Workplace Benefits Adviser Cambridge
Workplace benefits are also known as employee benefits and are a great way to recognise and reward employees for their hard work and commitment. However, do not think they only benefit employees.
In an increasingly competitive world to attract and retain the best people, a good workplace benefits package could be the difference to winning the talent your organisation needs to push forward, and can help reduce the cycle of hiring and training.
Using workplace benefits to gain staff
Using workplace benefits to retain staff
We all know the costs involved with recruiting new staff when someone leaves. Not only is there the cost of the recruitment agents, but the interview process costs, the shortfall in staff in the interim, and training of new staff, which all adds up. Therefore it is important to retain good employees once they have been trained are working for you. Many companies are turning to workplace benefits to help do this. The cost of an employee benefits policy is often lower than many people think. There are savings to be made from lower administrative costs and the benefits offered to employees are often perceived to be of greater value than the actual monetary cost to the company.
What benefits are available?
A list of the most popular and favourable benefits offered to employees:
Since October 2012 automatic enrolment has seen all employers have to provide a workplace pension scheme by law. At first, it was just the larger employers but now all employers no matter how small have to provide one. Therefore, if it’s been a while since you put yours in place, it is advisable to review this to make sure it is still fit for purpose and competitive.
Group medical insurance
Also known as Private Medical Insurance (PMI) this benefit is designed to cover the costs of private medical care should your employees require it. Whilst individual insurance plans can be fairly costly, the benefit of a ‘group scheme’ is it costs less than arranging medical cover on an individual basis and can be extended to cover employees’ family members.
Group life assurance
Group life assurance is a life insurance policy taken out by the employer on the lives of their employees. The nominated beneficiaries of the employee receive a tax-free lump sum in the event of their death. It is a popular, well liked and highly valued employee benefits and one which the company can offset as a business expense for corporation tax purposes.
Group income protection
Income protection is designed for employees who suffer from a long term illness or injury by typically providing an income benefit of between 50% and 75% of an employee’s salary thus easing the burden of this cost for the employer and protecting income for the employee. Many providers also provide a range of rehabilitation services to help staff return to work as soon as possible.