The market progresses
18 October 2021
The pandemic, along with the changes in our working and personal lives, has accelerated trends in our industry which were previously just beginning to emerge.
We’re firm believers that change ‘takes a village’. As an industry we have to work together if we’re to achieve the goal of giving employees the same experience they have with their workplace technology with what they have at home. Easy access and management should be available to all employees when it comes to workplace benefits and pensions – regardless of the size of company they work for. Our September 2021 study showed that 79% of SME businesses have it on their short-term roadmap – a significant proportion.
This being said, we’re really excited to see this change happening in our industry, bringing more to SME businesses when it comes to benefits – we are seeing Employee Benefit Consultants support the delivery of digitised benefits whilst being underpinned with good education and wellbeing tactics to support, increasing understanding and platform engagement. A very well know Benefits and Wellbeing consultancy has recently gone live with digital benefits and we’re proud to see such a brand reach so many employees to really make a difference and shift into the new normal.
Advisors, whose mission is to deliver exceptional employee experiences and to help businesses ‘think today, about improving their tomorrow’, are using Cloud8’s BEAM at Work™ platform to offer a simple and affordable way to provide digital, cloud benefits to SME businesses wishing to switch a handful of simple benefits online.
“A shift is starting to take place, as we see big names leading the way.”
In our recent study with HR professionals from a number of SME businesses in the UK, it became clear that there is significant demand for online solutions that don’t cost the earth, and giving employees the detailed access to their policies whilst working remotely – going digital is on the radar of 97% of businesses and 70% of those are looking to their advisor for a steer in the right direction… By advisors offering digital benefits and investing in improving the service their clients receive, opportunities open up for everyone within our community. It’s a virtuous circle, as having employees who are engaged with their benefits package, leads to employers meeting their strategic HR goals, which in turn leads to satisfied advisory clients – opening up significant client and revenue development opportunities.
At our recent webinar, our Founder Ian Rummels, gave a message to our employee benefits community: “Further discussion between the ‘platform world’ and ‘advisory world’ around how we work with providers, will be crucial in the months ahead if we’re to introduce and embed digital infrastructure. The many benefits it can provide up and down the value chain, into the employee benefits industry will be a game-changer. It’s the responsibility of us all to create change that’s absolutely needed in our industry.”
The secret of change (according to Socrates) is simple “to focus your energy, not on fighting the old but on building the new.” We couldn’t agree more and we’re looking forward to taking this journey with more EBCs, providers and employers in the coming weeks.
The benefits landscape is changing fast and big brands are leading the way – meaning it’s time for everyone else to follow, or get left behind. Now is the time for advisors to take the next step into the digital world in order to get ahead of the rest, offering employees a truly valuable benefits experience at their fingertips! Affordable solutions for advisors looking after SME businesses are now here – explore the BEAM at Work™ product to elevate your offering…