Employees Benefits 2018
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Learning objectives • Understand what Employee Benefits are and the opportunity available to SMEs • Understand how Employee Assistance Programmes work and the support available to business owners • Recognise how market insight and local consultancy support can tailor and segment your proposition
What are Employee Benefits? Solely funded by the Can provide access to insured protection cover employer, employee or a either at a reduced rate or at no cost to the combination of the both employee with cover under one ‘group’ policy Traditional Employee Benefits Additional employee benefits Income Critical Life Sick Pay Dental Protection Illness Insurance Insurance Insurance
How much are they valued? 40% 45% 65% feel that their judge their expect their employer has a employer based on employer to provide responsibility to help the wellbeing package guidance on the manage their on offer and that is employee benefits wellbeing provided to them available to them Source: Capita Employee Insight (2016)
The opportunity for SMEs Record breaking year 12 million £2 billion 68% employees covered worth of in-force of schemes have on employee benefits 1 premium generated 1 under 50 members 1 950,000 SME businesses based in the UK 2 1. Swiss RE Group Watch Report (2017); 2. This Is Money (2016)
Using your existing contacts Target Potential Solutions that Market industries are applicable to your existing • All employers but an Lawyers • client base emphasis on those with Accountancy firms • 3 – 50 employees Outsourced payroll firms HR Capability Employers with limited or no HR functionality
Mental health in the workplace 1 in 6 of the workforce And they contribute But £25 billion is lost £226 billion to the experience mental due to the cost of mental health problems 1 UK economy (12.1%) 2 health on businesses 2 1. Healthy Working Lives (2014); 2. Added Value: Mental health as a workplace asset (2016)
The impact on employers Absence due to Productivity Legal action for High staff A culture of sick days, and revenue failing to protect turnover or absenteeism or long-term work loss for the the physical or decreased presenteeism related illness or business mental health of motivation / (coming to work occupational an employee strained relation when not fit to injury while at work do so)
Employee Assistance Programmes Tailored for employers • • • • Set up and HR, Occupational Manager and HR support Legal service - marketing Health & Manager through confidential telephone and materials to referral processes consultation prior to online legal launch the EAP to help support dealing with difficult advice and sensitive cases workplace scenarios support* *Exclusions apply. Please see the Unum LifeWorks page for further information
Market Insight Application to support profitable growth for your company Prioritised prospect Demonstrates to clients Renewal planning, lists, based on actual the comparative cover commission planning buying behaviours offered in their and benchmarking industry group to other books Propensity to buy modelling Benchmarking Management on existing block
Consultancy support Hollie Clough London, Midlands, East Anglia 3 dedicated Consultants and a Hollie.Clough@Unum.co.uk Telesales team to support you 07785 415812 and your business with: Adam Aldred Joint client visits (to North of England, Scotland support your proposition) Adam.Aldred@Unum.co.uk 07795 348465 Analytical support through market insight James Lawley Tailored and bespoke South of England, Wales marketing materials James.Lawley@Unum.co.uk 07867 142863
Summary of learning objectives • It’s been a record year for Employee Benefits and there is a significant opportunity accessible for SMEs • Employee Assistance Programmes are available to provide ongoing support to business owners • Market Insight is a unique tool and provides valuable data to help you fully understand your client portfolio
Thanks for your time Questions? Specific General Your local consultant Paradigm@unum.co.uk questions Questions
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