Supplemental health insurance, life insurance, and savings plans: key elements of attractive HR policies

Malakoff Humanis has published the results of an in-depth study that reveals the many facets of the definition and composition of employee benefits and compensation, depending on whether employees or company executives are surveyed. 

The survey also highlights employees’ expectations and their lack of awareness of these benefits, even though they are essential for developing innovative and effective HR policies in a context where recruitment challenges are intensifying and employee expectations are changing rapidly. 

While the topic of the social contract is not new, this study shows that it should be revisited regularly to make it a tool that enhances a company’s appeal and fosters employee loyalty.
 

Social Protection and Savings Programs: Strategic Assets in Corporate HR Policy
Nearly 39% of employees surveyed report having little knowledge of the social and salary benefits available to them, a figure that rises to 49% in very small businesses (VSBs). And 43% of respondents feel they have only a superficial understanding of these benefits. Nevertheless, 59% of executives report going beyond the mandatory legal requirements regarding social protection. Whether due to a lack of information or a lack of clarity, this presents a real challenge in promoting the value of HR policies.
 

Supplemental health insurance (for 65% of employees and executives), life and disability insurance (for nearly 70%), and support for employees facing personal challenges (for nearly 50%) are now key HR issues for both executives and employees, and are widely supported by the latter.
 

These factors are closely followed by savings programs—employee savings plans and supplemental retirement plans—which, for nearly 70% of employees and 60% of executives, are a key motivator. They also contribute to the company’s attractiveness (according to 66% of employees) and to employee retention (according to 56% of executives). 

Finally, according to 59% of employees who benefit from them, these programs help build a relationship of trust between employers and their employees by offering security in the face of a future perceived as uncertain. Furthermore, the majority of employees (two-thirds) are highly responsive to the socially responsible nature of these investments. For companies, these programs serve as a competitive advantage and a distinguishing feature in the job market.
 

Young employees, particularly those aged 18–24, are particularly receptive to these issues: 78% (+16 percentage points above the average) consider saving to be an important factor. However, despite this enthusiasm, one-third of companies have not yet implemented a savings plan, even though this represents an opportunity to attract new entrants to the labor market.
 

Formalizing a New Social Contract: A Shared Need
In light of these findings, employees and executives agree on the need to formalize their mutual commitments through a modern, structured “social contract.” 75% of executives and 80% of employees express the need to clarify and better communicate these commitments in order to improve labor-management dialogue, enhance the value placed on work, and structure the employer-employee relationship.
 

Today, only 14% of the executives surveyed report having formalized such a contract. Given the importance of these elements, they should be given greater visibility within a framework that is fully aligned with corporate social responsibility initiatives.
 

This original study by Malakoff Humanis highlights the strategic importance of social protection and savings programs for companies that want to anticipate changes in the labor market and position themselves as leading employers.
 

According to Olivier Ruthardt, Deputy CEO in charge of human resources at Malakoff Humanis: “New expectations—particularly regarding protection and safety—have taken root since the COVID era, reinforced by the arrival of generations that are 100% digital natives. Combined with recruitment challenges in certain sectors, these trends are prompting employers to revisit this ‘social contract’ and enhance it to create a lasting bond between the company and its employees.”