Employee Benefits Insights —The Decline of Paternalism?

Welcome to the second edition of Employee Benefits Insights!

Every month I summarise the latest trends, expert insights, and exclusive updates in the world of employee benefits. As we continue our mission to build a world working at its best, widening the scope of conversation is essential.

Here’s what I’ll cover this month:

1. Benefits Trends — The Decline of Paternalism
2. Benefit Spotlight — ESG Friendly Benefits for B-Corp Month
3. Opinion — Think of Employees as Consumers
4. Tech Innovations
5. Useful Resources

1. Benefits Trends — The Decline of Paternalism 📉

For decades, companies have been parenting their employees.

There’s a belief that employers know what’s best for their employees. This is especially true when it comes to their benefits— a common sentiment being that too many options will lead to confusion.

Of course, you're just trying to help. But allowing employees to make their own informed choices empowers them.

This is why top companies are now, more than ever, recognising their employees as adults. Recognising that employees know what’s best for them, and that means accepting that all adults want different things.

Plus, research shows that employees who feel supported by DEIB efforts at work are more than twice as happy with their jobs.

That’s why in 2024 top companies are focusing on creating benefits packages that truly reflect the diverse and dynamic needs of their team, rather than taking a one-size-fits all approach. Paternalist employers are on the way out.

2. Benefit Spotlight — ESG Friendly Benefits 🌱

There’s a growing global movement to use business as a force for good, and over 8,000 companies are leading the way. These Certified B-Corps meet the highest standards for social and environmental impact (ESG).

March is B-Corp month. So I wanted to highlight some of the B-Corp Certified benefits providers we’re proud to work with at Ben.

• Octopus Electric Vehicles
• Simplyhealth
• Gogeta

Organisations with the highest employee satisfaction have ESG scores 14% higher than the global average. So, if employee engagement is a priority for you, then ESG-friendly benefits are definitely something to explore.

3. Opinion — Think of Your Employees as Consumers 🛍️

Lucy Adams—bestselling author, CEO of Disruptive HR and former HR Director at the BBC— has a useful framework for how we should treat employees. She calls it the EACH model, and it stands for Employees as Adults, Consumers and Human Beings.

Let’s dig into the consumer part a bit more…

I think this concept so neatly encapsulates the employee-employer relationship nowadays. In our digital age, most employees have their pick of companies from all around the world. And companies are using more and more elaborate methods to attract talent.

In 2024, you need to sell your company to employees. Your company is the product and the employee is the consumer. And likewise, your benefits and culture can be your USP!

If you’re interested in learning more about Lucy’s framework and the role benefits can play in this, Ben is hosting Lucy Adams for a breakfast event in London on the 26th March. We still have a few seats available here.

4. Tech Innovations 🌐

In my last newsletter I mentioned some interesting tech innovations happening in the healthcare space. Today, I want to highlight another: DNA profiling and epigenetic screening.

This technology essentially allows employees to get personalised insights into their risks for diseases that are linked to gene mutations, such as certain types of cancer, as well as how their bodies react to different prescription medications. Some healthcare providers are already introducing this into some of their plans e.g. Randox, Thriva and Muhdo.

I believe many will welcome this as a key to unlocking valuable health insights. But I’m keen to hear your thoughts on this one.

5. Useful Resources

🎤 [Live event] Employees as Consumers: Employee Benefits for a Disrupted World with Lucy Adams.

📺 [Live stream] Employees as Consumers with Lucy Adams.

💻 [Free tool] AI HR policy generator.

Get Involved:

🔗 Join the Conversation: Share your thoughts, experiences, and questions in the comments section.

🚀 Spread the Word: Help us grow our community! Share this newsletter with your network and invite them to join the conversation.

📅 Save the Date: Keep an eye out for upcoming webinars, live Q&A sessions, and exclusive events. Stay connected with Ben in real-time.