Follow us on:

CloseClose

Employer News - Recruitment and retention cited as key reasons for offering group income protection

Recruitment and retention are among the main reasons employers offer group income protection (GIP) to their staff, shows research from industry body GRiD, which represents the group risk protection sector (employer-sponsored life assurance, income protection and critical illness cover). Equally important to businesses, is using the benefit to help them meet their obligation to look after staff and families.

Key reasons for offering Group Income Protection (GIP) include:

  • 29 per cent use GIP to help them differentiate their package to support recruitment and retention
  • 29 per cent offer GIP to help them meet their obligation to look after their staff and families
  • 23 per cent use the benefit to help manage long-term absence
  • 20 per cent of employers understand  that GIP can be a tax-efficient benefit for them
  • And 25 per cent believe they recoup the cost of the benefit in improved productivity and staff morale

The top reason employers gave for offering GIP to their workforce is that they believe Statutory Sick Pay is insufficient to actually support people unable to work (30%). With the onus of responsibility for looking after the welfare of staff is increasingly falling on the shoulders of employers, group income protection is being widely recognised as a central tool to help. Even to the extent of being debated last month in parliament**, group income protection was put forward as being key in helping employers support their staff and help get them back to work. This is particularly so in supporting those in mental ill health – the biggest cause of claim*** on the insurance.

Please click here to view the full article.

Join now

If you are active in the group risk market and would be interested in gaining a greater share of voice and working more closely with your contemporaries in the industry please get in touch by completing this page.

Benefits of membership:

A STAKE IN POLICY

A STAKE IN POLICY

The opportunity to influence group risk policymaking.

VALUE BY ASSOCIATION

VALUE BY ASSOCIATION

GRiD is a respected voice in the protection sector – as such, membership enhances the status of member organisations.

ACCESS TO EXCLUSIVE INFORMATION

ACCESS TO EXCLUSIVE INFORMATION

Privileged access to output from the various working groups, including consultation responses, regulatory updates, employer research and pan industry claims data. GRiD members also gain exclusive access to industry speakers at member meetings.

Please enter your details:

Member register
  •     Already a member? Please login.