For many the workplace is in a state of flux. With organisations trying to adapt to rapidly evolving technology, different working arrangements and shifting employee expectations, there is a lot for senior management and HR to understand and respond to, alongside operating their day-to-day business. It can feel daunting
and overwhelming.
This is where an outside expert who can provide a broader perspective and sound guidance can be invaluable. Offering that holistic view, sharing market insights and advising on upcoming trends is becoming an increasingly large part of the employee benefits consultant role.
We are in a position to give a clear, objective view of how to create a positive, constructive workplace. This service is becoming more appreciated and a vital part of the EBC proposition. Clients actively want to know our opinions, hear about recent successes and discover new approaches.
This is a significant shift since I began my career in employee benefits, almost two decades ago. Back in the mid-2000s, the focus was “core benefits” – pensions and insurances. Then the emphasis was on hammering out the best deal, helping clients get the most bang for their buck.
Today, the conversations are very different, with only around half discussing these core benefits. Clients are much more interested in creating a holistic package tailored to their specific needs and those of their employees. They want to hear about innovations, what’s new in the market and how they can create an environment where employees want to work.
It is of paramount importance that employers support workplace wellbeing, understanding how financial, mental, physical and social wellbeing all are intrinsically linked. In addition, the solutions offered must cater for different demographics within the workforce.
This shift has been driven by the sheer depth and range of services now available, which at times can feel overwhelming. Small in-house teams can find it challenging to keep up with the new developments and propositions, so increasingly rely on us to inform them of what’s available and how it relates to their business.
Employee attitudes have also changed over the last 10 years. They are far savvier about what is available and are increasingly looking at benefit packages when considering a new role. For example there is more appreciation of the benefits of employer-funded healthcare, given rising pressures on the NHS. To remain competitive in a still tight job market, employers need to offer benefits that are attractive to their current workforce and will be appealing enough to secure new talent.
Another change is the vast amount of HR data now available, such as sickness absence rates, claims data, benefits usage rates and engagement scores. Clients want it to tell them a story, but doing this analysis to get them to that point can be challenging and time-consuming, but again EBCs can help.
With budgets under greater scrutiny, clients are also being challenged to prove the ROI on their employee benefits spend. More of our time is now devoted to helping clients show the true value of their benefits, demonstrating how they support the bottom line and deliver on their stated objectives.
Clients are far more likely to challenge benefits that aren’t meeting these requirements. If they are not producing value for clients or their employees, then they will act to change them or remove them.
The overall relationship has evolved from being very transactional to one of close collaboration. For me, this makes the role more exciting, challenging and rewarding. It allows us to build stronger and deeper relationships, really understanding each client, finding out what their specific pain points are and working together to find relevant solutions.
Looking to the future, I can only see our role becoming ever more tailored, with each client seeking to create benefit propositions that are more flexible, adaptable and personalised, evolving to suit the changing needs of their workforce and the external environment.
As consultants we need to be ready to embrace these opportunities and help our clients create workplaces that work.
