Employee Benefits: a simple guide to business success

Employee benefit schemes are becoming increasingly popular as companies are realising their true value to current and potential new employees. According to a survey conducted by EBRI, 69% of those asked admitted they would choose one job over another if they had a better benefits scheme.

This shows that having a good employee benefits scheme enhances your employees’ well being but also your business, potentially improving hiring success and employee retention.

We will be looking at why you should invest in an employee benefits scheme and the advantages for both you, your business, and your employees.

Health Insurance

This probably is one of the most popular benefit packages offered by companies, from private medical insurance to dental care, there is a lot on offer.

From an employee’s point of view, by investing in a good medical insurance scheme, you’re not only offering an attractive benefit, but you’re showing you care for your staff’s health and wellbeing.

On average, employees take 6.9 days of sick leave each year, and this doesn’t include time for more serious illnesses or health issues. By implementing a good health insurance package, you can help your staff access high quality medical treatment resulting in a quicker recovery time and reduced sick leave.

It may also be worth considering Mental health services. These are not easily accessible and for many people private care is too expensive. Therefore, by giving your employees access to Mental health services in addition to the above you can help them, help themselves.

A group health insurance policy is an important package for both your business and your employee’s, with a number of different options available.

Income Protection Scheme

If an employee becomes seriously ill or severely injured and is unable to work for an extended period it can be stressful for them to imagine how they will survive financially. Even if you as an employer have a good sick pay package available this could eventually run out resulting in your employee being on statutory sick pay of around £95.85 per week. This is barely enough to feed a family let alone pay bills and the mortgage etc.

However, with income protection, employees can feel rest assured that the insurance company will continue paying them a percentage of their wages should they become unable to work due to accident or sickness.

Here at Macbeth, we appreciate that employees need reassurances and safety nets if the worst occurs and this package shows your employees that there is support if they fall seriously ill or have an accident. The Group Income Protection scheme helps greatly with employee retention as they feel more security in a job role and finances should an unexpected absence occurs.

Pension Schemes

According to the Office for National Statistics , in 2019, 77% of those surveyed were a member of a pension scheme. This stat has been consistently rising each year and shows, with so much competition, how important a good pension scheme is. In fact, even younger staff aged 22-29 have been enrolling in more schemes showing the demand for these schemes.

But why should you invest in a good pension scheme for your employees? The biggest factor is employee retention. Pensions are a concern for many people, wondering what they will be left to live on when they retire. If your staff know they have a good pension scheme with you, they are more likely to remain loyal to the company.

Find out more about our pension schemes and how you might improve your offering to your employees.

Life Assurance

The average cost of a funeral in the UK in 2019 was £4,417 which is a staggering amount for the family to pay out after losing a loved one. With these costs in mind it is understandable that your employees can become stressed and concerned about their family and finances after they lose the breadwinner whether it’s a husband, wife, father or mother.

With a good life insurance package, they can rest assured that their family will be supported financially upon their death which can alleviate a lot of worries. Some of these packages also come with bereavement counselling for the employee’s loved ones to help them through the difficult time.

Find out more about the Life Assurance plans we have on offer here at Macbeths to help alleviate some of your employee’s concerns.

 

We believe that a good quality employee benefits package is not just for the employee. We believe it can also help the employer and business in many ways from employee retention to increased productivity.

To find out more about our plans and invest in your staff’s wellbeing contact us today.

Author: Simon Claxton | October 23, 2020

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