PROFILE DISCOVERY
‘Out-of-the-box’ thinking for employee benefits could improve retention & employee wellbeing
As the world shifts into a post-pandemic reality, companies are having to contend with immense changes that are redefining relationships with employees.
I
Guy Chennells Head of Product at Discovery Employee Benefits
n addition, retirement systems across the globe are under
such, there's a huge drive in South Africa, and globally, to
immense strain as societies age and life expectancy levels
encourage employees to save more for retirement.”
continue to increase.
Guy Chennells, Head of Product at Discovery Employee
To achieve this, one option may be for employers to consider establishing retirement and career counselling functionalities to help their staff emotionally and financially prepare for retirement.
Benefits, unpacks a few key trends and ideas that organisations
It is also possible to give employees a personal increase plan
may want to consider when it comes to enhancing employee
that will slowly but surely edge their savings rate up to the right
benefits.
level. “These days employees expect their employers to consider
A flexible future
them holistically and flexibly. It’s certainly an exciting time to be
One of the defining characteristics of the changes underway in
alive and building great organisations that are great places to
the new world of work is a profound shift to flexibility.
work.” ■
In a post-Covid world, technologically super-powered employees want greater freedom of choice where it comes where, when, and how they perform their duties.
About Discovery Employee Benefits
“A positive outcome of this renewed need for individual
Discovery Employee Benefits insures over half a million
autonomy seems to be that employees are better able to find
individuals through its Group Risk benefits, working at
harmony between work and life,” says Chennells. “Should
approximately 3000 employer groups countrywide. The
they succeed, both staff and employers stand to benefit from
retirement funds division is younger, covering 60,000
improvements in creativity, productivity, job satisfaction and
individuals across 500 employer groups.
engagement.”
Thinking out of the box
Employee Benefits: Our aim has always been to inspire employees to lead healthier lives and unlock
Chennells explains that the broad shift to flexibility has
financial value from our dynamic protection benefits
been widely welcomed by employees and offers promise to
underpinned by Vitality. Our shared-value approach
employers despite the increased strain placed on administration
continues to provide superior outcomes for our clients by
systems and processes.
offering unique product features and competitive pricing.
It does, however, introduce concerns that many may fall victim to of some of humanity’s well documented cognitive biases –
Retirement Funds: We are the first and only retirement
opting for instant gratification over future gain, for instance.
fund provider to shape employee behaviour, creating a
This may lead to the temptation among staff to opt for
healthier and wealthier workforce. Through the power of
whichever is the cheapest option when it comes to retirement.
shared value we aim to transform retirement outcomes and
“A lot of people reach halfway through retirement and realise ‘oh my gosh I haven’t saved enough’,” cautions Chennells “As
16
SA PROFILE www.saprofilemagazine.co.za
reward employees when they invest in themselves.