Many businesses of all sizes offer workplace benefits, but this post is aimed at those who don’t.
Here we look at reasons why you should consider offering workplace benefits for your employees.
When working with an experienced provider of workplace benefits, the process of setting them up and then the ongoing management is incredible simple, often with no regular admin for the business to have to oversee.
Benefits can be set up and then managed from an online hub, with employees responsible for their own choices.
One thing that puts many businesses off is a concern that setting up benefits will be a huge burden that impinges on the day to day running of the business. This could not be further from the truth.
Another concern for businesses can be that setting up and maintaining benefits will prove costly.
In reality, most benefits either save the business money (this through reduced NI contributions for example) or are at worst cost neutral.
We can provide more specific figures for any type of benefit, these tailored to your business, but the overall point is that running a suite of employee benefits will not cost the business money.
Numerous surveys have shown that employees want a job to be more than just a case of turn up, do the job, clock off, get paid.
Given the amount of time we all spend in work, there has to be more than that – a sense of belonging, and that the employer is an employer worth working for.
There are all manner of ways this can be aided, and having a clear aim of purpose and central goal people believe in is certainly key.
However, offering a suite of benefits ifs also a superb tactic.
The benefits demonstrate that the employer cares for those employed, they go beyond the basic of simply offering a salary and instead do things that are of value to the employee, potentially making their life easier or saving them money. Speaking of which…
Many of the benefits can help employees make significant savings. Chief among these benefits is the Workplace Nursery Scheme, this whereby a business links with a local nursery.
This benefit alone has the potential to save any working parent thousands of pounds – they get the same great nursery placement, but it is paid for as a salary sacrifice and so there are huge savings against tax and NI.
Other benefits that save money are the Discount Club – this offers a range of discounts, including huge savings against High Street stores.
Gym membership paid for as a salary sacrifice is a popular benefit, so too car leasing.
Any employee taking advantage of benefits will make significant savings, in an era when it is hard to find the funds for salary increases, this benefit can have the same impact – after all saving thousands is as real a boost as earning extra money.
The workplace nursery is an example of making employees’ life that bit easier – superb local nursery places sourced, just at reduced cost.
However, getting to and from work can be made easier through a Cycle to Work scheme or discounted workplace parking.
An innovative benefit such as the Holiday Exchange Scheme also allows employees to either buy or sell a week’s holiday, thus ending up with a holiday entitlement more in keeping with their needs.
This helps people who need extra time off in the summer, but also means that those who do not want the full holiday entitlement can work more and get paid for it, rather than simply using up leave just for the sake of it.
A huge benefit for employers with this benefit is that it encourages employees to give real thought to how much holiday they need and this in turn tends to lead to people booking earlier. Business planning becomes that bit more straightforward.
It is not always easy to first get and then keep the best employees.
Anything that can help in this battle is to be considered and workplace benefits are one great tactic. The benefits show that the employer cares, but also provide tangible benefits, this all making any employee less likely to leave.
During the recruitment process they are also a positive that can be mentioned to any would-be recruit.
The more links a person has to a company, the less likely they are to leave. If they are getting their car through a workplace leasing scheme, their childcare through workplace nursery placement and their gym membership at a reduced rate through their workplace then they have extra, compelling reasons to stay.
Many benefits lead to financial savings but others also boost health. Some, such as reduced price gym membership do both of course.
Health and dental plans are common workplace benefits, another superb option to mention is the Employee Assistance Programme. Used by businesses of all sizes, this is a confidential service that enables any employee to talk through any issues that might be affecting them.
An employee suffering with depression, or who has an addiction might not feel comfortable talking about this with a manager, all the time their health could suffer and so too their work – they might not even feel able to attend work.
The EAP is not a magic solution, but it does give that opportunity to talk in confidence, 24/7, to a highly skilled operator.
The EAP helps any employer fulfil their important duty of care towards employees.
At Enjoy Benefits, setting up workplace benefits is what we do, helping businesses come up with a suite of benefits well matched to how many employees they have and the nature of their workforce.
If you would like an obligation free chat to discuss which benefits might work for your business and your employees, please contact us by calling 0800 088 7315 or using our Contact Form.