InsightsInsight - Employment & HR - POSTED: October 19 2016
If you think the phrase ‘employee benefits’ means the benefit is exclusively to the employee, then think again! A good benefits package offers employees the chance to plan for the future or protect their families and themselves in the event of ill health or death, whilst also saving time and money when compared to organising private provision.
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For employers, a strong and well communicated benefits package attracts the pick of the candidates at recruitment whilst strengthening the bond to retain happy and committed employees.
So what can you offer?
Pensions offer your employees the chance to plan for their future beyond their working life. You may be looking to fulfil your basic obligations in view of auto-enrolment or wish to offer a more comprehensive pension with greater flexibility around employee/employer contributions and flexible retirement options.
Protection benefits such as group life assurance, critical illness and income protection cover offer your employees the option to receive capital lump sums and/or a continuing income in the event of death or ill health which can reach beyond simple short term sick pay benefits to offer protection beyond the subsistence levels associated with state benefits.
Beyond these core financial planning and protection benefits, lifestyle benefits are becoming more and more popular. These can range from childcare vouchers to meet the essential childcare needs for your employees whilst they are at work to further health related benefits such as health screening, private medical insurance and even gym membership.
If your employee’s commute, then interest-free travel loans or car allowances may attract the best people whilst share schemes for larger employers can really commit your staff to drive the performance and profitability of your company.
Whatever the mix of benefits, a well constructed benefits package will help you stand out from the crowd to recruit, retain and motivate the best employees for your business.
So think again, the phrase ‘employee benefits’ only tells one side of the story.
Download our factsheet on employee incentives and the right balance.
If you are interested in introducing new or reviewing your existing benefits package then contact Terry Burgum at Brachers Wealth Management on 01622 690691.
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