Samsung offers its workforce group income protection (GIP) and life insurance in line with its paternalistic corporate culture.
Jo Bean, head of reward, UK and Ireland at Samsung, says: “We’re quite a paternalistic [employer], so we’ve always offered [GIP] as a core benefit. I particularly like the fact that our [policy] covers staff up to the age of 65 rather than just for a short-term period.”
The cost benefits of the organisation’s group risk benefits are less of a concern for Bean. “[Return on investment is] very difficult to measure because we don’t have access to any [take-up] data because it’s completely confidential. And I wouldn’t want to know who’s using [the policy].
“It’s more about the fact we offer it to everybody and that they have access to it,” adds Bean. “The fact that [it is] there and we know referrals are being made is enough for me.”
The organisation works hard to ensure that employees know that the group risk benefits exist, so they are able to get help when they need it most.
A comprehensive communications campaign promoting the benefits includes posters on the organisation’s office toilet doors, advertising on its on-site television screens and intranet site, as well as on-site events hosted by Canada Life and Best Doctors.
Samsung appointed Canada Life to provide its group risk benefits following an internal group risk market review in 2014. The organisation particularly values the add-on benefits, such as the employee assistance programme (EAP) and Best Doctors referral scheme, that form part of its GIP policy.
GIP is offered to all 1,400 UK staff and their family and friends, with EAP access extended to the employer’s 150-strong temporary workforce.