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Cover Magazine - The benefits of group risk during job-seeking season

By Adam Saville 11 January 2019.

January is an ideal time to review employee benefit packages to increase value.

The recruitment and retention value of group risk benefits to businesses should not be overlooked during January, a period in which many employees shop around for a job, says GRiD.

Benefits such as employer-sponsored life assurance, income protection and critical illness cover offer a financial lifeline to families when they need it most, at a time when the State is withdrawing support and UK household ‘saving ratio' is low.

However, according to the group risk trade body, employers are unlikely to allocate budget to them if they do not fully understand their value.

Education

According to GRiD research, only a third (32%) of business who currently offer group risk use all of the support available to them regularly and nearly three quarters (73%) said they were keen to be enrolled on a course to improve knowledge of their benefits.

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