The insurer UNUM has just published a new report on The Future of Employee Benefits, which makes an interesting read for anyone considering reshaping their existing remuneration package.
One particular item within the report did catch my eye. The insurer asked their corporate clients the following question:
“Who influences the structure of your employee benefits package?”
The responses included competitor offerings, the Board, HR and Employee Benefits press coverage, and employee requests.
These are indeed all powerful drivers when structuring a benefits package, but I was more than a little surprised that legislation was not cited in these responses (perhaps this was not an answer option for the participants?).
The reality is that legislation has done more to influence the direction of travel of employee benefits than any of the above responses in the last 5 years - and looks set to do so again for the term of the current government.
The challenge for employers is accepting that there is likely to be an increasing burden of legislation in the benefits space, and then balancing these requirements with producing the best possible outcomes for all the stakeholders in the process. The bottom line is where you are required to spend the money on an offering, then the employer should try and get a great return on their investment in each and every scenario.
For those wishing to investigate the UNUM report further, it can be accessed here.
Best regards
Steve
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