So which employer super platform is doing it right, or at least better than others?
Product Vs. Service
As with any industry, employer super can be looked at in terms of product offering and service proposition when determining value.
Most employer super products are the same, or very similar. Most successful advertising campaigns on employer super products focus on cost and investment returns, rather than the quality of individual servicing. Most of the market is conditioned to gaining a perception each year of how their product performed from an investment point of view. Many employers and employees aren’t able to readily identify product weaknesses.
From a service point of view, most product providers do the minimum and are reactive rather than proactive, simply answering general questions from their client base and focusing on client retention. They predominantly offer a standard service model, rather than personal scaled advice.
Some product providers have a scaled down product design to minimise their cost structure, while other product providers offer additional (and often underutilised and ultimately pointless) features at a higher cost. Most employer super product providers basically win over their client base based on less than substantive value proposition and retain business by limiting information. Competitive products are not a reliable source of information as they will simply highlight what is wrong with the current arrangement and how they can do it better.
The AXIS Service Model
As the employer market is largely uninformed about the quality of the employer plan they are offering to their workforce, it is difficult for any employer to use super as an employee benefit in attracting, retaining and motivating their staff. This is a missed opportunity.
Employers have a duty of care to deliver value around super as an employer funded employee entitlement and failure in this regard might be a future problem for governance. At present many employers do not manage super as a key remuneration benefit and therefore there is a high probability that value is being under-delivered.
At AXIS we have made a point of collating information around different platforms and service options available from different product providers in order to compare different product models on design and performance against their peer group.
Get in touch with us directly at email@example.com or by phone on Freecall 1800 111 299 to access your own free two-page tailored analysis on your current employer super arrangement and learn whether it is providing value as a benefit, or whether there is room for improvement.