How Finance is innovating in Employee Benefits to reduce opportunity costs

I recently wrote about the rise of the Millennials and impact on business who do not attract these new consumers. This new generation of influencers are working for large companies, so I have looked at one segment of the employee benefits markets.


From our own research, employers are now considering to a greater degree, the needs of employees. One of the sectors that has seen increased demand is healthcare choices and convenience. The use of technology drives innovations which will work towards better health outcomes and, ultimately, less people being away from the office through sickness absence and stress related issues.

So why do employers steer away from this type of investment?

  • Cost is a major obstacle and the notion that employees want, need or use such benefits as well as “time” required to educate their workforce.

With such a significant portion of the UK population needing a steer in the right direction, there is clearly an opportunity for employers to engage members of their workforce towards healthier lifestyle choices.

  • Does it not make sense to have a system of engagement to help employees live longer, healthier lives?

By having a strategy that is an integral part of an employer’s health and wellbeing strategy, aimed at improving the employees’ work performance and thus improving the “bottom line” for the business (reducing sickness absence) is a no brainer in my opinion.

The use of online tools aimed at employee health and wellbeing have existed for a while. Using Health Risk Assessments (HRAs), for example, can help employers evaluate the health risk profile of a workforce and provide a baseline against, which to monitor improvements. Online health and wellbeing portals can provide employees access to a range of healthy lifestyle information.

Millennials have a growing appetite for convenience, speed and simplicity. With increasingly busy lives, people are relying more on smart phones or tablets to get things done. So, it’s no surprise that the number of online health and wellbeing apps being offered by healthcare providers has increased. This works towards the employee health and wellbeing pillars – body, mind and workplace culture – within a benefits package.

If this article has given you “food for thought” and would like to engage with us, please contact me or Ian Jenkins – our Corporate Services Director for an exploratory meeting on 0333 241 3350

Nigel Taylor Cert PFS, Dip FA


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