Employee Benefits are now very high on the agenda of employers who want to recruit and retain the best talent.
There are benefits to all businesses in offering an Employee Benefits Scheme
Employee Benefits Platforms have become more prevalent within the UK market as employers seek new ways to attract and retain talented staff.
However, until now, platforms have predominantly only been available to medium-to-large businesses, primarily due to their cost, but we believe that the advantages associated with platforms are far too great to ignore for any size business including SMEs.
Providing benefits that meet your employees’ needs
The main and arguably most valuable benefits from an employee perspective include:
- Pension scheme with a matching employer contribution
- Life assurance as a multiple of salary
- Critical illness cover either as a multiple of salary or fixed lump sum
- Income Protection insurance to provide a replacement income in the event of being unable to work due to accident or illness
- Private Health Insurance usually for your senior staff to ensure they can receive prompt private treatment and return to work as soon as possible in the event of a health issue
- Healthcare Cashplan for your less senior employees, offering a range of financial assistance for items such as dental treatment, eye tests and chiropractor treatments
- Childcare Vouchers to assist your employees who need day care for their children whilst they are working
However, there are many other Employee Benefits that can be added to a scheme including:
- Cycle to work scheme
- Employee Assistance Programme which provides support and access to trained counsellors on matters related to employees’ work or home lives
- Give as you earn allows your employees to give to charities of their choice directly from their salary in a tax efficient manner.
- Holiday trading gives your employees the opportunity to buy or sell holiday and to spread the cost over 12 months.
- Online shopping is an easy way to engage your employees in the Benefits Scheme with a huge range of retailers offering discounts on shopping.
- Travel insurance
- Career milestone awards
- Bus or train season tickets
- Car leasing schemes
- Flu jabs
- Give as you earn
- Tech schemes
Can my business offset some of the costs of an Employee Benefits Scheme?
The answer is yes, almost certainly you will be able to gain a number of reliefs/savings depending on the type of benefits included in your scheme.
Possible reliefs include:
- National Insurance savings through salary exchange benefits such as childcare vouchers and give as you earn
- Corporation Tax relief against allowable business expenses
- Employees buying extra holiday
- Having an organised and monitored scheme that is well presented will reduce time spent by your HR Department or Office Manager releasing their time to spend on other business needs
Other savings that are less obvious include:
- Improving staff engagement – engaged staff work harder and are more productive
- Employees value the benefits and are subsequently more motivated at work