Employee Benefit Scheme - Stand Out From The Competition With Employee Benefit Schemes

Paying a great salary isn't the only method to keep a hold of highly trained and motivated staff. Even though the pound in their pocket is essential, an employee benefit scheme enables them to spend less on a variety of things, and thus they will make some great savings. Read on to discover all you need to know.

Successful companies worked out long ago that to bring and retain the very best staff you need to give them more than what your competitors offer. This does not only mean you have to provide a greater wage. For instance, an improved work / life balance is a valued employee perk, and there are other employee benefits that really boost their income. How firms approach this depends on the size and type of their company. For instance, if you run a sales-based business, a commission benefit would be an obvious choice. Other options that are worth considering include offering vacation and sick pay, after school club or onsite childcare, and money-off coupons for a gymnasium or health club in the local area. Other schemes that boost a worker's income include salary sacrifice schemes. While this might seem an unusual scheme taken at face value, it can boost your employees’ level of income. The basic principle of these schemes is that cash is taken from your worker to put towards the likes of childcare, pensions, insurance cover, or health schemes. This cash is taken before Tax and National Insurance are applied, meaning gross salary is smaller and less Tax and NI is required.

Team Rewards Ltd can help you to put together the best benefit package. With our expertise, we can tailor the right employee benefit scheme to your company and staff. To find out more, head to http://teamrewards.co.uk/, or contact us at info@teamrewards.co.uk and discuss the needs of your team today.

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