Employee benefits are more than just a little add-on for employees – they’re an essential part of building a workplace culture that really looks after its staff.
Benefits can be used to provide support in a wide range of ways – from employee health and wellbeing through to support with childcare vouchers, these are all things that make employees’ lives that little bit easier, their time at work that little bit better. Here are the four biggest reasons why all organisations should be offering benefits to their staff.
INCREASE APPEAL
With more jobs available, candidates can be more selective about where they work, and this means that when it comes to securing qualified employees that are highly skilled, dedicated, and will bring strength to a business, companies need to do more to stand-out and make their business a competitive one. A strong benefits package will help to attract high-quality employees, and can be a crucial factor for potential candidates in deciding whether to join your company. It also encourages talk among peers outside of work, which is useful for attracting new recruits. It’s all about making your organisation look like a better place for people to come and work – because it actually is!
RETAIN TALENT
It costs more to find a new employee than it does to keep an old one. Staff turnover also causes disruption and loss of continuity for co-workers and customers alike, so once companies have great employees on board, the focus turns to how to keep them from jumping ship. As many organisations now offer a benefits package, employees no longer just compare salaries when considering a new position – they review an offer in its entirety and weigh up its total value. An above-average employee benefits package can go a long way in keeping employees at a business.
BOOST MORALE, ENGAGEMENT AND PRODUCTIVITY
Benefits are a highly emotive thing. Providing staff with the ability to enjoy activities that are important to them, or help them save money in their personal lives, shows how much they’re valued. This is endlessly preferable to a small (taxed!) cash bonus that’s expensive for the business and underwhelming for the employee. Benefits can make a real contribution to lifestyle choices or leisure activities – creating that all important feel-good factor which boosts morale, engagement and productivity, and inspires loyalty. Unhappy employees are unlikely to be engaged or productive employees, and this will have a knock-on effect for the prospects of a business.
SAVINGS FOR EMPLOYERS AND EMPLOYEES
Benefits that operate via salary sacrifice or net pay deduction, where the employee gives up part of their salary in return for a non-cash benefit such as childcare vouchers or private healthcare can be financially beneficial for both employer and employee. They may be able to benefit from reduced tax and NI contributions – as may their employers. A competitive employee benefits package has significant power not only to attract the best, but also to retain the best. Employers who value their staff today will be those that benefit tomorrow.
HOW CAN GROSVENOR INSURANCE BROKERS HELP YOU?
Here at Grosvenor, we can offer tailor made Employee Benefits packages to suit your business and employees. These packages include:
- Group Health Insurance
- Death in Service Cover
- Group Life Insurance
- Group Income Protection
- Group Critical Illness Cover
For further information please contact via email carol@grosvenor-insurance.com or telephone Carol Powell, Director of Life Services on 07708420771.