Retaining staff and attracting new ones can be extremely difficult, especially in a highly competitive labour market. Make your company stand out from the crowd by looking after your employees.
We spoke to our partners, Moneyweb – a financial advisory firm – and specifically Chris Binns, Business Development Manager and Chartered Financial Planner at Moneyweb, who explains the range of solutions and options for our care and charity sector clients.
Let’s be honest, for 99.9% of employees their number one priority will naturally be the remuneration they are rewarded with to undertake their role, but what if their eye is being turned by a competitor offering slightly more per hour than they are currently on? What if the amazing candidate you have just interviewed and are now desperate to recruit is being offered similar pay by another employer? You know your business is a great place to work, but how can you demonstrate this to existing employees and new ones too? This is where a good quality, well thought through, employee benefits package can really make you stand out from the crowd.
Here are just a few simple suggestions to think about. As you read on, think, “Do we offer these kinds of USPs?”
Pensions
Disclaimer – pensions do not have to be boring. A good quality, well run, bespoke pension scheme is by far the easiest way to put the first tick in that employee benefits box. Legally you have to offer and contribute towards a pension scheme for ‘qualifying’ employees anyway, so why not make sure what’s offered isn’t just what was hastily implemented when you were told you had to auto enrol employees all those years ago? There are excellent pension providers out there who not only do all the “heavy lifting” and payroll integration, but they also offer your employees loads of additional benefits, such as free access to mental health specialists. Other than building up a pot of money for retirement, do you know what your workplace pension scheme offers your employees? If you don’t then I absolutely guarantee they won’t either.
Death in Service
This is a simple benefit which pays out a tax-free lump sum upon death of the employee to their family at a time when financial worries need to be taken away. The level of cover can either be based upon a multiple of salary or a flat amount. This goes a long way towards demonstrating your genuine care for staff welfare, as well as encouraging loyalty and reassuring employees that they are valued and key members of your team. This does not have to be expensive to implement and it is usually an allowable business expense too, thus reducing your corporation, or income, tax liability, depending upon the structure of your business.
Group Income Protection
Good work provides a sense of purpose, achievement, and social interaction. Sometimes illness or injury means an employee can’t work for a period of time. Group Income Protection can pay a replacement income so that the employee needn’t worry about their finances whilst not working. It also offers support and assistance to employers in many other ways. Early intervention and rehabilitation can be used to help manage and reduce both long-term and short-term absence.
Group Private Medical Insurance
This covers some, or all, of the costs of private medical treatment, where the employee will receive medical treatment for acute conditions. Working alongside the NHS, it is tailored to suit everyone’s needs. It improves health in the workplace, reduces absence and shows a real commitment to your employees. This valuable benefit helps you to protect your most valued asset – your employees – boosting productivity and enhancing their physical and mental wellbeing.
Summary
We all know that turnover of staff can be a real headache. Employee benefits are a great way to recognise your employees and can make it easier to recruit the best people; as well as providing protection for your employees, these schemes can also help protect your business.
About Moneyweb
Moneyweb have been providing friendly and straight talking independent financial advice to corporate, personal and trustee clients for over two decades. Today, Moneyweb look after over £250m of their clients’ money, but they haven’t forgotten their core principles and their team has a real family feel to it. Moneyweb pride themselves on providing an excellent standard of service to all of their clients, making sure they take the time to understand their clients’ needs, goals, and preferences before making any recommendations.
If you would like to know more about our partner, Moneyweb, visit www.moneyweb-ifa.com.
Author: Chris Binns, Business Development Manager and Chartered Financial Planner at Moneyweb
Tel: 01723 378234
Email: enquiries@moneyweb-ifa.com
For anymore information, please do not hesitate to contact McClarrons’ Care & Social Welfare team at care@mcclarroninsurance.com or on 01653 600477. If you’d prefer, you can fill out the form below.
This article is for guidance only. Moneyweb Limited is authorised and regulated by the Financial Conduct Authority. FRN number 189146.
