Finding the right benefits scheme for your business
by Karen Long, Director, Health & Employee Benefits at Jobson James
Finding and recruiting the right staff is vital to the success of a business. However, the best employees will always be in high demand and as such, firms need to be able to provide them with the right incentives, to turn down competitors and join their organisation.
Whilst a good salary and bonuses will undoubtedly act as a lure, prospective employees want to know that they will have the security and stability for themselves and their family should anything unexpected happen.
One way that organisations can provide this security is through comprehensive employee benefits packages.
But for many firms, providing new and current employees with such packages can be a daunting prospect. Company owners understandably question the cost of such perks. Private healthcare, income protection and death in service cover can add up, particularly when provided to all staff.Additionally, costs can increase in line with aging staff, as a result of rate changes due to claims and inflation, meaning that packages can become more expensive over time.
To offer a compelling and competitive employee benefits package that is also financially viable, businesses need to take a strategic approach to their implementation.
For example, absence amongst senior managers and other key players can prevent a firm from meeting its potential. Making sure these individuals have access to a comprehensive healthcare package will ultimately benefit the organisation.It means staff will be able to receive the treatment they need quickly and be able to return to work faster, if illness or injury occurs. However, these sorts of schemes might not be needed by every individual in the business.A cheaper alternative might be more appropriate for staff whose presence is not critical to the overall running of the business.
This sort of management of benefits packages means that businesses can save money as staff receive varied types of cover, while ensuring that every member of the team is getting the support they want and need from the organisation.
To ensure they are offering the most cost-effective packages, businesses should look to work with insurance brokers that have experience in creating employee benefit schemes. Brokers will have experience in creating these packages and will be working with a range of insurers, meaning they can assess an organisation’s requirements and create a scheme that is both cost-effective and meets the needs of the firm and its employees.
For a business to be the best it can be, it needs to ensure it can attract the highest quality staff available while ensuring key individuals within the organisation are happy and experience minimal absence levels. By offering employees the benefits they need, a firm can truly stand out to current and potential staff. Working with an insurance broker, organisations can guarantee that packages offer good value and provide everyone with the assistance they need, helping the company and its staff to succeed and thrive.
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