Employee Benefits
- Find the best package for your company
- Attract and retain the best people
- Grow together as a business
What are employee benefits?
In the broadest sense, employee benefits include everything from free staff lunches all the way up to health insurance schemes and beyond. It’s all those little things you can do to assist your employees beyond the pay packet.
There are four key areas to consider:
- Physical health: health insurance, cash plans, dental coverage and more
- Mental & emotional wellbeing: counselling support, digital wellbeing tools and more
- Financial protection: life insurance, sick pay cover, critical illness cover and more
- Rewards and recognition: bonus schemes, staff discount schemes and more
Whether you’re on a fact-finding mission or actively seeking to set up an employee benefits scheme, you’ve come to the right place.
Hooray Health & Protection provides clear and concise advice to help companies invest wisely in an employee benefits package.
As an independent insurance broker, we are not tied to any insurance provider. This means we can offer advice which is genuinely in your best interest – and we provide it FREE of charge. If you’d like one-to-one guidance email [email protected] or call 01273 222805.
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.
Examples of UK employee benefits
Health & wellbeing
Provides employees with access to healthcare in private hospitals, avoiding waiting lists often found on the NHS. Consultations, scans and treatments are typically included but specific inclusions/exclusions vary.
An underrated insurance scheme which assists employees with their everyday health needs. Usually includes things such as: physiotherapy, osteopathy, counselling, eyecare, dentistry and diagnostic tests.
Dental insurance
Eye care insurance
As above but focusing on supporting good eye health. Often packaged together with dental coverage or included within a Group Health Cash Plan. Eye care may also be included in a Group Private Medical policy.
Employee Assistance Programmes (EAP)
Financial support
A policy which provides financial support to an employee’s loved-ones in the event of their passing. Typically the lowest cost insurance policy due to the low number of claims it attracts.
Digital “one-stop shops” through which perks can be managed and accessed. EAPs (see above) are usually housed within such platforms, but insurance policies and other perks can be managed through them too.
Lifestyle and rewards
- Retirement benefits: Companies can choose to offer more than is standard in auto-enrol pension schemes. Another option is to offer support with financial planning, a service which is in demand according to Employee Benefits magazine.
- Remote working: It was once considered a “like-to-have” but for many has become an expectation. Many companies offer a combination of in-office and remote working arrangements.
- Flexi time: Some businesses allow their employees to do work when it suits them best, rather than insisting on set hours. As with remote working, it would be important to track productivity!
- Extra holiday time: Who wouldn’t appreciate extra paid holiday days? It would certainly be enticing for potential recruits and would no doubt help with retention too.
- Parental leave: The birth of a child is obviously a big event, so any extra support for families will be appreciated. Some companies choose to offer extended parental leave.
- Travel expenses: Reimbursing staff for their travel expenses to and from work can further encourage onsite working.
- Employee discounts: Workplaces can set up discount schemes especially for their employees. Such schemes are typically included on employee benefits platforms. Read more about employee discount schemes.
…To name a few! What works best for your business will depend on the demographic make-up of your workforce, what you want to achieve, and the budgetary constraints you’re working within.
If you’d like FREE advice from an impartial broker, then contact the friendly team at Hooray on 01273 222805 or email [email protected].
Before you invest in employee benefits…
Hooray Health & Protection is experienced in helping smaller businesses find affordable health and protection policies.
When we work with businesses 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 to keep up with competitors?
Then, 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?
- How many people do you wish to cover?
- What kind of budget do you have available?
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 extra maternity support for parents – are all likely to be attractive options.
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 take away. 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 will work for both the business and its employees, now and going forward. In other words, it has to be sustainable.
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.
Is it worth enlisting an employee benefits broker?
Many insurance brokers will promise to get the right deal for you. But businesses need to be wary. Some brokers will have relationships with just one or two insurance companies and so may not present you with the best available policy.
On the other hand, if you go direct to an insurance company, they will only want to sell you their product. And their sales spiel can be very persuasive!
Hooray Health & Protection will compare policies from across the whole market to ensure you have the best arrangement. We are guided by your needs as a small business owner.
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.
If you do decide to buy a policy through us, we will continue to offer support. We’ll continue to answer queries, add new leavers or joiners to a policy, and even assist in claims disputes.
Both business and employee stand to benefit
The right mix of employee benefits will provide equal benefit to employee and business alike.
All research shows that happy and healthy employees are more productive workers 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 future candidates.
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.
But not all benefits packages are created equally. It needs to be designed around the needs of your team and fit in with the strategic aims of your business.
Talk to our team today and we’ll advise you on the best benefits package.
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Who We Are
Hooray Health & Protection is an award-winning employee benefits broker that helps start-ups and SMEs better look after their people. Our service is provided FREE of charge, our advice is given in your best interests, and we’re always happy to help, however complex or simple the query.
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Accolades and awards
Hooray collected multiple awards from the industry’s leading minds at the Health & Protection Awards 2024.