We all know that regularly going to the gym can get you feeling healthier, happier and more energised. So, it’s no wonder that many businesses provide discounted or free gym memberships to their employees.
In this article, we look at the benefits of providing a gym membership as an employee benefit and how you can offer it to your employees.
Need advice and support on which employee benefits and health insurance policies to offer your staff? Get in touch with our award-winning brokers on 01273 222805 or drop us an email [email protected].
Why offer a gym membership to staff?
1. Increases energy and productivity:
A gym membership will encourage staff to exercise more often. It’s well known that exercise sends more oxygen and nutrients to muscles which increases energy levels and lessens fatigue. Employees can experience the benefits of this inside and outside of work. Meanwhile, the employer will benefit from a more energised and, therefore, more productive workforce.
2 Helps to attract and retain top staff:
Offering a desirable combination of employee benefits is going to attract talent to your business, and keep the people you already have at the company. Gym memberships are a relatively low-cost addition to your list of work perks, and will be much appreciated by many members of your team.
3. Provides a change of scenery for remote workers:
A gym membership employee benefit encourages home working staff to get out and about. It’s a great way to add variety into your employees’ day-to-day routine which is great for mental wellbeing. Nobody likes being cooped up indoors all day!
4. Improves your staff’s social life:
Going to the gym (especially when attending classes) gives your staff the opportunity to meet a wide variety of new people and expand friendships. Colleagues might also want to attend the gym together – maybe before or straight from work – which helps build team bonds.
5. Improves sleep:
Sleep is essential for almost every aspect of your health and wellbeing. More exercise usually equates to better asleep – as long as you don’t hit the weight bench just before bedtime!
6. Lowers health risks:
According to the NHS, regular physical activity lowers the risk of experiencing a whole host of horrible maladies, including:
- coronary heart disease and stroke
- type 2 diabetes
- bowel cancer
- breast cancer in women
- early death
- hip fracture
- falls (among older people)
It’s also worth noting that if you purchase gym membership on behalf of your employees, it counts as a benefit in kind.
How to offer gym memberships as an employee benefit
1. As a standalone product
Many gyms offer discounted gym membership deals to businesses. Simply research local gyms and find out if they offer such deals. You can provide it for employees for free or at a discounted rate.
2. Through a salary sacrifice scheme
Also known as salary exchange, this scheme allows employees to give up a small percentage of their pre-tax pay in exchange for certain selected benefits. The rules related to gym memberships are rather complex, so it’s worth speaking to an accounting professional.
3. Included in a Group Health Insurance policy
Gym memberships can be included in a health insurance plan as an added-value service, usually at a discounted rate. So, if you’re looking to invest in a health insurance scheme, this is likely the best way to provide a gym membership employee benefit.
4. Included in a Group Health Cash Plan
Group Health Cash Plans offer support for day-to-day health needs. It’s a system by which employees can claim back money for different health services, such as dentistry, optometry and physiotherapy. Some Cash Plans also include discounted gym membership employee benefit schemes.
5. Build your own onsite facilities
Mega-sized businesses like Nestle provide their own onsite gym facilities, and Google their own rooftop running track; so why can’t you do the same!?
Gym memberships, employee benefits and beyond
Gym memberships are a useful addition to any employee benefits scheme. But it’s important that all the different parts of your health and wellbeing scheme work well together.
That’s where Hooray can help. Our friendly impartial team offers FREE advice to start-ups and SMEs looking to launch their employee benefits plans or review what they’ve already got in place. We provide straightforward answers to any questions you might have and we’ll also deliver the most competitive quotes on the market.
Contact our award-wining team at [email protected] or call 01273 222805 for FREE no-obligation advice and support.