Employee benefits are products and services an employer pays for on behalf of their staff. A benefits package can encompass a range of perks that reward staff for their hard work and promote their wellbeing. This includes a pension (now mandatory for many workers under auto-enrolment), as well as insurances and other wellbeing benefits.
While most benefits aren’t mandatory, there are a number of reasons you might introduce them for your staff. For instance, they’ve been shown to:
For employees, it’s often enough to know that the scheme is there should they need it. Having such a safety net can relieve a great deal of their concerns in the interim, should they ever find themselves qualified to make a claim under any of these policies.
In the UK, employers and employees are required to make minimum contributions to a workplace pension. However, a lot of companies decide to go above and beyond what is required in order to assist their employees in setting themselves up for the best retirement. When establishing or reviewing a group pension, there are several things to take into account, such as:
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Finding ways to help staff with the cost of living crisis has prompted many employers to look at ways they can help their staff save on their monthly expenses.
In addition to offering a Corporate Cash Plan to save money on medical costs or paying Pension contributions via salary sacrifice many firms are implementing an employee discount scheme to help with the everyday costs.
An employee discount platform can cost as little as £1 – £2 per employee per month but can provide staff with everyday discounts that can help them save hundreds of pounds per month.
Our employee discount offering provides sizeable discounts on groceries, clothing, travel, technology, eating out and more.
Why Companies need Employee Benefits?
Another great reason to offer employee benefit is that it may play a significant role in helping maintain or increase employee job satisfaction. The importance of satisfied employees cannot be overstated.
