The Why and The How
The Why and The How
The Benefits of Benefits
A. Because you simply cannot afford not to.
Business has never moved at such a fast pace or been quite so competitive. It pays to look after the health of your company and the people on your team.
A good employee benefits package will help you to:
- attract and retain a talented workforce
- improve employee morale
- create opportunities for promotion and advancement, as workers resign, retire, or move to other positions within your organisation.
Making the Choice
Now that you know why you need a benefits package, how can you create one that ticks the right boxes?
Every employee benefits package needs to be:
- simple to manage
- designed to increase employee engagement.
Choosing the right scheme will depend on your company size, level of investment and your employees’ expectations.
Hiring an external specialist to manage your employee benefits package will ensure that you stay ahead of your competitors.
In selecting a consultant or a broker, we recommend considering the following criteria:
- Do they have a proven track record?
- Do they have the right technical qualifications to make suitable recommendations?
- Can they offer everything you need?
- Are they familiar with your size & type of business?
- Do they offer support to your employees?
- What level of reporting do they offer?
- How much do their services cost?
We can create a strong, relevant and well-communicated benefits package which not only gives your business a recruitment advantage, but will also help you to retain satisfied, committed workers.
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Your package might include any or all of the following:
- Benefits that provide for retirement:
With most people living well beyond State Pension age and every UK employer now legally obliged to enrol their employees and make contributions into a pension scheme, choosing and managing the right pension scheme has never been more important.
- Benefits that save for the future:
More and more businesses now offer extra opportunities for employees to save or invest money through their workplace, above and beyond the company pension scheme. Typical options include Workplace ISAs and share schemes.
- Benefits that provide for illness or injury:
Income Protection, Private Medical Insurance, Dental and Optical Insurance, Critical Illness Insurance, Sports Injury, Health Screening and Sick Pay Insurance are all increasingly common components of employee benefits packages.
- Benefits that provide for death:
Life Insurance (also called Death in Service) pays a tax-free lump sum if an employee dies, to provide support for the people who depend on them financially, such as their partner or children.