on their own personal circumstances and accessing new benefits based on their needs.
We think it’s important to focus on why employees would want or need a particular benefit. The benefit needs of a ‘millennial’ will be different from a ‘baby boomer’ approaching retirement. The customers (your employees) have differing needs and Premier believe that one size doesn’t fit all. The ability to personalise the benefits package is absolutely vital if you are going to engage all sectors of the workforce and create a Return on Investment.
Technology can be an enabler to address these trends i.e. flex options, personalisation, self-diagnosis tools, financial modelling tools, modern communication and immediate access makes a difference to the ‘day to day’ needs of your staff. Content that drives staff to engage regularly with your benefits, Total Rewards Statements (TRS), access via mobile enabled 24/7, and a more personalised approach – meets real lifestyle needs. From the employer’s perspective, admin can be kept efficient and simple, with quality service support from an advisor.