As a part-time scientist, I deeply value the scientific method, which emphasises providing replicable evidence for our beliefs. However, as a businessman, I often observe the disregard for this method in various domains.
In the realm of employee wellbeing, which is my particular focus and the primary domain of ‘The Wellbeing Con,’ there’s a pervasive lack of evidence for many claims made by businesses. This allows all sorts of unsubstantiated solutions to be marketed as remedies for ‘wellbeing issues’ without any scrutiny for validity. People seem more concerned with appearing to do the right thing, especially if the solution appears modern and shiny, rather than focusing on effectiveness and results.
Another area where rigour is lacking is the market for benefits platforms. Many employers, both in the UK and globally, readily invest significant sums in flashy benefits platforms. Providers boast about AI capabilities, social media integration, and real-time data visualisation, but these functionalities are often irrelevant. What truly matters are three key functionalities: simplifying administration, effective communication, and flexibility/ease of selection. Other features are nice to have but secondary. The primary focus should be on investing in a platform that excels in these core areas, allowing the rest of the resources to be allocated to enhancing the benefits package itself.
The founders of EBC initiated our venture because we recognised how the market prioritised the platform over the benefits for employers. This backward approach funnelled resources into technological aspects that did little to improve employees’ benefits packages. The emphasis should be on making the benefits the star of the show, as they are what truly engage employees with the technology. Without meaningful benefits, there’s no incentive for employees to engage with the platform.
So, what should a benefits platform offer to be compelling?
- Firstly, it should include a robust employer-sponsored pension scheme with contributions made via salary sacrifice, as pensions are highly tax-efficient.
- Secondly, employer-sponsored private medical insurance (PMI) or health cash plans (HCP) should be included to provide alternatives to the struggling NHS.
- Thirdly, a range of niche offerings appealing to different demographics should be available, such as will writing, critical illness cover, gym membership discounts, etc.
- Lastly, additional value-added tools can enhance the platform, such as discount programs and virtual healthcare services.
The offerings on the EBC benefits platform, coupled with a strong employer-sponsored benefits package, are comprehensive enough to demonstrate tangible support for employees’ wellbeing across physical, mental, and financial dimensions. Employee benefits shine when backed by a solid package and showcased on a contemporary, cost-effective platform that offers swift delivery (and we offer an SME solution too).
Reach out to Team EBC today for a free demo and learn more about how we can support you – queries@ebc-llp.com
