The job market is exceptionally competitive, which is why employee benefit schemes are so important. In this post, we are going to take a look at the real impact such schemes have while also introducing you to some of the options that are available to your business.
In a study conducted by Canada Life Group, it was revealed that 26 per cent of employees in the UK do not receive benefits from their employer. These businesses are missing out on a massive opportunity. The Employee Benefits’ The Benefits Research revealed some very interesting statistics regarding the importance of employee benefits. This includes the fact that 84 per cent of employers feel that it helps with retention while 83 per cent stated that it makes recruitment easier. Other benefits include: encouraging the right behaviour, lowering their National Insurance bill, promoting work-life balance, keeping the business in line with competitors, fitting with the employer’s brand, and improving wellbeing. There are many different benefits you can choose from, including retail discounts, cinema tickets, dining, healthcare, childcare vouchers, shares, gym membership, and car allowance. With a salary sacrifice scheme, employers give up part of their salary in exchange for benefits. This can be particularly beneficial for certain employees, for example, those with children. After all, many parents cannot afford childcare, and this can conflict with their ability to work. So such a scheme would be beneficial to them as well as you. Parents will be able to use the vouchers to pay for registered childcare while you will be able to hold onto your best employees.
Hopefully, you now have a better understanding regarding the importance of employee benefit schemes, as well as a glimpse at the different type of options that are available. You need to assess your workforce and determine their needs in order to decipher the best package.