Employee retention and benefits
Most businesses recognise the importance of employing a quality workforce to be successful. However, being able to attract and, perhaps more importantly, retain such employees is becoming increasingly difficult.
One potential solution is to offer higher or increased salaries.
For employers looking to take a longer-term view, creating a feeling of loyalty towards the business, a sense of belonging and a desire to do well for the company can build bonds your employees will find hard to break.
The key can be to offer a suitable benefits package, perhaps including one or more of the following:
Retirement solutions
With the introduction of stakeholder pension legislation in 2001, it is now compulsory for those employing as few as five members of staff, to offer employees access to a pension scheme.
A pension is often at the bottom of the list of priorities but by bringing this important area to the attention of your employees, you demonstrate you're not just concerned about what they can do for you now, but also about their future.
You may even like to consider contributing to their retirement planning (contributions which can be claimed as a business expense) as this can be seen as a valuable benefit to lose, should they consider moving employment, or a valuable benefit to gain, should you be looking to attract new personnel.
Group life cover
If an employee suffers premature death while employed by you, group life cover (also known as group death-in-service benefit) will pay out a specified lump sum to the deceased's beneficiaries.
This type of cover is typically set up as a multiple of an employee's salary for the benefit of his or her family and can be used by them for any purpose. This extends the level of commitment you are showing to your employees by offering help to keep their families financially secure, at least in the short-term.
Group income protection cover
Sick pay arrangements can be costly and difficult to budget for, meaning many employers choose to offer income protection cover to employees. An income protection policy can be used to typically provide 50-60% of an employee's net income if they are unable to work in the longer term due to accident or illness.
This shows you value your staff and appreciate that absence is sometimes inevitable. At the same time, you can easily budget for the policy premiums and should a staff member need to make a claim you can be comfortable in the knowledge they will be paid just enough that they still have an incentive to return to work.
Healthcare
It is often quoted that someone's most important possession is their health. By offering your employees membership of a recognised healthcare scheme, you will be giving them access to prompt, high quality medical advice and treatment.
Not only can this help to reduce staff absence through preventative advice, but it can also assist in a speedy return to work. It also demonstrates you care about your workforce as people. We can ensure that you are given an effective package in line with your requirements.
