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At Honan, we’re big believers in growing an exceptional brand, business and reputation through exceptional people. People with market-leading expertise, proven results and a fierce commitment to serving their clients, but also people with creative, considered points of view and a willingness to share them. Michael Atta, Head of Sales - Employee Benefits, is one of them. We asked him about trends impacting the Employee Benefits landscape, his secret to a long and successful career in insurance and much more.
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I completed high school back in 1979 and rather than going to university, I accepted a role at a bank. I ended up having a 26-year career in the bank which had me working in a broad range of roles, providing me with great experiences and a broad skill set. From being Manager of International Exchange where I headed up a team of foreign tellers and traded in foreign currency and gold to being one of the very first mobile Home Loan Managers. In 1996 I was invited to train as a Financial Adviser, which ultimately took me to where I am today. Fast forward ten years, and following an introduction by a mutual friend to Damien Honan, I joined Honan to set up Honan Financial Services.
Initially, we were a Financial Advice Business until 2010 when Damien encouraged me to explore opportunities around employee Benefits which ultimately led to Honan being a market leading Employee Benefit Advice Business. At the age of 18 joining the bank, I would never have thought that one day I would be in a role that provided me with the opportunity to travel the world and assist large multinationals establish effective employee benefit programs as they expand into the APAC Region.
When I log in each morning, overnight out of the US and Europe I will have received various enquiries around employee benefits and the local market. That can range from a simple enquiry about leave entitlements and superannuation to global brokers introducing me to a multi-national client establishing a local entity and wanting advice and assistance in setting up a competitive local benefits program.
My role is to work with the global broker and client to recommend an employee benefits program that will complement their global offering and meet local benchmarking to assist with the recruitment and retention of qualified employees which ultimately will help with the establishment and growth of their local entity.
Employees today are seeking greater work-life balance and flexibility. Companies who acknowledge this and work to create an office environment that encourages them to come in, stimulating greater collaboration and fun, are setting themselves up for success. This in turn creates a working environment for employees to achieve success and to be invested emotionally in the business.
Wellness and in particular mental wellness and awareness will have the biggest impact. Post COVID there has been greater focus on mental health and the impact on productivity. Businesses are now looking at initiatives that support the mental well-being of employees and their families and offer access to services and support when required.
Employers will often spend up to 5% + of payroll on funded benefits but don’t adequately invest in promoting funded company benefits, encourage employee engagement or position the company as an employer of choice.
Employee benefits are a major investment in a company’s biggest asset, their people, and a surprising number of companies do little to promote the benefits and actively use the benefits to create a positive work culture. Utilisation of benefits will lead to greater productivity, less turnover of employees, and a positive work culture.
Take time to speak and understand what is important to them. Acknowledge their relevance in the market and see that this generation brings new skills and mindsets. Embrace that so it can assist in business growth and position your business as an employer of choice.
I’ve always looked at a point of difference where I could bring my skill set to the fore and separate myself from the competition.
Work hard, play hard, and always challenge yourself because comfort creates complacency.
When I look back on my career, I have no regrets and feel privileged because of the opportunities granted and life experiences gained. My advice to young people is to not be afraid to explore different roles, have an open mind, and don’t be in a rush to lock yourself into a career. Life is about diversity and change and for some people it takes time to understand and fully realise what your passion is and what you are good at. Learn to pivot and do something you love.
Over the years I have had a few great mentors that I would model myself on and meet for a coffee or share lunch to learn and be inspired. As I got older it has been younger people that I work with who have inspired me, challenged me and helped to stay young.
