It is not enough for companies to offer their employees great benefits.You need to offer the right benefits to the right people. In this week's blog, why one-size doesn't fit all for benefits - plus, a big announcement from Punter Southall Aspire: 

Back in the 1980s, the marketing director at Jon Webster’s company was diagnosed with a life-threatening illness.

Back in the 1980s, the marketing director at Jon Webster’s company was diagnosed with a life-threatening illness.

It was Jon’s role to sit down with the employee and his wife, and explain exactly what protection he had in place, should the worst happen.

They had no idea what benefits the company provided, and were understandably enormously stressed about the future.

“I explained to them that the company had set up life cover for them,” Jon says.

“Later, the marketing director’s wife told me that this did more than anything else to take the pressure off her husband. He knew that, no matter what happened, his family was protected.”

This experience at the very start of his career clarified an important lesson for Jon, which all companies can learn from.

It is not enough for companies to offer their employees great benefits.

You need to offer the right benefits to the right people.

people1Life cover was a very appropriate benefit for Jon’s marketing director, who was in his mid-40s and had dependants. Jon saw with his own eyes the difference it made.

But it would have been less useful, and therefore much less appealing, to a young employee much like Jon was himself at that stage…

…Someone who was right at the start of their career, with no family of their own depending on their income.

They might prefer a different type of benefit, for example access to a physio if they injured themselves at the gym, or (nowadays) help covering their student loans.

To get the mix right, you need to understand your workforce and their diverse needs.

That is a key part of Jon’s new role at Punter Southall Aspire.

I am delighted to announce that he is Managing Director of our new Health and Risk division.

Jon came to us in 2012 from Heath Lambert Consulting, where he led the employer risk solutions team. Since then, he has been a Principal at Punter Southall Aspire, providing governance and consultancy services for clients on all aspects of Defined Contribution pensions.

Our new service is an extension of our existing DC pension governance service, and will help companies like yours understand how effective and appropriate your workforce benefits are.

lightbulbIt includes giving you information on your total benefits spend - which many companies are in the dark about - as well as how employee benefits are used by your staff and their relevance to your workforce.

And of course, we can help you come up with a new, more appropriate benefits package if necessary.

>>> Sounds great – I want to find out more about this new service <<<

The aim is to get both your employees and your company maximum benefit from your benefits.

That way, your staff get health and protection benefits they really want and use.

And your company gets more value from its investment, because benefits packages nowadays are a key way you can differentiate yourself from the competition – particularly now that every company offers a pension under auto enrolment.

According to research of 2,000 employees from Get Living, a build-to-rent organisation, almost three-quarters (73%) of employees want a more tailored benefits package.

The company also found that 48% of respondents would leave their current job for one with better perks, while 7% are willing to take a pay cut in order to receive a better benefits package.

The best way to ensure your benefits are competitive, and genuinely help recruitment and retention, is to make sure they are personalised.

Take a look at how we can make that happen.

Posted by Steve Butler

Topics: Pensions, Employee Benefits


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