As well as providing advice to CLA members and their families on their healthcare, wellbeing and protection needs, we’re proud to support CLA business members too.
During my recent conversations with rural business owners, common challenges keep cropping up. Namely recruiting and retaining talent in a competitive job market; meeting employees’ changing expectations; and the need to better support employees’ health and wellbeing post-pandemic.
As a result, some organisations are considering introducing employee benefits or increasing what they currently offer their people. But where do you start and what should you offer? To help, here are some frequently asked questions.
What are employee benefits?
Employee benefits are benefits provided to employees in addition to their base salaries as part of their overall reward package. Many benefits are designed to support employees’ health and wellbeing or offer financial protection in times of crisis.
Some benefits will be taxable so it’s important to take advice before implementing benefits for the first time.
Why offer employee benefits?
Offering employee benefits makes good business sense. They can play a key role in helping to recruit and retain talent. Research revealed that 80% of employees would choose additional benefits over a pay rise[1] and 69% of employees might choose one job over another if it offered better benefits[2].
Offering employee benefits can help you stand out as an employer of choice, increase employee engagement and help create a happier and healthier workplace, which are all important for sustained business growth.
Which are the most popular benefits?
Employers are legally obliged to offer a workplace pension and the employer, employee and government all contribute into it. Some employers choose to operate their pension on a salary sacrifice basis as a tax-efficient way to make pension contributions, and then invest their employer NIC savings into funding additional benefits.
Beyond this, the most popular and valued benefits include private healthcare, life assurance, income protection, virtual GPs and benefits that support employees’ wellbeing such as dental insurance, gym membership and wellbeing apps.
Choosing the right benefits package will depend upon your business needs, your employees’ needs and your budget.
How much do benefits cost?
The cost of benefits will vary and are dependent on factors including number of employees, workforce demographics, type of benefit and level of cover. This is where it pays to work with an employee benefits consultant who can review the market for you to find the most appropriate solutions for your specific needs.
Many benefits include value added features such as Employee Assistance Programmes or access to mental health support included within the policy.
What do I do now?
If you’d like to discuss your options, please speak to a member of the CLA Healthcare team. We’ll work with you to understand your needs and budget and build a package that works for your business and your employees.
Call 01274 717361 or email us on healthcare@cla.org.uk
[1] Harvard Business Review
[2] One Medical