De verzekering gewaarborgd inkomen: van lelijk eendje naar mooie prinses?

1. DE VERZEKERING GEWAARBORGD INKOMEN: VAN
LELIJK EENDJE NAAR MOOIE PRINSES?
PROF DR XAVIER BAETEN

2. © Vlerick Business School
TOPICS
Guaranteed
income
1. Study-sample
2. Employee perceptions on risk for
occupational disability
3. Financial aspects of occupational
disability
4. Employee appreciation for
guaranteed income insurance
5. A smell of strategic rewards

3. 1STUDY - SAMPLE

4. © Vlerick Business School
ABOUT THE STUDY

5. © Vlerick Business School
ABOUT THE STUDY
Research into personal
experiences and expectations
with regard to occupational
disability and the employer’s
role in this respect
1.071 respondents

6. © Vlerick Business School
RESEARCH QUESTIONS

7. © Vlerick Business School
THE SAMPLE
51%49%
Male Female
11%
6%
30%
29%
24%
0%
5%
10%
15%
20%
25%
30%
35%

8. © Vlerick Business School
OCCURRENCE OF CARE-RELATED BENEFITS
27%
51%
75%
83%
64%
68%
80%
86%
13%
32%
42%
56%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
'Contractual' civil
servant
Clerk Professional/expert Management
Pension plan Hospitalisation insurance Guaranteed income

9. © Vlerick Business School
GUARANTEED INCOME
Clerk: 17%
Professional/expert: 13%
Management: 11%
Entitled to guaranteed
income
• Sample: 38%
• Belgium (market
data): 18%

10. © Vlerick Business School
OCCURRENCE OF CARE-RELATED BENEFITS
17%
20%
31%
32%
NONE 1 OUT OF 3 2 OUT OF 3 3 OUT OF 3

11. 2EMPLOYEES’ PERCEPTIONS ON (THE RISK FOR)
OCCUPATIONAL DISABILITY

12. © Vlerick Business School 12
3
11
27
39
20
0
5
10
15
20
25
30
35
40
45
%RESPONDENTS
Average 3,6/5
Fully disagree Disagree Slightly disagree Agree Fully agree
“I think there is a real chance that I will be confronted with a period of
occupational disability during my career”
59%

13. 3FINANCIAL ASPECTS OF OCCUPATIONAL
DISABILITY

14. © Vlerick Business School 14
8
14
18
32
29
0
5
10
15
20
25
30
35
%RESPONDENTS
Average 3,6/5
Fully disagree Disagree Slightly agree Agree Fully agree
"I believe I won’t be able to maintain my current standard of living
in case of occupational disability"
61%

15. © Vlerick Business School
9
29 29
19
13
0
5
10
15
20
25
30
35
%RESPONDENTS
Average 3/5
Fully disagree Disagree Slightly agree Agree Fully agree
15
“I will have financial problems in case of occupational disability”
32%

16. © Vlerick Business School
RELATIONSHIPS
Occupational
disability risk
Negative
financial
implications of
occupational
disability
Gender
Monthly gross
salary
Dependants
Single
Age
Guaranteed
income insurance
in place
16

17. © Vlerick Business School
SOCIAL SECURITY BENEFIT IN CASE OF
OCCUPATIONAL DISABILITY– AS IS
2-12 months
Dependants 60% gross salary
Single 60% gross salary
Cohabiting 60% gross salary
17
Legal ceiling since 01/09/2018: €44.468,70

18. © Vlerick Business School
ESTIMATION SOCIAL SECURITY BENEFIT IN CASE OF
OCCUPATIONAL DISABILITY
Estimation Reality Estimation Reality
Dependants
(N=384)
68% 60% 61% 41%
Single
(N=258)
66% 60% 59% 44%
Cohabiting
(N=429)
65% 60% 61% 45%
Gross salary<€43.596,79 Gross salary>€43.596,79
18

19. © Vlerick Business School
ESTIMATION SOCIAL SECURITY BENEFITS +
GUARANTEED INCOME INSURANCE
Duration Average Most frequent
estimations
2-12 months
occupational
disability
78% of
gross salary
80%: 14%
100%: 28%
19

20. © Vlerick Business School
ESTIMATION SOCIAL SECURITY BENEFIT IN CASE
OF OCCUPATIONAL DISABILITY
0% 20% 40% 60% 80% 100%
Gross salary<€43.596,79
Gross salary>€43.596,79
26
62
74
39
Overestimators The rest of the sample
The higher the
salary, the
higher the
overestimation
20

21. © Vlerick Business School
DEGREE OF OVERESTIMATION
33% 33%
24%
38%
72%
113%
0%
20%
40%
60%
80%
100%
120%
<€2.500 €2.501 -
€3.000
€3.001 -
€4.000
€4.001 -
€5.000
€5.001 -
€6.000
>€6.001
%OVERESTIMATIONSOCIAL
SECURITYBENEFIT(MEDIAN)
21

22. 4EMPLOYEE APPRECIATION FOR GUARANTEED
INCOME INSURANCE

23. © Vlerick Business School 23
3 2
5
31
59
0
10
20
30
40
50
60
70
%RESPONDENTS
Average 4,4/5
Fully disagree Disagree Slightly agree Agree Fully agree
“I strongly appreciate that / would strongly appreciate my employer to
provide guaranteed income insurance”
90%

24. © Vlerick Business School
APPRECIATION FOR GUARANTEED INCOME
INSURANCE
1,0
2,0
3,0
4,0
5,0
Clerk
Professional/expert
Management
4,3 4,5
4,4

25. © Vlerick Business School
APPRECIATION FOR GUARANTEED INCOME
INSURANCE
1,0
2,0
3,0
4,0
5,0
< 40y
40-55y
> 55y
4,3 4,4 4,5

26. © Vlerick Business School 26
5
14
26
33
22
0
5
10
15
20
25
30
35
%RESPONDENTS
Average 3,5/5
Fully disagree Disagree Slightly agree Agree Fully agree
"I believe it is my employer’s responsibility to provide an insurance that
supplements my social security benefit in case of occupational disability"
55%

27. © Vlerick Business School
PERCEIVED ORGANISATIONAL SUPPORT
=“EMPLOYEES’ PERCEPTION OF THE EXTENT TO WHICH THE ORGANISATION VALUES THEIR
CONTRIBUTIONS AND CARES ABOUT THEIR WELL-BEING” (EISENBERGER ET AL.,1990)
3,4
3,1
2,0
2,5
3,0
3,5
4,0
POSScore(/5)
Guaranteed income insurance + health insurance +
supplementary pension
No insurances
27

28. © Vlerick Business School
WHAT IN CASE OF EMPLOYEE SELF SERVICE?

29. © Vlerick Business School
WHAT IN CASE OF EMPLOYEE SELF SERVICE?
38%
25%
29%
8%
Supplementary pension Hospitalisation insurance
Guaranteed income insurance Payment in cash
29

30. © Vlerick Business School
REALISTIC SCENARIO

31. © Vlerick Business School
RISK COVERAGE WITHIN GUARANTEED INCOME
INSURANCE
4,5
4,2
4,1
3,9
3,4
1,0
2,0
3,0
4,0
5,0
Severe disease Work accident Mental illness Private accident Pregnancy
Very important
Important
Slightly important
Unimportant
Very unimportant
31

32. 5A SMELL OF STRATEGIC REWARDS

33. © Vlerick Business School
STRATEGIC REWARD MANAGEMENT
THE VLERICK MODEL
33

34. © Vlerick Business School
REWARD STRATEGY
INGREDIENTS
Reward
principles
Reward
governance
Reward
criteria
Reward
mix
Reward
positioning

35. © Vlerick Business School
REWARD STRATEGY
REWARD MIX

36. © Vlerick Business School
REWARD STRATEGY
REWARD MIX

37. © Vlerick Business School
REWARD STRATEGY
REWARD MIX

38. CONCLUSION

39. © Vlerick Business School
FROM RESEARCH QUESTIONS TO ANSWERS
Material
Mind the gap!
Perceived
organisational support

40. © Vlerick Business School
IMPACT OF COMMUNICATION ON PERCEIVED
ORGANIZATIONAL SUPPORT
-0,2
-0,1
0
0,1
0,2
0,3
0,4
0,5
Age Job level Salary Communication
satisfaction
What drives perceived organizational support?
Standardized
beta coefficient
40

41. © Vlerick Business School
GUARANTEED INCOME INSURANCE MARINATED
IN A TRIPLE C STRATEGIC REWARD CONTEXT
Care
Communication
Custo-
misation

42. © Vlerick Business School
xavier.baeten@vlerick.com
www.linkedin.com/in/xavier-baeten
HAPPY
TO CONNECT