This article is a tribute to all the people who labor every day, wherever they may be in this wide world. It is a reflection inspired by two important days in May each year; World Safety and Health at Work & Labour Day.
There is now a workplace phenomenon referred to as “The Great Resignation”. It involves a great number of employees resigning from their jobs across the workspace, especially just after COVID-19 hit the world. This is also closely related to “Silent resignation” a state of aloofness practiced by those who wish to be part of the Great Resignation but stay for lack of an exit plan. This recent practice reinforces research findings that suggest that employees quit because of these major reasons; lack of employee benefits, hostile work environment, and long-lasting job dissatisfaction. This can only mean, the employee, a business’s greatest asset, needs to feel cared for enough to be productive and be fulfilled at work.
There are many initiatives that can deliver the ideal workplace for your staff. In this article, we’ll highlight three tips on how life insurance can help employers provide a safe and healthy environment for their employees.
1. By building a space with great peace of mind through assurance that injuries or death won’t stop them and/or their dependents from living a full life. An employer can set up a Group Life Insurance Policy for staff. A Group Life cover has benefits that an employee can access in the event of a long list of events occurring. Such events may include, retrenchment, disablement, untimely death, and diagnosis of critical illnesses (e.g. cancer, kidney failure, heart attack, stroke, etc.), among others. How much peace do you get just by knowing that should anything happen to you, your dependents will receive a multiple of your salary as a lump sum?
- By providing a platform for them to save up for their less active years. Your employees will work up to only a certain age. If a retirement plan is not in place, they are definitely going to worry. The amount of money remitted to a regular National Social Security Fund( NSSF) account may not be enough to offset needs in retirement. There is a platform that can enable you to set up a private group pension plan in a stress-free way and with very competitive returns each year.
- By facilitating check-off arrangements for them to save up for other life-stage needs such as kids’ education, travel, weddings, and businesses. Paying via mobile money may be quite a task for most people. An employer can encourage a savings culture by allowing a check-off system for the staff, especially to fund individual life insurance policies such as endowment and Education plans.
These provisions can help your employees be at peace and possibly happy at work. It is also important to educate them on how exactly they benefit from these life insurance policies. The outcome could be phenomenal.
If you are an employer, and you need to set up Group Life cover, pension, or a check-off arrangement for your employees, we’re ready to guide you. We’re also happy to offer free personal finance training for your team. Reach out to us via DM or Call 0709 551 150.
