Opinion 

The power of workplace perks

Andreas Andreou

The benefits landscape has changed, with protection insurers and brokers investing in solutions that deliver mental, financial and physical wellbeing for their group and individual customers, as added value services outside of any claim. 

There is a new era of total wellbeing.

For example, technology platforms that support employees in times of need while helping them manage and prevent challenges, so they stay healthy and productive in work and at home.

Employee-centric wellbeing solutions are emerging as the next frontier in the human capital management (HCM) sector, transforming from traditionally service-oriented HR models to tech-driven models.

Better yet, mobile technology puts these benefits right at the fingertips of employees 24 hours a day, seven days a week, driving unprecedented utilisation. 

Perks and discount programmes enable insurance providers to take a diverse approach to financial wellbeing by helping employees save money on their purchases, no matter how big or small.

Retail and leisure discounts and cash back schemes provide everyday savings on food, travel, household expenses, entertainment and retail, with an average 12 per cent discount.

In our experience, annual savings using LifeWorks Perks can be as much as £1,960 in the UK.

And for employees, this type of saving is the equivalent of a 10 per cent salary rise.

Plus, when the amount saved can be four or five times greater than the annual cost of an individual premium, it becomes a zero cost and customers will think twice about cancelling their policies.

In a climate of low wage inflation, and when more than one in four employees worry about how they will get through the month on what they earn, this becomes a very desirable offering to group business customers.

Such perks are also drivers of recruitment and retention, helping organisations improve their employee value proposition.

Recent research shows that more than 70 per cent of employees believe all businesses should have workplace perks and 62 per cent say workplace perks are a key factor in looking for a job.

By investing in innovative value-added services, leveraging mobile technology that adds tangible value to customers' daily lives, insurers create a hugely positive context for engagement that drives regular and repeat interaction.

In the end, it helps foster a deeper customer relationship and boosts brand value and loyalty.

Andreas Andreou is chief commercial officer at LifeWorks

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