An employee benefits package is a key weapon in the armoury for any business looking to recruit and retain talented employees. An employee survey by QuickBooks, revealed that almost half (48%) of workers feel benefits would make them stay at their job even if another company offered them a raise, while nine in ten claimed they’d give up a 5% raise in exchange for more benefits.
Another recent survey concluded that the talent shortage is at a 15-year high which suggests the importance of delivering an enticing benefits programme is increasing.
The best employee benefit schemes provide effective health and wellbeing support to the whole team, helping them remain happy, healthy and motivated. The business itself stands to benefit in unnumerable ways, including through:
We begin by learning about your business, its current challenges and desired outcomes.
We provide insider knowledge into what business of a similar size and sector offer their workers.
We work out the best solutions for your business, present them to you and agree on timeframes.
We liaise with ALL insurer and service providers to obtain the most competitive pricing.
We set up and implement the policy/scheme on your behalf to ensure a smooth start.
We provide bespoke literature and perform onsite presentations to promote benefits to staff.
We handle the everyday management of the scheme so you don’t have to.
We perform annual market reviews to ensure your scheme remains effective and competitively priced.
Each business has its own unique culture. But certain pearls of wisdom apply to all companies whatever the industry, workforce demographics or budget. In our experience the following considerations are often overlooked by businesses with an established benefits scheme.
Placing all your focus in just one camp can leave your benefit provision lacking. An insurance-heavy approach (Group Health Insurance and Death in Service, for example), whilst excellent to provide, can leave staff disengaged, as these types of benefits are only realised when staff are unwell or the worst happens. They are the benefits they hope they’ll never need!
A wellness-heavy approach (gym membership and stress management services, for example) is proven to make staff feel more engaged as the benefits can be utilised more frequently. However, they aren’t much use if someone needs physiotherapy or an urgent diagnostic scan.
When piecing together an employee benefits scheme, a blended approach can deliver the best of both worlds.
Once you have decided upon your benefits strategy, it’s important to educate your employees. They need to know what they have and how to use it, otherwise the benefits will likely to become redundant and unappreciated.
If you are using an independent intermediary to assist you with sourcing, devising and implementing your benefits provision, do ask them to assist in how best to communicate the finished article to employees. Any good intermediary/benefit consultancy will be happy to deliver employee presentations, develop bespoke written guidance and spend time at your premises to answer employee questions and promote the value being provided.
Many organisations make the mistake of managing different types of coverage across separate departments. For example, insurance policies such as Group Medical Insurance and Business Income Protection are sometimes managed by a finance department, whereas wellness provision such as Health Cash Plans and Health Screening are managed by HR.
This compartmentalised approach reduces the opportunity to drive cost efficiencies. If your business is working with multiple insurance service providers via different business departments, it’s likely you will pay more overall, encounter greater confusion and find it increasingly difficult to achieve your overall objective.
Even if you are spending a small percentage of gross payroll on benefits, continuous review should be a priority. Some key questions to ask:
An annual review (as a minimum) will help avoid stagnation, maintain relevance and ensure businesses get the best possible return on their investment.