Analysis – Page 2
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AnalysisHow can employers cater to multi-generational workforces in their reward packages?
Need to know:Having a multi-generational workforce means catering to employees at every stage of adult life, but doing so can provide important dividends.Disability and care responsibilities are among the core issues for an ageing workforce and those in the 'squeezed middle', but resorting to stereotypes should generally be avoided.Wide-ranging packages ...
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AnalysisHow can employers calculate a return on investment on group risk benefits?
Need to knowEmployers should make sure they are maximising all features of group risk benefits they offer.The benefits provided to employees must be communicated in a compelling and timely manner.Employers should also factor in employee sickness absence and the cost of sick pay.Nearly 12.5 million employees were covered by group ...
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AnalysisGroup risk in numbers
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AnalysisThe role of group risk benefits in a mental wellbeing strategy
Need to knowMental health is often the number one reason for claims under group income protection.Many of these can be prevented through proactive and early intervention.Offered in conjunction with comprehensive early intervention services, EAPs can provide employees with access to the vital support they need.Mental wellbeing in the workplace is ...
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AnalysisWhat does a modern group risk strategy look like?
Group risk benefits, such as life insurance and income protection, have been around for close to 200 years. And, while their objective has not changed significantly, employers are now using them in a much more strategic way.Rather than provide group risk products simply as a perk or to match competitors, ...
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AnalysisGroup risk in numbers
Facts and figures relating to group risk.!function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script"),d=o[0],r=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement("script");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,"infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");
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AnalysisHow to ensure group risk policies comply with state pension age increases
Need to knowEmployers that fail to use the exemption available for group risk benefits allowing cover to cease at the greater of age 65 or the state pension age could find themselves having to fund cover beyond this, or face legal action.Amending a group risk policy is easy, with the ...
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AnalysisInfographic: At what age do group risk benefits terminate?
Three infographics showing the age at which group risk policies terminate their benefits.!function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script"),d=o[0],r=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement("script");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,"infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");!function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script"),d=o[0],r=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement("script");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,"infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");!function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script"),d=o[0],r=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement("script");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,"infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");
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AnalysisHow to engage young employees with group risk benefits
Need to knowDifferent types of group risk protection becomes important at different life stages.Therefore, a one-size-fits all approach to engaging employees with group risk benefits is unlikely to be successful.Employers should speak with young employees to find out which group risk benefits they would find valuable.Young people often feel they ...
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AnalysisThe impact of early intervention services on group income protection claims
Need to knowWorkplace health and wellbeing strategies that incorporate early intervention services can improve employee health and reduce absence costs.Providing access to fast and confidential advice, support and treatment services at the earliest stage of a health problem reduces both the likelihood of a long-term absence from work, and the ...
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AnalysisTop tips to control the costs of group risk benefits
Need to know:Providing group risk benefits through a flexible benefits scheme enables employers to set a base level of cover at a fixed cost, which helps to manage expenditure.Larger employers can consolidate multiple group risk policies in order to use their scale to generate a more competitive price from providers.The ...
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Analysis
Infographic: What group risk benefits do employers offer?
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AnalysisHow can benefits support age diversity in the workplace?
Need to knowAs the UK population ages, supporting older employees in the workplace will become a more prominent issue.A benefits strategy does not necessarily need to be age-specific, but can focus on an employee’s life stage to have a bigger impact.Benefits such as flexible working, health and wellbeing initiatives, and ...
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AnalysisInfographic: What benefits do staff value the most?
An infographic looking at the benefits offered by employers compared with the benefits that staff value the most. (Source: Aviva's Working lives report 2016, published in March 2016).Read more in: How can employers gauge a return on investment on group risk benefits?
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AnalysisHow can data from group risk products help form a strategy?
Need to know:Data can be used for internal and external benchmarking, which can identify strengths and weaknesses in a group risk strategy.Line management training in workplace wellbeing is key to accurate sickness absence data reporting and analysis.A collaborative and integrated approach to data analysis, involving all group risk providers, will ...
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Analysis
8-11: Benefits on offer
Salary sacrifice arrangementsMore than three-quarters (78%) of respondents offer benefits to all staff via a salary sacrifice arrangement, according to the Employee Benefits/Xerox HR Services Benefits research 2016, which surveyed a total of 338 respondents in May 2016. This is six percentage points lower than the 84% of respondents that ...
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AnalysisWhere does responsibility lie for choosing the level of cover in death-in-service benefits?
Need to know:Death-in-service benefits should be offered to all employees with a minimum level of cover.Offering life assurance on a flexible basis places responsibility for selecting the level of cover on the employee.Employers need to educate employees about life assurance to boost understanding.Death-in-service benefits, in particular life assurance, are a ...
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AnalysisBuyer’s guide to group income protection
The factsWhat is group income protection?Group income protection (GIP) provides an income to an employee when they are unable to work as a result of an illness of injury. Payment usually starts after a set waiting period, normally six months, and can continue until the employee returns to work or, ...
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AnalysisWhy employers should communicate the value of group risk benefits to staff
Need to know: Communicating group risk benefits can drive appreciation and engagement with the benefit It can raise awareness of how staff can use the benefits for key life events Employers can use communication materials offered by their group risk insurance providersWith the state welfare purse strings drawing ever tighter, ...
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AnalysisGroup risk trends at a glance
Key points: As big data rises up the agenda, a uniform approach towards data gathering and sharing will enable employers and industry to make the most effective use of the insights it can offer. Services that support the changing needs of employees throughout their working lives could help to address ...
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