Employee benefits, what are they?
Employee benefits are the ‘extras’ provided to employees that are not just about financial reward and Salary. They should be things that employees can use to make a difference to their life.
They can be a very useful for staff retention and are one of the things that will distinguish one company from another when being presented with similar salaries and working conditions. They make employees feel valued and supported in return for their hard work.
Employee benefits take on many forms. Some traditional benefits include:
- Holiday leave
- Pension contributions
- Car allowance/ company car
- Private health cover
- Income protection
- Life insurance
- Free lunches
- Social events
- Discounted products
- Season ticket loans
- Flexible working
- Maternity/ Paternity benefits
The list could go on… The point I am trying to make is that there are a number of different things that companies offer in addition to salary to entice new employees and retain existing employees and at a time when pay increases are being stopped or pay is being cut, managers are using these as tools for retention of staff.
The key is that employees want to know that they are being looked after by their organisation. The Times reported, ‘Organisations that care for their people are more likely to have workers who care about their organisation and the impact it makes.’
Therefore by providing an employee benefit that looks after their well being may mean that they care more about the company they work for and are more likely to stay.
The majority of the above will cost companies money and needless to say at a time when
budgets are being cut why would you want to add something that could potentially cost you
This is where you need to think outside the box… How would you feel about a benefit that was
no cost to your company but could support your employee’s on a personal level and would
potentially increase productivity?
‘IMPOSSIBLE’ I hear you cry. Well actually no… I have seen an employee benefit work incredibly
well and be a contributing factor for a company to obtain a rating in The Times Top 100 Companies for several years.
So, what is this benefit?
A regulated financial advice service that will come to you and your employees when they need
to talk to someone about their finances. This saves your employees trawling the internet trying
to find the right person to speak to and means they can concentrate on their job!
Written by Hannah Bashford of Model Financial Solutions Limited.