Group risk benefits are available to organisations of all sizes, from small firms with just a handful of employees to large corporates. Digital marketing agency Perfomalis employs a team of 18 but offers group risk protection covering income during treatment, as well as lump-sum payments for more than 100 serious illnesses.
Tsvetelina Nasteva, HR manager, says: “A few years ago, we evaluated how to boost employee benefits as part of career development and financial security initiatives. We started offering income protection, critical illness insurance, and life insurance to our employees to improve their financial safety and wellbeing. I was worried about how serious health problems can affect people; not just the money issues but also the emotional strain on them and their families. We needed to provide a safety net to keep their work-life balance from falling apart due to big medical bills, especially when they needed support the most.”
As well as offering group income support and critical illness cover, as part of its employee benefits package, the employer runs regular wellbeing campaigns to raise awareness among staff of the support that is available and ensure they understand how to access it.
As Nasteva discovered, nothing motivates like real stories. During their open enrolment, employees who have used these benefits are invited to share their personal stories, helping others see the value of the support on offer. The result has been a tangible positive impact, with unplanned absenteeism falling by 15% and staff survey feedback rating the benefits as highly as compensation in terms of their value and satisfaction.
“While premiums certainly aren’t trivial for a small firm, when you factor in total investment in our people, from healthcare to training, it’s been a bargain,” says Nasteva. “A safe, productive workforce is our greatest asset and maintaining that throughout uncertainties that could strike any of us at any time, is a hugely valuable return on the investment.”
