Transcription
Looking at employee benefits for your business doesn't have to be overly costly, and there are a few things that you could put into practice which would enable you to retain some key staff but also attract some key people into your business. It wouldn't have to cost an awful lot of money looking at the benefits that you offer your staff, as they're an option for you to pay a little bit more than what you have to pay.
So, you know that maybe just paying an extra couple of percent on top of what you pay, and that looks quite powerful for the employee. You may also want an employee to contribute a little bit more, so effectively there's more money going into their pension pot. So when they are then looking to move on to another organisation, that's the sort of thing the employee considers around an overall kind of benefits package and not just a salary.
Other things that you may want to look at. I mentioned death in service, so that as well you could look at pay and either two times, three times, or four times their salary to their next of kin again. And that can be quite a powerful benefit. In terms of, you know, an individual working for you knowing that that's a benefit that you offer, because again, not a lot of businesses do offer that as an employee benefit, so that may be something you want to look at.
Other things are critical illness, which is where if the individual develops a serious illness, then that individual would receive a lump sum payment. So that helps you in terms of looking after that individual because it's the right thing to do, but also gives them peace of mind that if they do, you know, hit hard times with a serious health issue, that they're going to be looked after and in terms of what is paid out. And again, that's a tax-efficient way of doing something for your business because that's an employee benefit and you can offset that against your corporation tax.
Other benefits may also be private healthcare. And again, that is you could look at a couple of options. You know, one is where you pay private healthcare to the individual only, or if you wanted to be really caring and show you're a really good employer, you might offer that benefit to a partner and family members as well. So that's where if they did have a critical issue and rather than taking a week through the NHS, they've got private healthcare in place and they can go and get seen and get that seen to privately.
So one, that helps them and gives them that peace of mind, but also for your point of view as the employer, if they are having a health issue and it's something that can be, you know, kind of treated fairly quickly, it allows them to go and get that private healthcare and potentially get them back to work a lot quicker. Which means that you have retained that key member of staff in the business without them having to go off.
So there's a few examples of things that we've been helping some clients recently, and that's been pretty well received. And half they say the clients that we've been helping put these packages in place, they were kind of pleasantly surprised at the cost. I think they just assumed it would be really expensive. However, when they worked it out, they realised that it's not that overly expensive for them to kind of add that into the overall employee costs, which is great to see.
So if you want some advice or, you know, just about more information on employee benefits, feel free to reach out to us. You can contact us via the website, which is www.thehrbooth.co.uk. You can also contact us on info@thehrbooth.co.uk or 01383 668 178.