EXCLUSIVE: More than one-fifth (21%) of employer respondents view group risk benefits as a selling point during recruitment interviews and employee reviews, according to research by Group Risk Development (Grid).
Its survey of 500 HR decision makers in 500 UK organisations, also found that 26% of respondents make a point of issuing regular communications about their benefits package.
The research also found:
- 28% of respondents state that their group risk benefits are clearly set out on their staff intranet or in a staff handbook for existing employees.
- 28% of respondents communicate group risk benefits to employees using benefits statements, while 22% promote group risk benefits through a health and wellbeing platform or flexible benefits platform.
- 19% of respondents advertise group risk benefits to employees using apps and 17% communicate these benefits to employees through on-site events.
Katherine Moxham (pictured), spokesperson at Grid, said: “Employees and interview candidates may well assume that an organisation is communicating the best possible total remuneration package available to them in order to attract and keep them, but if the package doesn’t appear to be competitive, the individual is likely to look elsewhere for employment.
“Group risk products represent great value for money in terms of a recruitment and retention tool; they are fairly low cost to offer with high returns and great added value benefits for individuals. In addition, protection products are clearly very useful at difficult times in people’s lives, so they can also be deployed to demonstrate that the organisation cares about both the physical, mental and financial wellbeing of its employees.
“Those employers that do talk group risk, either at interview or more regularly, to their staff are the ones that are going to get the most value from their benefits. We all know that employee benefits can be a great recruitment and retention tool, but only if they are effectively communicated and explained.”