What does the future hold for employee benefits product design?

The employee benefits industry is ‘still suffering from too few new ideas and little innovation’, according to Wojciech Dochan, the new Managing Director at Busy Bees Benefits. Yet numerous research studies keep telling us that employees want practical and tangible products that make an immediate difference to their lives. Since the 2008 financial crisis, employers have been under constant budget pressures in terms of curbing staff costs and are keen to find new ways of providing affordable employee benefits to ensure that they protect and support their employees.

For Dochan, one product area that has received little attention is that of salary sacrifice schemes. These offer immediate solutions to employees’ needs and can help to create family friendly work environments.

He adds:

‘There are many small employee benefits providers which offer a wide choice of services ranging from childcare vouchers, nursery provision and retail discounts to environmentally friendly services such as cycle to work schemes. All of these products can be consumed by employees immediately and therefore drive employee engagement from day one.’

These products are also clear and transparent so that employees understand what they are buying and that it fits their needs at present and into the future.

Dochan concludes:

‘Employers offering high quality employee benefits and childcare provision often see it as one of the most effective ways of supporting and rewarding their employees. This can be combined with employee assistance programmes to deliver wider support and advice around other dependents that the family may need to look after. Salary sacrifice is a fantastic way to engage with employees and save money both for the employee and organisation, by making savings in tax and national insurance contributions.’
Busy Bees Benefits is an ‘experienced employee benefits provider offering a broad range of tax-free, lifestyle and business benefits’. For more information, please visit: www.busybeesbenefits.com/