A new app designed to help employers rebalance their employee benefits package to the advantage of their business and staff has been launched by Unum.
The Benefit Balancer enables businesses to assess all of the possibilities of their benefits offering before speaking to an adviser. By entering a few details about their company, employers can see how changing the levels on offer can modernise their package without necessarily having to compromise their budget.
Employers can also see the amount they can save in absence costs with group income protection.
Unum chief marketing offer Marco Forato said: "Pension auto-enrolment means employers are already making changes to their benefits spend, so now is a great time to review benefits packages more widely and make sure they match the changing needs of staff.
"For example, many companies over-insure on life cover: a legacy from a time when serious illnesses like cancer typically killed. However, today improved diagnosis and treatment means employees are three times more likely to suffer a long-term illness than to die during their working lives.
"Despite this, few employers have changed the balance of their benefits package to reflect changes in society and the workforce. By rebalancing their benefits budgets, employers can maintain a reasonable level of life cover while offering benefits like income protection as well."
Over 700,000 businesses
During seed funding round
According to SME/sole trader survey
‘Make it simpler for SMEs’
In light of BBC investigation