What are employee benefits?
Do you want to create an affordable and attractive employee benefits package for your small business? It’s normal to encounter confusing jargon and an array of services promising to find the best deal for you.
“What does it all mean? And who can I trust?”
Hooray Health & Protection is dedicated to breaking down the wall of confusion and helping you invest wisely in an employee benefits package.
Read on to discover everything you need to know about employee benefits.
Why offer employee benefits?
More and more SMEs are offering a benefits package to look after the health, happiness and wellbeing of their staff. While a hefty pay packet will go some way to attracting talent, extra perks outside of the wage structure can also help recruit and retain the best people.
Only 41% of workers feel satisfied with their benefits, according to a survey by the CIPD. If true, then employee benefits can provide a key competitive advantage in recruiting the best employees and fostering loyalty within your team.
There’s only one problem: budget. Any employee benefits package has to be both affordable and capable of addressing the needs of current and prospective staff.
It’s a tricky balancing act, and a key reason why getting one-to-one professional – and (crucially!) unbiased – advice is so important.
Employee benefits examples
There are various types of employee benefit you can provide, including the following:
- Health insurance
- Life insurance
- Dental insurance
- Eye care insurance
- Long-term disability insurance
- Retirement benefits
- Additional paid time off
- Flexible working
- Holiday time
- Parental leave
- Travel expenses
- Employee discounts
…To name a few. What works best for you will depend on the demographic make-up of your workforce, the nature of your business and the budgetary constraints you’re working within.
Before you invest in employee benefits…
Hooray Health & Protection is experienced in helping small businesses get the best UK employee benefits package, within budget and tailored to their needs.
The benefits have to be relevant to the nature of your business, how it operates, and the needs and desires of your employees.
When we work with business we like to ask them why they want to offer benefits:
- Is it because you’re a growing company and you need to find ways of attracting the best staff?
- Is it because you want to keep the staff you already have?
- Is it because you want to build a greater sense of ‘team’?
- Is it so you can match your competitors?
Than, we need to know more about the workplace. For example:
- What type of work do your staff carry out? (i.e. office-based, manual, outdoors etc)
- What demographic makes up your workforce?
All this information is vital for creating the optimal employee benefits program.
For example, let’s say you have an office-based workforce and the average age is between 25-45. On the first point, we can predict that certain health issues may arise, such as eye strain and back pain.
This immediately signposts which benefits will be most helpful. Free appointments with an optician, a free monthly physio session and flexible working options for parents – will all combine to make a helpful and attractive benefit scheme for your team.
But it’s worth re-reading your list and scrutinising it more. Are there any downsides to this scheme? Am I sure my business can afford this now and in the future?
Once a benefit scheme is put in place, it’s very difficult to takeaway. If it is, it’s likely to have a negative impact on staff morale and their perception of you as an employer.
We consider this one of our most important jobs: making sure the benefits package is going to work for both the business and its employees, now and going forward.
Interesting fact: According to a survey by Aviva, annual leave is the most in-demand employee benefit. 44% identified it as one of the workplace benefits of greatest interest to them. A company pension (41%) and flexible work (39%) came second and third.
Great for business, great for employees
Get it right, and it’s not just the employee who reaps the benefits – the company does too. What helps the individual will help the business. A happy employee is usually a more productive worker and will have less days off sick. A cared-for employee will be more loyal to the business, decreasing staff churn. And your company will become a more enticing prospect for skilled workers.
Some packages even cover immediate family, so they have the comfort of knowing that children and spouses can receive the help they need too. It’s the little things that make employees proud of the company they work for, and therefore motivate them to act as advocates for the business.
A happy employee will also recommend the company as a good place to work. They’ll also be more enthusiastic about the product you offer and mention it to friends and family.
A pain-free path to the perfect employee benefits package
A lot of insurance brokers – and providers – will promise to get the right deal for you. But they are often restricted in what offers they can provide, because some deals can only be found direct with the insurance provider.
Meanwhile an insurance company will be inclined to guide you down their preferred path. That means, not necessarily the best deal for you, but the best one for them – and they can be incredibly convincing: fast talking, heavy with jargon and keen to hurry the deal along.
Hooray Health & Protection does things in a simpler, more transparent and considered way. We are guided by your needs as a small business owner. We’ll work with you to get the best deal so that achieve the right mix of employee perks (within budget!) which provide the optimal benefit for employee and business alike.
We don’t believe in big fees, and we’re happy to chat with you for as long as you need before you make a decision. We understand how important this process is, and how tricky it can be to decide what to go for, which is why you have our constant support and patience.
Talk to our team today and we’ll advise you on the best benefits package.
Employee Benefits FAQ
Why do I need Employee Benefits?
The main thing is that it shows your employees that you care about their health, welfare, and future. It’s valuable in the sense that you will have stronger employee loyalty and retention, if employees feel as though their employer is considerate and cares about them as an individual.
Can small businesses offer Employee Benefits?
Yes, small businesses can have employee benefits, and it is actually fairly common to see things like health and life insurance offered by them. It’s quite affordable for small businesses to implement schemes like this, and it has a very positive impact on the company.
Should I use an Employee Benefits Broker?
They have the potential to get you the best price on insurance, and sometimes that low price is also the top deal in terms of extras within the package.
Why choose Hooray Health & Protection for Employee Benefits?
We’re all about keeping things simple, breaking it down so that you aren’t overloaded with jargon and can make a clear decision about what you want. We negotiate fantastic prices, and packages that are full of benefits that your employees want and need to make their life easier as well as reduce stress for everyone.
What costs are involved reviewing Employee Benefits through Hooray?
We’re all about the little guy, with focus on small businesses and what we can do to help them achieve an affordable and practical insurance policy. We don’t charge any fees, and we’re happy to chat with you for as long as you need before you even make a decision.