The study1 examined the effect of tradition vs non-traditional employee benefits (EBs) have on what the authors called 'perceived organisational support' or more simply, employee engagement. In a sample of 457 companies, non-traditional EBs had a positive correlation with perceived support from the employer. Furthermore, they identified positive relationships with task performance, job dedication and team-working, and staff were less inclined to want to leave their companies.
Managing the cost and effectiveness of EBs is one of the many challenges facing reward professionals, especially in the current financial climate. The study's findings highlighted the importance of assessing the perceived value that employees place upon EBs, especially when designing EB programmes, and provided a better understanding of the relationship between EBs and their outcomes.
However, before introducing a non-traditional EB, employers need confidence that employees will engage with any new products or solutions. Home insurance has traditionally been beyond the capabilities of most EB providers due to the complexities of the products. In conjunction with Zurich Insurance, Sutton Winson has taken the next step in developing a simple, employee friendly solution for home insurance as a flexible benefit. The product will be delivered via flex platforms and is designed to complement and enhance the existing flex reward packages currently available.
To find out how you can introduce home insurance into flex and add value for your employees, email Neil at email@example.com
1Muse, L. A., & Wadsworth, L. L. (2012). An examination of traditional versus non-traditional benefits. Journal of Managerial Psychology, 27, 112-131.
Category: Employee Benefits & Healthcare