How employee benefits can make a difference to your business
Posted: Wed 23rd Jun 2021
Every size of business needs to have happy, motivated and productive employees to help it succeed. It’s an accepted fact that engaged people are more productive, and this in turn leads to greater business success and profitability.
Yet, even in the current climate, businesses can still struggle to attract and retain the right people with the right skills. Retention issues can be costly, both in terms of time and money, with it taking up to eight months for an employee to be trained and fully productive.
Plus, the average cost in the UK of recruiting, training, and paying an employee (only to have them leave) is £30,000. This is in addition to any negative, demotivational effect the departure of a colleague can have on the remaining workforce.
Modern-day employees aren’t afraid to say what they look for in a job. It certainly isn’t salary alone. Potential employees do seek a competitive salary and employee benefits package, but also flexible working (both in terms of time and location); career progression opportunities; and a positive company culture – to name but a few.
SMEs have a lot to offer in this respect, but employee benefits often get neglected because small businesses may think these can only be afforded by larger businesses with deeper pockets. Not true. By offering a tailor-made employee benefit package to suit your business needs, your workforce, and your budget, it can make the difference between attracting and keeping the best people or losing out to competitors.
Can my business afford employee benefits?
It’s a question that we often get asked, and the answer is usually a resounding yes! There is a huge choice available to suit all businesses and budgets.
As a simple example, if you have 10 employees and effect a plan (Health Cash Plan) that pays towards:
Dental and optical treatment
The costs of chiropractors/physiotherapists
An Employee Assistance Programme offering access to trained counsellors about any worries (e.g. financial, health, relationship, bereavement etc.)
A platform offering a huge range of discounts and offers
You may be surprised to find out that the cost starts from as little at £600 per year – for all 10 people. It has the added advantage of reducing employee time off work by encouraging them to look after their everyday health. Regular dental and optical check ups can pick up early warning signs of more serious illnesses that can lead to long-term absence. And getting physio treatment for aches and sprains without waiting for a GP referral helps avoid employee time off too. It’s a very popular benefit for employer and employee alike.
In recent months employees seem to have become more interested in benefits that would support them and their families in the event of death or illness. People have become so acutely aware of the importance of good health, and the increasing NHS waiting lists can cause concern. Therefore, employers who offer Life Cover, Illness Cover and Private Medical Insurance will position themselves well as caring and benevolent.
What size business are employee benefits suitable for?
Employee benefits are available to businesses with three employees upwards. There is access to the whole of the market at five employees plus. Our own approach is to talk a business through their options and obtain costings for them. That way they can make an informed decision about what is possible for the budget they have. We don’t charge for this consultation, and there is no obligation to proceed.
How much time do benefits take to set up and administer?
We make it easy. From the initial setup to helping with changes throughout the year, and answering queries, we remove the time and hassle. In addition, we conduct a proactive annual renewal every year to make sure our clients always remain on the best terms and pricing. We do the ‘shopping around’ to save our clients time and get them the best deals.