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Boosting employee financial wellbeing

International employee benefits – exploring the wins for employers and employees

There’s a strong business case for investing in employee benefits to boost employee wellbeing and mental health. Not only have employee stress levels reached record-level highs, but only 21% of the world’s employees are engaged at work, and a mere 33% say they are thriving in their overall wellbeing1.

Employee stress, particularly financial stress, affects output and productivity, but also a company’s talent attraction and retention rates.

Financially-stressed employees are:

  • 76% more likely to be less productive
  • 55% more likely to lose 3+ hours of work time a week to financial distractions
  • Twice as likely to look elsewhere for other job opportunities2

Employers who offer financial benefits stand to gain in the long run. LinkedIn’s 2020 Global Talent Trends report3 uncovered that companies that rated highly on helping to alleviate financial stress (through offering competitive compensation and benefits packages, for example) experienced up to 56% lower attrition rates.

Because company-sponsored Group Life & Disability policies offer employees’ beneficiaries significant financial pay-outs should something unexpected happen, they offer the peace of mind that a family’s financial security will be taken care of should the breadwinner pass away or suffer a disability. Employee benefits such as these are becoming increasingly popular, as Ben Dugdale, a Business Development Manager for The Unisure Group in the International Group Life & Disability space, has noticed.

“Group Life insurance was traditionally always seen as a nice-to-have add on to an investment or personal policy, but with the rising interest in employee benefits, and with employees strongly re-evaluating their priorities post the pandemic, life insurance has become a key offering for many employers,” he explains4.

Here are 3 reasons why employers benefit from offering international Group Life & Disability cover:

  1. International policies from one provider save time, admin and money

Group Life & Disability benefits are a great way for a company to show their employees that they care about their families’ future financial security, but they’re very often also a regulatory requirement that can be a huge time, admin and cost exercise for a company’s HR department, particularly if the company is a multinational with offices all over the world.

“That’s where Unisure’s flexibility in providing customised international policies really shines,” Ben explains. “We’re fast making a name for ourselves in coming up with dynamic solutions that some of the larger firms cannot offer. We’re innovative disruptors; rather than offering a cut and dry solution, we ask what would work best for our clients and we use our trusted relationships with our partners to think outside of the box and build solutions that offer employees world-class products and employers the simplicity of one contract and one trusted provider in the place of 10 separate contracts across 10 different territories.”

  1. International policies offer currency stability

Currency protection is a major benefit, allowing employers to offer their employees policies in GBP, USD or Euros. This is particularly important for multinational companies with employees who aren’t working in First World countries, for example. Should their policies’ currencies fluctuate, they won’t have the peace of mind that their policy will retain its value for their families should they suddenly pass away when the market is at a low.

  1. International policies address the growing mental health pandemic

According to MetLife’s5 2022 Employee Benefit Trends Study, employee expectations for employer support have risen: 66% of employees say that employers have a responsibility for their mental wellbeing, but currently 41% of employees say that their employer doesn’t offer resources to support them in this critical area.”

That’s where international Group Life & Disability policies come in.

“We’re seeing a lot more brokers adding in a portion of mental health benefits to the policies they’re offering their clients, particularly on STD and LTD policies,” Ben confirms. “Poor mental health can be a disability, and a debilitating one at that; it can lead to huge issues, and it’s something that we see policies catering for more and more these days.”

Here are 3 reasons why employees favour employers who offer international Group Life & Disability cover:

  1. Employees highly value life insurance, particularly remote workers

Employees’ needs are varied, and that includes in-office employees’ needs versus their remote colleagues’ needs. According to the MetLife 2022 Open Enrolment survey6, life insurance is one of the top five benefits that remote employees are electing in 2023.

“Internationally, if you’re not going to see your nomad employees, then offering them the best benefits is a great way to keep morale high and provide them with a sense of financial security,” Ben confirms.

  1. Employees with enhanced benefits feel more engaged, energised and invested

More than nine in ten employees7 say that access to enhanced employer-provided benefits has a positive impact on themselves and their output.

In fact, according to BrightPlan’s 2021 Wellness Barometer5, the impact of enhanced benefits on employees is immense:

  • 54% Work harder
  • 51% Feel more financially secure
  • 49% Are more engaged and productive
  • 30% Are more committed and stay longer
  1. Employees with good benefits are more loyal

MetLife’s 2022 Employee Benefit Trends Study reports that an astounding 73% of employees say that a wider array of benefits would make them continue working at their employer for longer. On top of that, 75% of employees think more choices in benefits would reduce their stress, and 76% say more benefits would improve their financial wellness.

The modern workspace has undergone tremendous changes since the COVID-19 pandemic. Employee expectations have risen and many employers are struggling to keep pace with the ever-evolving employee wellbeing landscape. As MetLife4 reports, employee benefits “represent one of the largest gaps between what employees want and what employers focus on when trying to attract and retain talent”.

If you want to set a new international benefits policy for your company, or upgrade an existing policy, we’d be happy to give you an obligation-free evaluation and quote. Visit our webpage or get in touch with Ben Dugdale (ben.dugdale@unisuregroup.com / +44 795 848 9061).

 

Sources:

  1. Gallup, State of the Global Workplace: 2022 Report
  2. PwC, 2022 PwC Employee Financial Wellness Survey
  3. LinkedIn, 2020 Global Talent Trends report
  4. Interview with The Unisure Group’s Business Development Manager, Ben Dugdale, 11 January 2023
  5. MetLife, Employee Benefit Trends Study 2022
  6. HRD, Top 5 benefits remote employees plan to elect in 2023
  7. Bright Plan, 2021, Wellness Barometer Survey, The High Cost of Low Engagement