It used to be that a health and dental plan, a vehicle to help save for retirement and some catastrophe coverage would suffice. The generational shift and changing work patterns means employee benefit are moving away from their original objectives of “safety net” to “lifestyle” accessory.
Whether as an employer you agree expectations need to be addressed in order to attract the best.
The Human Well takes a contrarian view on employee benefits. Firstly, why do you need them? Most employees do will not stay for more than five years and would like nothing more than to take their benefit plans with them. Will an allowance better serve to attract? Will non-traditional arrangements be more appealing?
Secondly, why assume you need an insurance company or even insurance? Do you have a good grasp of the risk involved relative to the risks you run in your business? Are you buying insurance from an organization less able than yours to handle risk – how much of your premiums go toward reinsurance?
While some traditional employee benefits you can do without there are other insurances that you cannot afford to overlook but companies often do. With international business extending further afield employers need to make sure that medical, evacuation, kidnap and ransom arrangements are all in place for frequent business travellers and that they will work when needed for employees and during site visits for Board members too.
The Human Well will facilitate a discussion with clients whether large or small employer, about the appropriate amount of risk that they wish to pay to mitigate via insurance, how much risk they can self absorb and how that should be funded and accounted for (e.g. through self insurance, multinational pooling or captive structures). The Human Well is totally independent and accepts no undisclosed commissions from insurance companies and are therefore at liberty to negotiate with your carrier a commission free premium on your behalf.
The Human Well’s experience in global employee benefits management enables us to help clients identify those employee related liabilities that often lay outside the scope of financial statements, that may have been overlooked, how these should be accounted for and managed, and inventorying the types and management of benefit plans through the organization.