Employee Benefits Scheme – Boost Your Employees’ Income

Paying a good salary is not the only way to retain highly trained and motivated staff. Although the pound in their pocket is important, an employee benefits scheme allows them to save money on a range of things. The right package can even reduce stress and create much happier employees.

Successful businesses worked out long ago that to attract and keep the best staff you have to offer them more than your competitors. This is not just about offering a higher wage, but also a better work / life balance and other employee benefits that actually boost their overall income. How companies approach this will depend on the type and size of their business. For businesses that involve sales, one of the most obvious ways is to offer commission. Where this is not feasible, then share options and profit sharing give staff an added financial bonus and an active role in the future of the company. Other alternatives include offering holiday and sick pay, after school club or onsite child care, and money off vouchers for a local gym or health club. Other schemes that boost employee’s income involve salary sacrifice, while this may seem a strange notion taken at face value it does increase the amount of cash your team has. The basic principle of these schemes is that money is taken from the employee to contribute towards elements such as childcare, pensions, insurance cover, or health schemes. The amounts are taken prior to Tax and National Insurance being applied, meaning the amount of gross earnings are smaller and less Tax and NI is taken.

Whether you are looking to boost your employee’s income through tangible benefits or long-term investments, Team Rewards Ltd can help. Our experience can tailor the right employee benefits scheme, large or small, for your business and staff. Visit http://teamrewards.co.uk/, or contact us at info@teamrewards.co.uk and discuss the needs of your team today.