Employee Benefits Live 2024: Readily-available resources such as employee groups, benefit add-ons, signposting and desk drops are all budget-friendly options to help boost benefits provision, said Sarah Webb, pension and benefits manager at Channel 4.
On the second day of Employee Benefits Live 2024 in a session titled ‘Crafting cost-effective pay and reward strategies: benefits on any budget’, Webb shared examples of initiatives in place at Channel 4 and ideas about cost-effective reward strategies that can be designed to suit any budget.
Webb explained how internal employee groups, such as those that support mental health, LGBTQ+, and women’s networks, can both provide good feedback on what employees value, and also what they might want from their employer.
“At Channel 4, we have a number of employee representation groups, it’s an open space for employees to come together and talk about issues that impact them,” said Webb.
Employers can negotiate special rates or discounts with local shops and services, such as gyms or personal trainers, to boost their benefits provision.
Highlighting the add-ons that come with core benefits, such as employee assistance programmes (EAP), can help to boost take up as often employees are unaware that they are entitled to these, said Webb.
“This is something I am concentrating on at Channel 4 because we have a whole host of benefits but I keep discovering new add-ons. For example, insurance providers might have an EAP, and a lot of income protection providers have back-to-work services,” she explained.
Webb discussed how Channel 4 ensures the benefits it provides are easily accessible and appreciated by its 1,000-strong workforce.
“We have a no-excess private medical insurance (PMI) scheme at Channel 4,” Webb explained. “I’m really passionate about this particularly because we have a lot of apprentices working for us, and a £100 to £200 excess on a policy will often price employees on lower salaries out of getting the support and benefits of private medical.”
In addition, Webb suggested that employers can add services to an existing PMI scheme.
“Last year, we added gender affirmation services to our private medical insurance policy,” she said. “We have a 4Pride [employee resource group] that helped to champion that across the business. PMI providers often have additional mental health services, so it is worth speaking to providers or advisers to find out what else can be added to your policy.”
