The end of every year tends to be a time of reflection. And this year is no different! That’s why we’ve decided to have a look at the most popular blog posts from 2022 – and pull out some of the key insights from them.
From learning the principles of Profit Sharing to getting inspired by innovative real-life perks – there’s sure to be something for everyone in this round-up.
Contact our award-winning brokers for FREE one-to-one advice on setting up the perfect employee benefits and insurance plans. Call on 01273 222805 or click on the bottom right chat box.
- 1 #1 Is Profit Sharing right for your business?
- 2 #2 Employee benefits stats: trends, costs, and opportunities in 2022
- 3 #3 10 UK fintech businesses with outstanding employee benefits
- 4 #4 11 ways to help employees combat the cost-of-living crisis
- 5 #5 Considering a Group Life Insurance policy for employees? A few things you should know
- 6 Need a helping hand with employee benefits?
#1 Is Profit Sharing right for your business?
Starting off our list, the most popular blog post of the year focused on Profit Sharing. Yep, that surprised us too! We went into detail on how Profit Sharing works, including some of the potential benefits and drawbacks of offering these types of schemes.
Profit Sharing works as you’d expect: enabling employees to earn a percentage of the business’s profits. It’s usually given as a perk after a certain amount of time working for the company or after reaching a certain level of seniority.
Setting up a Profit Sharing scheme can be an effective way of motivating your staff, particularly if their role has a major impact on the bottom line. However, it can also create a divide amongst employees – particularly in situations where an employee may feel they are contributing more than others, or where some team members are excluded from the scheme.
Why give it a read?
This blog explores how Profit Sharing works in more detail, detailing the different ways you can set up such a scheme for your company.
Read in full: Is profit sharing right for your business?
#2 Employee benefits stats: trends, costs, and opportunities in 2022
Next up is an exhaustive list of current stats related to employee benefits. It compiles results from the latest business surveys, employee surveys, and market price points, gathering together a huge range of insights.
The blog addresses the following questions:
- What do UK employees really want from employee benefits?
- How are current circumstances changing staff priorities?
- Have businesses been listening to staff?
- Do employee benefits provide genuine business value?
- How much do employee benefits cost?
Many key points can be taken away from this blog, but we’ve picked out a staggering statistic around the growing importance of financial wellbeing for staff and businesses. Almost half (45%) of UK adults lack confidence to manage their day-to-day finances, with 35% feeling worried when thinking about their financial situation according to a survey by the Money & Pensions Service.
This suggests that perks which support financial wellbeing are likely to be popular. It’s worth finding out whether your staff need extra help with their finances.
The rising cost of living incorporates everything from housing, travel, food, energy bills, childcare, and much more. There are many things that companies can do beyond the pay packet, such as providing financial advice support, employee discount schemes, income protection plans, travel cost allowances, discounted/free lunches – and much more.
Business owners will learn what employees are currently looking for, plus other trends related to employee benefits, including health price points. This is the perfect article for researchers and business owners looking for immediate intel!
#3 10 UK fintech businesses with outstanding employee benefits
Third on our most popular 2022 blog list, this article lists 10 UK Fintech businesses that are offering the most imaginative and attractive perks in the market. This article focuses on innovative perks which really bring the wow factor to their benefits packages.
Fintech companies are any businesses that use technology to modify, enhance, or automate financial services for both businesses and consumers.
Business owners and HR professionals can use the list as a source of inspiration when developing their own schemes. Take Azimo’s perks, for example. They include: Employee Assistance Programmes, free language classes, generous referral bonuses, days off work for charity volunteering and company donations to charities chosen by employees.
What can you get from reading this blog?
Our Fintech blog provides inspiration and insight into what other companies are doing with their employee benefits, highlighting just how much benefits can differ across different niche industries and businesses.
Are you ready to rejuvenate your employee benefits offering?
Are you seeking to launch or review an employee benefits scheme? You can get FREE advice and market-wide quotes from the friendly brokers at Hooray. No commitment necessary and no hard sales, just straightforward advice. Call us on 01273 222805 or use the chatbox on the right.
#4 11 ways to help employees combat the cost-of-living crisis
Even as we reach the end of 2022, financial pressures are still coming at us from every direction. No wonder readers flocked to our special cost-of-living blog post!
It focuses on the issue of financial wellbeing which the Money and Pensions Service defines as: “Knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. In short: feeling confident and empowered about your money.”
It’s important to understand the options you have available and how your budget would be best spent. Benefits which can help with the cost of living include Group Income Protection, Dental & Optical cover, Employee Assistance Programmes, travel costs, discount schemes and much more.
It’s a great source of inspiration for business owners who wish to provide extra financial support to employees outside of their salary.
#5 Considering a Group Life Insurance policy for employees? A few things you should know
Our final blog post provides a lowdown on one of the most popular employee benefits: Group Life Insurance.
Group Life Insurance is a policy taken out by businesses to provide a tax-free lump sum payment to an employee’s dependants (usually partners or family members) in the sad event of that staff member passing away.
Group Life cover costs less than other forms of protection insurance yet is highly valued as it offers financial support to the loved-ones of a dearly departed employee. The more employees included in the scheme, the bigger the per-person discount. Unlike most health insurance schemes, the insurer doesn’t go into any great depth into an employee’s medical history – and so can usually be offered to every employee.
Why give it a read?
Readers will learn how Group Life Insurance works, how much it can cost and how it benefits employees and businesses alike.
At first glance, setting up a Group Life insurance scheme is relatively simple! But there are still a few pointers worth noting – and this article covers them.
Read in full: considering a group life insurance policy for employees?
Need a helping hand with employee benefits?
At this time of year, people are you usually in a reflective mood. In business this usually amounts to: “What can we be doing better?”. When it comes to employee benefits, it feels like there are almost infinite options at your disposal and endless levels of complexity.
That’s where a benefits broker like Hooray can help!
We offer FREE advice to start-ups and SMEs who are looking to launch or review an employee benefits scheme. Instead of reading endless articles or delving into the small print of insurance policies, you can simply give us a call and fire every question you ever wanted to ask in our direction. We’ll answer honestly and in simple language.
Contact us at [email protected] or call 01273 222805 for FREE no-obligation advice and support.