Whether you are new or seasoned in the employee benefits arena, devising a holistic care package should be your aim. It’s no good offering a one-size-fits-all approach that’s irrelevant to your workforce. It’s important that you take feedback and employee input into consideration.
Employee benefits vs. legal requirements
Do you roll your eyes when you see annual leave and workplace pensions listed as employee benefits on recruitment ads? Us too. There seems to be a tiresome misunderstanding over what is an employee benefit and legal requirements.
To clarify; an employee benefit is something that helps improve, enrich, or lend a helping hand to life outside of work. This includes healthcare plans, high street discounts, subsidised childcare, and services to assist with finances, such as insurances, enhanced savings, and money management. Not only are they great for talent retention, but also for attracting candidates when recruiting.
Flexible benefits
Before we delve into what to consider including, do you know about flexible employee benefits? This gives you the option to select and swap your offering, rather than being tied into the same products for a long time.
It gives you the flexibility of swapping services that aren’t working. It also provides visibility of what gets used, empowering you to make better choices for your employees, and saving money.
A 360 approach to healthcare
Chances are, you have healthcare provisions already in place. But have you checked what it covers or excludes? A list of common ailments that sometimes get missed in some plans include:
- Chronic conditions, such as rheumatoid arthritis, diabetes, endometriosis
- Fertility, pregnancy, and menopausal related conditions
- Optical and hearing care
- Mental health conditions, such as mood disorders, ADHD, anxiety
- Support for those with disabilities
Making sure that your policies work for those in your company is one of the first steps to staying relevant. It’s no good spending money on plans that don’t cover the needs of your teams.
Financial wellbeing: it’s more than savings and pensions!
Usually when we talk finances, us Brits tend to clam up. It’s the elephant in the room. There will always be those who are trying to keep up with the Joneses. And regardless of the stage of recession we’re currently in, debt is a four-letter word.
Now, more than ever, do we need to be educating ourselves and each other about money. Whether that’s the best way to consolidate debt, save for a deposit, holiday, retirement, or rainy days.
Our employee benefits packages all come with access to financial planning services as standard. So, all you need to do is make sure your employees know what’s available and how to access them!
Help for parents
We all know that having children isn’t cheap! The Child Poverty Action Group (CPAG) predicts that the cost of raising a child from birth to 18 years old is now in the region of £160,692 for a two-parent family, and £193,801 for single parents.
Additionally, the rising cost of childcare is said to be the reason that 28.5% of mums (and 4.8% of dads) work part-time. So, as employers who wish to keep some of our greatest asset, a simple win would be to offer support. Whether that’s enhanced parental leave, or contributions towards childcare, it’s worth considering.
Employee discounts, providing savings where it’s felt most
One way to pass on instant savings is through discounts and affinity schemes. Your employees can make tangible savings on household names and high street brands.
Prove the value of your offering: Total Rewards Statements
This clever annual report shows your employees a full breakdown of their entitlements. This includes their full basic salary plus:
- Employer pension contributions
- Value of company car or allowance
- Private medical insurance (PMI)
- Other insurance and protection products
- Shares
- Bonus payments
- The value of other perks that are quantifiable
Your secret weapon: your communications strategy
Let’s face it, you could have the best benefits out there but if your employees don’t know about them, it means jack. For that reason, we’ve built in a communications suite to all our products. That way you can segment and send newsletters and updates, easily and when you need to.
Summary
Your employee benefits package should provide value in your teams’ everyday lives. Whether that’s saving on shopping, or assurances for their health and the future.
We help you uncover the right product and platform for your company, and how to maximise return. If you’re curious to know what’s right for you and what we can do to help, get in touch. Our team of experienced advisors will talk you through your options, based on what’s important to you and your company’s vision.
