- What challenges do you face in aligning benefits across diverse regions?
There is no simple answer to this as every company will differ. The most important thing to remember is that there is no challenge that cannot be overcome by good planning and making sure the right people are around the table at the right times. Addressing potential challenges ahead of time frees up time as you go on to focus on how you deliver your offering to employees
- What global trends are you seeing in employee benefits, wellbeing, and retirement savings?
In short, personalisation and flexibility. Remote and hybrid working has become ‘normal’ as many companies have recognised the benefits of supporting employees in all aspects of their lives, not just in the office. This brings its own challenges of course, particularly around how to engage and educate. It has also brought into focus the need for holistic wellbeing programs rather than addressing targeted ‘issues’ in silos. With costs rising, particularly around traditional insured benefits, there is a stronger focus than ever on understanding costs and value for money which is a good thing. However, the downside is that the specialists needed to do this effectively are seen as an expensive ‘nice to have’ which is one of the key reasons I created PBW Consulting so companies can have access to expertise without the cost of a full-time headcount.
- How do you define a modern employee experience?
From a benefits perspective, an employee should know what is available and how to access/use their benefits. It sounds simple but really isn’t. Again, this is something we can help companies with at PBW Consulting and are always open to a coffee chat.
- Managing both DB and DC plans, what advice do you have for balancing these pension types?
To companies with DB plans, either historic or currently active, the best advice I can give is do not neglect it! DB plans carry a large funding risk for employers but, due mainly to their increasingly ‘closed’ nature, fewer and fewer companies are retaining the specialist Pensions Manager role. This can lead to significant increases in advisor costs, poor company risk management, additional unnecessary work, and worst of all a worse experience for members.
- What factors should be considered when designing a wellbeing strategy for a diverse workforce?
Understand your workforce – there is no such thing as a ‘golden bullet’ wellbeing product so it is absolutely vital that you understand your people. When looking at wellbeing products and services, make sure they’re going to be relevant to your people in terms of content and delivery. A robust wellbeing strategy should also be identifiable through other benefit plan designs – consistencies in health and life cover, appropriate pension contributions, etc
- How does technology impact pension and benefits plans, and where do you see it heading?
It’s become a cliché, but technology is always advancing – once upon a time the wheel hadn’t been invented yet! New technology can be expensive and can often feel overwhelming which may put companies off from making the financial and time investment necessary. However, there are huge advantages to leveraging the technology that is appropriate to your company. Not only can it change the way your employees interact with their benefits but it can also help you understand what they want and need to influence your strategy.
- With more remote work, how are you seeing benefits being adapted for employees working from home?
The obvious adaptation needed is how employees can enroll in, access, or change their benefits. If you are still reliant on wet signatures on physical sheets of paper it can be an expensive and time-consuming process to manage. Similarly, make sure the cover the plans offer remains relevant. Look at the soft benefits you offer – equipment allowances, flexible hours, etc as these can have a very low-cost impact but can be a strong engagement tool if used properly.
- How do employee benefits impact retention and satisfaction? Can you share any success stories?
Benefits have more of an impact in these areas than may be immediately obvious. Whilst it may be true to say that no one ever joined, stayed at, or left a company because of the benefits package, it can provide valuable insight into the culture of the organisation and how the company thinks about and treats employees. If the benefits on offer are perceived as generous, easy to access, and crucially relevant to the employees, they are more likely to have a positive experience and, therefore, be less likely to look for other opportunities. Conversely, if the benefits package is poor, difficult to understand and/or access, and processes are clunky and difficult, it can show that a company doesn’t consider investing in its people a main priority. Remember, actions speak louder than words.
- What’s your vision for the future of employee benefits and pensions over the next decade?
For companies – prioritise your people, invest in strategy and subsequent execution, challenge the status quo, do the ‘right’ things, influence the way the market grows to support you
For the market – modernise, bring innovation that supports people in the modern world, listen to people, build ‘partnership’ relationships with clients, and don’t just be seen as boring service providers, be transparent about how you can add value, kill hidden costs and snake oil products/services.
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