Employee Benefits for staff retention

Running a business is always challenging even in buoyant market conditions. You often hear people say a business will only ever be as good as its staff. Therefore, the biggest challenge that an owner or manager faces is retaining and recruiting top talent.

Some team members are just interested in the money there will always be those that move from job to job for an extra few thousand pounds a year. But the majority do not like change. Have you heard the saying people do not choose new jobs they choose new bosses? Employee benefits is a cost-effective way for you to show your staff you are a boss that cares for them. You care for their well being and even the well-being of their family.

There are various benefits you can put is place which we will walk through and each level increases with cost. To get actual quotes is very easy, all you need to do is have a free initial consultation with one of our advisers and provide them with your pay roll data and we can start to organise some non-obligation quotes for you to consider.

Group Life Cover

This could be a set amount of money or a multiple of salary. If an employee passes away while in your employment, then their family would get a lump sum of money. These policies often provide extra bereavement counselling which could be of benefit to the rest of your team if it was a key member passing.

The cost of this is based on the size of your work force, the jobs they do, their ages and the amount of sum assured. With group policies the providers do not usually underwrite the work force so it can be a huge benefit if an employee has struggled to get private cover because say they are a little over weight or have a family history of medical conditions. As this is one of the most cost effective benefits most businesses start with group life insurance. 

Group Critical Illness

If you have your own private critical illness policy or have ever looked at getting one you will know that the cost of these policies has gone up over the last few years. Mainly because most people know someone that has suffered the illnesses covered by these policies at an early age. You’re more likely to claim from a critical illness policy rather than a life policy hence the increase in cost. 

What we would say to employers rather than offering 3 to 10 times salary as you may do with Group Life, just offer one year’s salary or a fixed amount. Something is better than nothing and will make you feel a whole lot better if you have to terminate an employees contract due to a critical illness causing prolonged illness if you know they have a tax free lump sum coming to them from the policy you organised. 

Group Income Protection

When you’re recruiting if you can say to “you get paid if your off sick” its powerful. In some industries such as high tech it’s expected. From an employee’s perspective it really shows you value and care from your employees. 

The cost of this policy will be defined by the age, job role and income of the workforce. Where you can influence the cost as an employer is how long you will pay the employee before you want an insurer to take over and what percentage of the income you want to cover.

There are many options which your adviser will work through with you.

Group Private Medical Insurance

The NHS is under ever increasing pressure. A private medical policy could get an employee diagnosed quicker, referred to a specialist and even cover treatment. The benefit of this is you could get your staff member back to work quicker.

Group Private Medical is generally cheaper per person than when an individual goes and gets their own cover. An individual will therefore place much more value to this benefit than it is costing you as an employer. Aside from the financial benefit the employee will feel protected by you as an employer and think twice before moving to a new employer for a few thousand pounds a year more salary if they are not offered private medical insurance as part of the package.

Next steps

If you have existing covers, we can step in review you’re your arrangements and research these against the market.

If you’re just starting to look at employee benefits, then again invite us in for a no cost consultation our advisers will guide you through all the options. Because there are many benefits you can offer most employers just starting out start with one benefit and build over time, each employer is unique in their approach.