What They Don’t Want You to Know About Employee Benefits

In the world of employment, discussions about benefits often revolve around the perks and packages offered by companies to attract and retain talent. From Telemedicine to discounts on your weekly shop, these benefits are seen as essential components of a competitive compensation package. However, beneath the surface lies a realm of information that employee benefit providers might not be eager to share. Here’s what they don’t want you to know about employee benefits.

Offers are ‘Unique’

Most employee benefit providers tend to offer the same generic portfolios sourced from a limited list of perk providers. These portfolios often lack diversity from one another and fail to cater to the diverse needs and preferences of employees. Instead of offering tailored solutions, benefit providers prioritize partnerships and commissions, potentially leading to higher costs and lower-quality coverage for employees. This approach also stifles innovation and limits access to emerging trends in employee benefits. As a result, employees may miss out on opportunities to optimize their compensation packages and safeguard their financial well-being.

This is where Live Like Loyalty comes in. Unlike generic Perk Providers, we take the extra step to provide customers with the Perks they really want. With over 200 exclusive perks, we offer discounts at the local establishments which our customers frequent that no other provider can supply.

Cost-Sharing Tactics

While employee benefit providers tout their benefits packages as generous, they often fail to disclose the extent of cost-sharing. Many benefits, such gift card spending, include commissions to both companies in exchange for the customers business. This means that the cost savings provided may not be as equitable as they first seem, with employee benefit providers. It also means that the offers themselves may not be quite as exciting.

With our mission of supporting independents, we can ensure transparency in that all profits from local partnerships go directly to the independent businesses itself. We receive absolutely no commission from these partners as we strive to support them and get the best price for our valued customers!

Limited Flexibility

Employee benefits packages are typically designed with the average employee in mind, which means they may not cater to individual needs and preferences. For example, companies may provide access to a GP service, but only at certain practices around the county.

At Live Like Loyalty, we recognise that no two companies are unique. With 3 packages, we can determine the correct package for the independent needs of your company. Whether you are local or national, we can provide a unique set of offerings tailored to what makes your company unique.

Coverage limitations

Not all benefits provided in the UK are created equal, and many have limitations and exclusions buried in the fine print.

In full honesty, many of our offers are indeed limited by coverage. Many of our perks are local businesses and thus are restricted to the distance a customer is willing to travel. Our National Perks however align much with our competition in that they are redeemable anywhere in the UK! Our Telemedicine/GP service follows this trend by providing a completely virtual and comprehensive service to employees, wherever they may be based.

Complexity of Terms and Conditions

Beneath the surface of enticing benefit packages lie complex terms and conditions. From exclusions in health policies to caps on savings, the fine print can contain clauses that significantly impact the benefits employees receive. Benefit providers may not readily disclose these intricacies, leaving employees unaware of potential limitations.

Thus it becomes essential to choose a provider which can provide the utmost transparency, to not only sell you why they are right for you, but to also explain the limitations of their program. 

Changes and Cutbacks

 Employee benefits are not immune to changes and cutbacks. Companies may modify or eliminate certain benefits over time due to partner constraints or strategic shifts. These changes can occur without much warning, leaving employees with reduced benefits or having to seek alternative solutions.

This problem is one we encountered more often initially with the rate for failing independent businesses being far larger than their national counterparts. However, it is our core belief that it is by supporting these businesses that we can provide them the room to prosper and in return to provide us with their much-cherished products and services.

Accessibility and Support

While benefit providers may boast about the accessibility of their services, the reality can be quite different. Employees may encounter challenges when trying to access support or navigate the intricacies of their benefits. Long wait times for customer service and limited resources for assistance can hinder employees’ ability to fully utilize and understand their benefits.

It is for this reason that Live Like Loyalty has developed the philosophy of ‘Kaizen’ or continuous improvement. Constantly improving our app and informational database so that customers can find what they’re looking for in just a few clicks. Moreover, unlike some of our national counterparts, much of our support team know our customers and partners on an independent basis and have witnessed the growth of these beautiful businesses. Thus, it is not unusual for our staff to go above and beyond for our customers to ensure they are well and truly satisfied.

The Customer Journey

An often overlooked aspect of employee benefits is the customer journey staff require to access their newly found benefits. From our experience in the industry, every extra click required to redeem an offer disproportionately lower staff usage of the benefits themselves. This brings up the question, what is the point of paying for amazing employee benefits, if your staff are hindered from enjoying them? What am I paying all this money for?

At Live Like Loyalty, we ask ourself this question every day, sometimes two or three times just to let it sink in. It is at our very core that we want staff to redeem these packages and increase engagement as nothing makes us happier than a happy customer supporting our local independents. So, how do we do this? 

We have spent a lot of time and effort (as well as a large sum of money I will nervously omit) creating our customer centric app that lets your valued employees redeem their offer in a single tap. It really is that simple.

To conclude, not all employee benefit schemes are created equal! Ensure, you have chosen the right scheme and provider that fits the individual needs of your business and its employees. Whether its coverage, ease-of-use, flexibility, transparency or premium support; every business has fundamentally different needs which need to be aligned with the USP’s of your employee benefit provider. If you are having a difficult time choosing a provider, feel free to read our article about how to choose an employee benefit provider. Otherwise, if you feel like live like loyalty may be the right provider for you, feel free to click on the button below to request the attention of our sales team!