Exchequer Risk Management
No.3 Siskin Drive, Coventry, CV3 4FJ
Opening Hours: 8:30am - 05:30pm

Employee Benefits

A complete employee benefits platform can foster employee connections, improve well-being, and help your employees reach their full potential.

What are Employee Benefits?

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.

Why Should Companies Offer Staff Employee 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:

  • Boost workplace morale
  • Lower stress
  • Reduce both presenteeism and absenteeism
  • Improve productivity
  • Increase the physical and mental health of the workforce
  • Make it easier to attract top talent to your business
  • Help retain existing staff.

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.

Types of Benefits for Employees

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:

  • Level of employer contributions
  • Option for salary sacrifice
  • Choice of pension provider and associated charges
  • Choice of investment funds
  • Technology and ease of integration
  • Educating staff on the value of saving for tomorrow.

For more information, talk to our team of Experts

Help Your Staff Save With An Employee Discount Scheme

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.

icon 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.

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