Coming up with creative ideas for employee incentive and reward schemes that are practical, affordable and of real benefit to the recipients can be a lot harder than it sounds. Most ideas have already been tried, and trials of new rewards often fall flat due to a lack of enthusiasm on the part of the employees. However, there is one type of incentive that’s rarely tried yet has the potential to be very effective indeed: company-sponsored income protection insurance. If you’re not convinced, continue reading below to discover all the reasons why it’s a fantastic idea.
What Makes Income Protection Insurance a Great Employee Incentive?
To be successful, an employee incentive scheme needs to be easy to implement, versatile, universally appealing, convenient and fast. Income protection insurance ticks all these boxes:
- Easy Implementation – A good employee incentive scheme should not be difficult for your organisation to start. Ideally, it should be a scheme that can be implemented by a rewards partner rather than your own HR team to ensure they are not overburdened. Partner with a reputable insurer and any additional workload your HR team must take on to support the scheme will be minimal.
- Versatile Solution – Reward schemes that can easily be adapted for use in different locations and for different types of employees are usually the most successful. Income protection insurance is a natural choice in this respect. It can easily be scaled to meet the needs of employees at all pay levels and adapted to suit workers in all occupations. If you have any doubts on this score, we recommend discussing them with a well-regarded insurer.
- Appealing to All Employees – Apart from cold, hard cash, it’s difficult to think of many things with universal appeal. An insurance policy that replaces lost income due to accident or illness is one such thing. If you would rather confirm this is the case before proceeding any further, you can hold a staff survey, but in our experience, all workers are likely to respond positively.
- Convenient to Administer – In addition to being easy to implement, the best employee reward schemes are also easy to manage, from the employer’s perspective at least. Assuming you partner with an insurer that is in good standing and has an excellent reputation, you can expect your new scheme to run very smoothly with minimal effort on your part. Once all relevant details have been passed to the insurer (with your employees’ permission, of course), remote administration of the scheme will be a simple task.
- Fast – The faster rewards can be distributed, the better, and income protection insurance scores highly in this respect too. New policies can be issued almost instantaneously, ensuring there are no frustrating delays to spoil the atmosphere at the award ceremonies you organise.
In short, if you are searching for employee reward scheme ideas that are simple to start, flexible, appealing to all, easy to manage and speedy in terms of reward distribution, income protection insurance could be a great choice.