It can be hard work piecing together an employee benefits scheme for your business. So where to start? Perhaps the first thing is to become aware of what options are actually available to you.
We’ve compiled a comprehensive list of some of the best work perks today – covering a few of the best-known ones in detail as well as some extra suggestions that can be easily implemented into your employee benefits strategy.
Looking for advice on finding the best work perks to suit your business? Contact our friendly team at [email protected] or use the chatbox for FREE one-to-one support.
- 1 1. Health & protection insurance policies
- 2 2. Rewards
- 3 3. Lifestyle
- 4 4. Financial support
- 5 5. Mental health support
- 6 How the Hooray team can lead you to the next step
1. Health & protection insurance policies
Our first grouping of work perks and insurance policies are going to include some of the bigger, well-known employee benefits in the market, all of which help to protect the health and wellbeing of your staff.
Business Health insurance
Business Health insurance provides private health insurance coverage to your employees. This means that your staff can receive treatment in private hospitals, so long as the treatment of that condition meets the terms of your selected policy. Business Health can only be used for acute conditions – curable and respond well to treatment – and not chronic conditions (the ones unlikely to improve with treatment such as Asthma or Cystic Fibrosis).
Why provide? Business Health is always popular with employees, ensuring fast treatment for a wide range of conditions so your staff can return to work quicker and safer. Useful add-ons can include Employee Assistance Programmes, Dental cover, Travel cover, etc.
Relevant life insurance
This policy is designed for individual employees and provides a lump-sum payment in the event of the covered employee passing away.
Why provide? This is the perfect option for businesses that don’t qualify for a group scheme or only want to cover a certain individual employee. It also works out more tax-efficient than taking out a personal plan.
Group Life insurance
Group Life insurance offers a lump-sum payment to an employee’s loved ones in the sad event of a team member passing. This policy is designed specifically for businesses wanting to cover two or more staff.
Why provide? Offering Group Life assures your teams that you are going above and beyond for their financial peace of mind, ensuring their loved ones will be protected.
Group Critical Illness
Another policy which provides staff with a tax-free lump-sum payment, Group Critical Illness is applied in the event of a staff member becoming critically ill or disabled.
Why provide? Group Critical Illness provides monetary support to your teams during this difficult time, whilst helping to support their mental and financial health. Staff can then focus on their recovery without any further worry.
Health Cash Plans
These plans help to support the routine everyday health needs of your staff e.g., physiotherapy, online GP services, eye tests, health screenings, counselling services, etc.
Why provide? Unlike Private medical insurance, there’s no requirement to pre-authorise treatments. All members under the plan can continue seeing the same treatment providers and claim back their costs via the cash plan providers.
Employee Health Screening
Can be included under Health Cash Plans, screenings provide an in-depth check-up to staff, picking up on areas that might need close attention or treatment.
Why provide? Simply put, prevention is always better than cure. Getting early results in can notify employees of any potential serious health risks enabling prevention through lifestyle changes or early treatment.
Looking for FREE quotes and friendly advice? Hooray Health & Protection specialises in helping small businesses get the employee benefits they need – at the lowest possible price. Use the chatbox or call 01273 222805.
Work perks don’t always need to be huge insurance policies; the best strategies are comprised of a mixture of smaller every day rewards as well as health or protection plans!
Free educational courses / Personal development days
Offering employee education and personal development options is a great way to invest in the existing skills and talent of your staff. These opportunities could look like external training courses, networking events, 1-2-1 coaching, shadowing colleagues, etc.
Extra reward options to boost staff morale
- Discount/voucher schemes
- Bonuses (for hitting targets, providing positive workplace presence, etc)
- Lunch vouchers
- Travel expenses covered
- Extra holiday entitlement
- Birthday treats / extra holiday
We are sure the Covid-induced mantra of “our lives will never be the same” seems a tired sentiment, but it still holds value! Especially with our everyday lives and how we are now responding to work. These work perks help to uphold this understanding.
Flexible / Remote working
Having the option of remote or flexible working is becoming the norm expectation for staff now the UK has had a taste of working from home. Flexible working can be implemented in different ways:
- Staff have control over how / where they work
- A hybrid mixture of home and office working
- Provide equipment to ease working from home
- Educate staff on how to communicate and use online platforms
Why provide? Flexible working options improve work-life balance, boost engagement, improves financial wellbeing, and staff feel more in control of their lives.
Extra lifestyle options
- Parental / Care opportunities
- Team-building days / events
- Pet-friendly workspaces
- Cycle-to-work scheme
- Gym discounts / fitness classes
4. Financial support
With the rising cost-of-living crisis potentially taking its toll on your staff, showing support for their financial health could be incredibly important to keep stress from spilling over into the workplace. According to a study by EdenRed, 65% of employees stress the importance of financial wellbeing to help combat the rising cost of living, housing, travel, childcare, and inflation
Group Income Protection
Group Income Protection is essentially a sick pay insurance scheme (easily falling under the health support section as well). If an employee falls sick or becomes injured, they will be supported with a monthly payment set-up with a selected provider.
Why provide? Offering Group Income shows you genuinely care for the financial wellbeing of your teams as you provide them with peace of mind during turbulent economic times. The claims allow you to pay absent employees whilst taking on a replacement to fulfil their role.
Key Person Insurance
Key Person gives financial support to businesses if a critical/key person is unable to work due to illness, serious injury, or death. Every employee is important to the successful running of a business but losing a key person can cause significant financial damage and make it impossible to function in the same way as before.
5. Mental health support
Another vital pillar of wellbeing that supports the success of your business is the mental health of your teams – protecting it is no longer an option, it is essential.
Employee Assistance Programmes
EAPs offer support services under one accessible location, assisting employees with problems impacting their work or personal life. The services can assist with mental, financial, and emotional wellbeing e.g., counselling, healthy eating tips, Cognitive Behavioural Therapy, money advice and more. they are often package together with company health insurance policies but can also be purchased as a standalone product.
Why provide? EAPs equip your staff with a toolkit designed to build personal resilience, and growth, or just give a helping hand when they need it!
Apps and platforms
There are a wide range of specialist apps and platforms which are designed around improving mental resilience and creating healthier states of mind. Unmind and Headspace are just a couple of examples. Apps can also be supported within employee benefits platforms – providing mental health support alongside other features such as employee communication tools, payroll integration and much more.
How the Hooray team can lead you to the next step
Work perks and employee benefits play an incredibly important part in the successful running of any business, but it can often be a tricky process of trial and error to create the perfect combination and strategy to support your staff.
Our friendly team of experts are here to help!
We take the time and care to listen to the specific needs of our customers, finding them the benefits that are going to be the best fit for their business, and always ensuring we find the lowest prices out there.
Contact Hooray Health & Protection on 01273 222805 or email us at [email protected] for the best – and most friendly – advice and support.