You know the saying – healthy body, healthy mind.
It’s true, but it’s also a bit dated. How about updating it a little. How about – healthy bodies, healthy minds, healthy employees, healthy workplaces.
Admittedly it might not be quite as catchy but it is every bit as accurate.
If your employees are healthy and stay fit they will stay sharper, more motivated and they will be less susceptible to depression – exercise as a way to combat depression being recommended by the NHS.
Of course, many employees will already have active lifestyles and a large percentage might well have a gym membership.
What if that membership was cheaper though – the exact same level of membership just costing less per month. What if the benefit also reduced the employee’s National Insurance contributions, standard rate tax payers receiving a 12% NI reduction on the benefit value.
If it was as simple as just giving their details, then staying members of the same gym (even keeping the same locker) just getting it for less, well, it would be a rare person who didn’t take advantage of that offer.
Offering gym memberships at corporate rates is one of the most popular employee benefits and with good reason.
The reduced rates encourage many without memberships to sign up, the fact they will be using a gym where fellow employees go makes it an appealing choice, the gym can become a social extension of the office. Being cynical, maybe a few business issues will even be discussed in the pool or during a game of squash…
For would-be employees too, the benefit can be part of a range of employee benefits that help an employer stand out, helping them to both recruit the best people but then also to retain them.
Employers, as well as seeing boosts to staff retention and a potential drop in absenteeism, can also reduce the premiums on some corporate PMI schemes and saves Class 1 NI as a salary sacrifice.
As a benefit, it is similar to childcare vouchers, car parking season tickets and cycle to work schemes in that it is helping employees get something they already require and may well already be using.
The scheme works by the employer paying for the membership in advance, with the employee then paying it back via their salary over the 12 months.
At Enjoy Benefits, we have a wealth of experience helping businesses introduce gym membership offers as well as a host of other benefits.
We would undertake all the administration and there is no set-up cost. The fact that we work with more than 1,300 companies means we have been able to negotiate sizeable reductions with a wide range of gyms, not to mention other benefits such as mobile phone service providers and car leasers.
If you would like to know more about setting up a gym membership scheme, or how to offer a suite of employee benefits, please get in touch with us on 0800 088 7315 or visit this page to leave us a message.