Employment packages are increasingly about offering choice. Employees expect a more varied benefit offering to support their lifestyle and employers that are able to provide a range of benefits that are relevant to their employees will benefit from increased engagement.
Advances in employment related goods and services over the years means that generally there is more choice, although for various reasons, we may not all have an equal opportunity to choose.
Many employers have made little change to the format of their employee benefit provision for decades, the common theme being that sections of employees are grouped together and given the same benefits. Whilst this is commendably fair to all in that group, this approach fails to recognise the needs of each individual and scores low in terms of engagement, if the benefits offered are not relevant and understood by each employee.
Additionally, adopting this ‘one size fits all’ approach provides the employer with no insight about the needs of their employees, therefore missing a vital opportunity to influence key business markers like levels of staff retention, reducing the costs associated with recruiting and training new employees and reducing the impact of lost productivity in the period when an employee resigns and their replacement is settling in.
Engagement is the aim for employers wanting to influence the business makers mentioned above to achieve efficiencies within their business. Increasingly, employees have more complex needs, typically covered under the ‘work/life balance’ and ‘health and wellbeing’ banners. Getting both of these right within your business leads to happier employees, which ultimately filters through to business performance.
Historically, large employers have been better equipped to deal with this issue as they have more resources and finances to deploy. The solution, flexible benefits, has been around for a long time, but the cost and complexity of the solution has kept it out of reach for most small to medium sized enterprises (SMEs).
New for 2018, Quantum is launching QChoice, a product that allows SMEs (who have at least 50 employees) access to flexible benefits without needing large employer resources or finances. For large employers wanting to engage with flexible benefits, Quantum can offer a bespoke service, encapsulating their requirements.
QChoice and our bespoke service use new and exciting flexible benefit technology, designed to support the employer’s need for management information (MI) about the benefits selected. After all, knowledge is power.
QChoice offers the employer a modular flexible benefits portal. The portal comes with a range of over twenty different benefit products, the employer may choose up to ten of these to place on their portal for their employees to use. Additionally, employees will have access to an online Total Reward Statement, ensuring that they understand the true value of the benefits provided.
MI from QChoice will help the employer understand the relevance of the products selected and at strategic review points the employer will be able to swap up to two less popular benefits for new products, ensuring that the flex portal remains relevant for employees. Quantum can also support the employer with targeted surveys to reveal employee preferences, helping the employer make better decisions regarding the product offering.
QChoice offers a range of protection, wellbeing and lifestyle products, offering support to individuals wherever they are in their working life.
Each QChoice product has been selected for the strength of the offering and many include enhanced features that would not normally be available to an SME in isolation. Including this element of care within our product selection allows the employer the opportunity to save on market review fees, meaning that QChoice really is a cost effective solution.
QChoice is an inclusive product which works best where all employees are provided with access. For protection products in particular, this allows the insurer to offer improved terms for cover as the risk represents a better balance.
Employers that address these needs within their benefits strategy have the best chance of improving business performance, which will support both the employer and their employees for years to come.
Pauline Iles, Principal Risk Benefits Consultant at Quantum
pauline.iles@quantumadvisory.co.uk
