What Employee Benefits should I be considering?
There are many employee benefits to consider when running a small to medium-sized business. Here are a few options we assist and advise on:
Health insurance: Offering health insurance can be a key way to attract and retain employees. You can either fully cover the cost of health insurance or share the cost with employees.
Group life insurance: Group life insurance provides a lump sum payment to an employee's beneficiaries in the event of their death. This can help provide financial security for the employee's family and loved ones. In the UK, group life insurance premiums are usually tax-deductible and the benefit is usually tax-free for the employee's beneficiaries.
Group income protection: Group income protection provides employees with a replacement income if they are unable to work due to an illness or injury. This can help alleviate financial stress and provide peace of mind for employees. In the UK, premiums for group income protection are usually tax-deductible and the benefit is taxed as income.
Group critical illness cover: Group critical illness cover provides employees with a lump sum payment if they are diagnosed with a covered critical illness, such as cancer or a heart attack. This can help provide financial support for the employee during a difficult time. In the UK, group critical illness cover premiums are usually tax-deductible and the benefit is usually tax-free.
Employee assistance programs: Employee assistance programs can offer resources and support for employees dealing with personal or work-related issues, including mental health counseling, legal advice, and financial planning.
Some other options you may consider when looking at employee benefits.
Paid time off: Offering paid vacation, sick leave, and personal days can help employees maintain work-life balance and prevent burnout. The specific amount of time off will depend on your company's policies and industry norms.
Flexible work arrangements: With the rise of remote work, many employees value working from home or having flexible schedules. Consider offering options for remote work, flexible hours, or job-sharing.
In the UK, employers are legally required to provide a workplace pension to eligible employees through the government's auto-enrolment program. This requirement aims to ensure that employees are saving for their retirement and do not face financial difficulties in their later years. We work with financial advisers who can advise and recommend the right pension for you.
Offering these types of employee benefits can help attract and retain talented employees, demonstrate a commitment to employee well-being, and provide valuable financial protection for employees and their families.
It's important to research and compare different benefits options to find the best fit for your business and employees.
Ultimately, the benefits you choose to offer will depend on your budget, company culture, and the needs and wants of your employees.