Employee Benefits – Why are they so important?
Over half of UK employees would be willing to accept a lower salary in place of more work benefits, and 52% said they would consider changing their job to receive flexible benefits1.
An engaged and effective workforce is one of the most important aspects of running a successful company – from a small business enterprise to a large corporation. Offering an attractive employee benefits package is a vital part of recruiting and retaining the right people for your business.
So how can you unlock the door that will lead to your best people? With our help, you can implement tailored packages to suit your employees, your business, and your budget.
Workplace Pensions
Through decades of helping individuals and companies with their pensions we understand that a “one size fits all” approach to providing your employees with their later life income is not always the most effective method.
We offer advice and expertise around workplace pensions, including help with the complexities of auto-enrolment pension schemes which are a legal requirement in the UK.
Our expertise extends to advising on more complex areas such as specialist pension schemes often used for employees in management and executive roles, and designing and implementing salary sacrifice schemes.
Retirement planning
This benefit helps attract and retain employees who value stability and are motivated by the opportunity to save for retirement with the added benefit of potential employer contributions.
Our Independent Financial Advisers can help your employees with their retirement funds, including:
- Identifying any current or potential shortfalls in their retirement income.
- Addressing any gaps in pensions.
- Planning for a retirement they can look forward to.
- Consultations for employees reaching retirement age.
Group Income Protection
Group Income Protection is a valuable benefit for employees, providing a financial buffer against loss of pay from sickness or injury.
If an employee becomes ill or suffers from an injury, a Group Income Protection policy can pay up to 80% of gross salary2. There are various levels of benefit including cover for National Insurance contributions and employer/employee pension contributions.
Running a business can require stability and a degree of certainty. Establishing when and how long an employee’s absence may last, and how it will affect the business can be difficult for an employer. Knowing that all or part of an employee’s salary can be covered through Group Income Protection can help you as an employer plan around the situation while the employee focuses on their recovery.
Death in Service Plans
Also known as Group Life Insurance schemes, Death in Service plans can be an important part of your employee benefits package. Calculated as a multiple of your employee’s annual salary, a Death in Service benefit is usually a tax-free lump sum paid out to a spouse, partner, or other member of your employee’s family should your employee die while still employed by your business.
Employee Discounts
Providing employee discounts on company products or services can encourage employee loyalty and engagement. It can also serve as an additional perk to attract and retain talent, whilst promoting your business’s brand.
Group Private Medical Insurance
Healthcare is one of the most important work benefits for employees, with 87% of employees valuing healthcare as one of the work benefits that are most useful 3. For businesses aiming to recruit and retain talent, having a comprehensive healthcare package in place is essential.
Offering Private Medical Insurance to employees can help them return to work faster and provide them with support around their physical and mental wellbeing. This can help increase engagement and productivity, boost morale, and potentially reduce absenteeism.
We have access to a wide range of employee health plans and can source the most effective option for your business and your employees. We can also advise on how you could save on tax when you take out Group Private Medical Insurance.
Employee Assistance Programmes
We provide businesses with Employee Assistance Programmes (EAPs) which can offer employees on-site access to health and wellbeing services.
Services include:
- Face to face counselling sessions.
- 24/7 unlimited access to counselling services via freephone, live chat, SMS, email, and WhatsApp.
- Support around mental health, addiction, relationships, and bereavement.
- Financial advice, legal information, parenting, career, life coaching and more.
- Critical incident advice and telephone support.
- Manager Support Line.
- Extensive network of counsellors across the UK and Ireland – covering 15+ languages.
- In the Moment Support, Triage Service, Onwards Referrals or Emergency Escalations.
Medical Cash Plans
Medical Cash Plans are a great way of providing your employees with help towards the cost of routine healthcare such as optical, dental, and therapy treatments including physiotherapy, acupuncture, chiropractic and homeopathy. Your employees can claim money back on appointments and treatments which contribute towards good health and wellbeing.
Other benefits to think about
Helping your employees with their educational and professional development can boost employees’ morale, increase retention of great talent, and contribute to the success of your business. Providing your workforce with training relevant to their role, and professional and personal development can be an integral part of making sure your business and its people remain current and innovative.
If you would like further information on how you can develop and implement a potentially successful Employee Benefits package, we can offer you a no obligation consultation with one of our qualified Independent Financial Advisers.
Alternatively, email us at:
info@lloydwhyte.com
What matters to you, matters to us
1. www.peoplemanagement.co.uk/article/1745208/half-employees-sacrifice-pay-personalised-benefits-report-reveals
blog.benify.co.uk/everything-about-salary-sacrifice-benefits
2. www.metlife.co.uk/intermediary/employee-benefits/knowledge-expertise/metlife-academy/product-insight/what-is-group-income-protection/
3. peoplekeep.com/blog/how-to-start-offering-employee-health-benefits
Lloyd & Whyte (Financial Services) Ltd are authorised and regulated by the Financial Conduct Authority. Registered in England No. 02092560. Registered Office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA. It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only. We cannot assume legal liability for any errors or omissions it might contain.
