The FINANCIAL — Employees waste an average of £210 and £310 a year on electricity and dual fuel bills, respectively, because they have not switched providers, according to new data from Mercer Harmonise.
The data shows that, on average, employees could reduce their electricity bills by 18% and their gas bills by 22%.
Mercer Harmonise, a service from Mercer, a global consulting leader in advancing health, wealth and careers, and a wholly owned subsidiary of Marsh & McLennan Companies, analysed data from 330 users of its latest service, a price comparison tool which allows employees to find the best provider across a range of services.
The service has been developed by Mercer Harmonise in partnership with its digital data partner Runpath and aims to help employees take control of their finances and get more for their money.
“Time is a precious commodity for employees, we are aiming to provide a range of benefits that drive convenience and simplify life but do not increase cost for the employer” says Niall O’Callaghan, Partner at Mercer.
Continuing on the theme of convenience, a Digital Filing Cabinet has also been launched alongside the price comparison tool, allowing users to safely and securely store all their documents in one place. The Cabinet takes the information users have previously selected or entered in Harmonise, such as pension plans and insurance policies, and allows the user to digitally add documents which are then available to access form any device. Users can access any policy or paperwork abroad, away from home, in an accident or following a flood.
Within the Digital Filing Cabinet, users have automatic reminders set up against their existing policies and can create their own, allowing them to set deadline reminders to look for a new or better product. The platform can use the prepopulated data to then prompt users to use the price comparison service to compare deals on gas, electricity, current accounts, savings accounts, mortgages, loans and credit cards.
“We know that financial demands are making employees stressed and impacts on engagement and productivity and it’s our goal to do what we can to help HR departments counter that,” said Niall O’Callaghan. “The launch of our Digital Filing Cabinet and the price comparison tool are just the latest steps in helping HR departments improve the health and wealth of their employees.”
According to J-P Wilkins from Runpath, “We are delighted to partner with Mercer as we jointly develop new innovations that take advantage of our data driven technology services, enabling people to engage with their money more effectively and more easily and making employee benefits part of their wider financial world. The unique integration of the Digital Filing Cabinet and comparison services inside their overall Harmonise account demonstrates how powerful our platform can be when a partner has ambition and vision focused on the end consumer.”
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