Ensuring your employees are engaged is vitally important for the success of any business. But how can companies keep their workforce energised and involved? Could an employee benefits package help here?
According to the Chartered Institute of Personnel and Development (CIPD), an employer needs to consider three factors:
• Intellectual engagement
• Affective engagement
• Social engagement
That means thinking about how to do a job better, feeling positive about doing a good job, and taking opportunities to discuss work-related improvements with colleagues.
Or, more simply – it’s all about making staff feel happy and valued at work.
Gain an advantage by engaging employees
Businesses that engage and motivate their staff will find themselves ahead of the competition. CIPD research1 suggests that UK job engagement in Autumn 2016 was lower than the same period in 2015.
Employee Benefits are a well-established way to engage staff. Providing support when an employee (or their loved ones) is in need is one way to increase loyalty. That’s where insurance can be an invaluable tool for building morale, improving retention and increasing productivity.
Attract the best
Recruitment is a key to success and employee benefits will engage existing employees and also potential ones.
Jobseekers are increasingly empowered and looking at the employee benefits on offer before deciding to apply. The best candidates know they are in a strong position in the marketplace and are willing to hold out for the strongest offers. Great employee benefits are an attractive proposition and show the nature of the employer.
Claire McCartney, research adviser for the CIPD, says that employee expectations are rapidly changing. “Despite wider global economic uncertainty, employers need to think of new ways to keep their employees engaged and committed,” she said.
In an evolving landscape employee benefits can increase engagement, boost commitment and attract the best.
Understanding employee insurance
Group insurance products cover a variety of possible scenarios. While there are terms and conditions that apply to all insurance cover, the principal schemes and their benefits include:
• Life insurance – provides a tax-free lump sum to an employee’s family (or other beneficiary) in the event of the employee’s death
• Income Protection (for long term) and Sick Pay Insurance (for short term) – provides a regular replacement income in the event of illness or injury, based on a percentage of the employee’s salary
• Critical Illness insurance – provides a tax-free lump sum if an employee suffers any defined medical conditions and survives for a set period
• Dental insurance – covers the cost of routine procedures and contributes to more complex and expensive treatment, anywhere in the world
Through our association with Pure Benefits, we now offer all the products above to help protect some 1.4 million UK employees. Learn more about the ways that Employee Benefits can help your business boost employee engagement. Click here for more information.
The above article on employee benefits has been provided by Unum Limited.