Is It Time To Upgrade Your Employee Benefits Programme?
It’s officially a new year. 333 days of growth opportunities for your business. While you’re looking ahead to the new year and planning for 2024 it is a great time to also think about your employee benefits programme. In its…
Blog7th Feb 2024
It’s officially a new year. 333 days of growth opportunities for your business. While you’re looking ahead to the new year and planning for 2024 it is a great time to also think about your employee benefits programme. In its current form is it fit for purpose i.e is it suitable for your workforce and do they understand the value of the benefits included and how to make the most of them? Or could you give it a new lease of life?
Are employee benefits important?
The world of employee benefits is continually evolving. New perks, plans and offerings are available to compliment an existing benefits programme, or as part of the initial package design, to suit the needs of workforces across the nation. At a time where attraction and retention of top talent is a constant struggle, taking care of the people that work in your business has never been more important than now. An employee benefits programme that is comprehensive, competitive, and effective will aid you in combatting this challenge.
So, what factors do you need to consider before making changes to your employee benefits programme?
How do I know if it’s time to upgrade your Employee Benefits Programme?
A robust benefits programme that meets the needs of your people will show that you care about them and their wellbeing. It can also help you stand out from the crowd throughout the recruitment process.
We’ve highlighted the key considerations below:
Attracting and Retaining Talent
Across the UK, businesses are struggling to attract and retain top talent. If you’re seeing high turnover, it might be time to review the package you offer employees. The Good Work Index by the CIPD found that 1 in 5 workers would quit in the next 12 months. Of those surveyed, 35% were leaving for better pay and benefits. So, ask yourself is our current programme fit for purpose? Does it meet the needs and wants of your current and future workforce? Is it outdated?
Some things to consider implementing that candidates might be looking for:
- Competitive salaries
- Bonus schemes
- Flexible working
- Private Medical Insurance (with added wellbeing benefits, such as discounts on gym membership)
- Cash Plan (to support with the daily cost of living, from a health and wellbeing perspective)
- Competitive employer pension contributions
- Life Insurance
- Income Protection
- Electric Vehicle (EV) Scheme
- Specialist wellbeing support services, including Employee Assistance Programmes and Menopause programmes, to support with Diversity and Inclusion policies.
Changing your benefits programme without speaking to the very people that the benefits affect most doesn’t make sense, does it? The best way to find out how your programme is being received is to ask your employees. If employees are dissatisfied with your package, you can provide them with a feedback platform that enables them to provide feedback anonymously or not. Giving employees an opportunity to feedback will help them feel valued and reinforce the idea that their opinion matters. At the same time employees can let you know what they want and how you can create a benefits scheme that support them and their needs.
Health and Wellbeing
The health and wellbeing of employees should be the top of your priority list. Health and Wellbeing is essential to any workplace and should never be considered merely a ‘nice to have’ or just an after-thought. Why is it so important?
- It helps to create a healthier, positive, and more inclusive work culture.
- Supports employees to have a work life balance.
- Is a core enabler of employee engagement.
When people work in a positive environment, they feel safe to show up as their best selves to work and support the organisation to thrive. If you’re reviewing your current employee benefits scheme and there’s nothing that relates to the health and wellbeing of your employees it is absolutely time to upgrade.
Why should I upgrade?
There are a number of benefits to implementing such a scheme. In association with @YouGov, @Drewberry conducted a survey that found 25% of those surveyed were somewhat unsatisfied with their benefits. That unsatisfaction can quickly bleed into other aspects of employee’s life. For some, it can even lead to unhappiness and them looking for employment elsewhere.
How can we help?
Incentivising your employees is important. Doing so will have many benefits for your business. An important aspect of the process that’s also often overlooked is creating an employee benefits programme that is both tax effective and also correctly reported to HMRC.
Our specialist team of employee benefits experts have experience designing employee benefits programmes to suit the needs of Employers and Employees alike. We’ll take the time to fully understand your business and what your employees need. If we don’t understand your people, we can’t deliver for them which in turn won’t deliver for you.
Our team will deliver a comprehensive end-to-end design and implementation service. They’ll provide you with advice and support in the initial planning stages, and all other steps until successful implementation. We specialise in understanding the complex tax positions, so you don’t have to. Giving you all the information, you need so you can implement a programme that provides the best balance of employee satisfaction and tax efficiency.
If you’re ready to review your company’s benefits package we’re ready to help. Get in contact with Richard Petrie, Rhianne Stewart, or your usual AAB contact so we can help you create an effective programme that aids in driving success for your business in 2024.