What are employee benefits?
Employee benefits include various types of non-wage compensation provided to employees in addition to their normal wages or salaries.
This can include Private Medical Insurance, Health Cash Plan, Group Life Assurance, Income Protection, Critical Illness Cover, to name a few.
Why are employee benefits important?
A huge part of running a business is keeping employees happy and providing them with enough incentive to maximise productivity. An attractive employee benefit package can:
- Increase the appeal of working for your company rather than a competitor
- Minimise staff turnover
- Convey corporate stability in order to attract top talent
- Boost employee morale
- Result in healthier employees, both physically and mentally
- Enhance loyalty
- Develop better workers
I am a small business owner and would like to offer my employees benefits in addition to their salaries, but I don’t think my budget would be large enough. What should I do?
Businesses don’t have to spend a fortune on employee benefits and they are generally pleasantly surprised what they can get for their budget, even when limited.
At Willis IRM we work with businesses across a range of sectors with a huge variance in budgets. The employee benefits packages are bespoke and tailored to what the business can afford coupled with what will make a difference to the employees.
In my current role, I receive a generous package of employee benefits but am considering a career change. Will the benefits be the same in my new role?
Employers are not duty bound to offer additional employee benefits and the package will differ from one business to the next.
If you are considering a career move, do take the time to consider what you may lose before making a decision.
For example, if you have benefited from Private Medical Insurance or if your family has benefited from an Employee Assistance Programme, seriously consider these factors and the impact not having them will have on your life.
As a small business in Northern Ireland, which employee benefits should I offer?
Every business is different and there is not a ‘one size fits all’ solution when it comes to employee benefits.
Employee benefits should be employed to look after and retain staff and should therefore be specific to the needs and requirements of its unique workforce.
These benefits will depend on variables such as the nature of the business, size of business and demographic of employees.
Employers seeking to develop an employee benefits package for the first time should seek professional assistance in order to carefully select the most relevant benefits and ensure they will actually have an impact on the morale and productivity of the workforce.
External factors faced by my employees are affecting their performance in the workplace. As an employer, what are my options?
This is a very common issue, and as an employer there are steps you can take to look after your employees whilst keeping them on track in the workplace.
Employee assistance programmes (EAP) are designed to help employees deal with personal problems that are impacting their performance in the workplace as well as their general wellbeing. EAPs can include assessments, short-term counselling and even referral support services for the employee and their immediate family.
Should you have any further questions on Employee benefits contact Colin Willis on 02890 32 9042 or use the contact form below.