A big draw when it comes to bringing in new staff and retaining your current ones is your employee benefits. Knowing what your employees need and want is key. Along with finding out where you can get them.
There are plenty of different types of employee benefits and this can get confusing. It’s also easy to fall into the trap of choosing the first provider you come across. However, there are some great providers and benefits out there. In this article we will break down the types of employee benefits available, hoping to make this process less confusing for you.
What types of employee benefits could be helpful to your employees?
As much as offering employee benefits is great, knowing the types of employee benefits that will be most useful to your employees is key. This means that not only do your employees get to benefit from having an employee benefit package in place, but they can also utilize ones that are actually useful to them.
Before even thinking about looking for a provider, ask your employees what support you could be giving them. This will be useful for 3 reasons:
- Makes employees feel heard
- Helps design a useful employee benefits package ensuring a higher ROI
- Employee satisfaction often leads to higher employee retention
What types of employee benefits are available to you?
There are many types of employee benefits available. To break it down let’s look at some of the types of employee benefits available and the benefits that can come under these categories:
Financial types of employee benefits
Within your company, you will have employees from all stages of their life. They will have different needs when it comes to the types of employee benefits they’ll use. There are luckily many financially focused types of employee benefits, allowing you to draw people in. From salary deducted loans, financial planning and financial wellbeing libraries.
Health and wellbeing employee benefits
The health and wellbeing of your employees can be a difficult thing to support but is crucial to maintaining high employee satisfaction and retention levels. There are many types of employee benefits to help make this easier!
For health-based types of employee benefits, you can help support your employee’s health by giving them access to expert advice whilst also helping to subsidise the costs of any treatments or assessments needed to maintain their health.
Some of the options for types of employee benefits that help your employee’s health and wellbeing are health assessments, eyecare vouchers and an employee assistance programme for emotional support that is confidential.
Benefits to support your lifestyle
As much as there are types of employee benefits that support you with the big life moments, there’s also a lot of benefits that can help you make the most of the little ones too.
One of the great types of employee benefits that is designed to make your lifestyle easier is instant discounts. They can help you get discounts on your regular shopping and any additional fun shopping too!
In addition to instant discounts, there are also discounts available for a range of days out, holidays and gifts for your loved ones. So, you’re able to get whatever you and your family need whilst also providing yourselves and your loved ones with much needed fun and gifts, for special occasions and just for a treat!
The flexibility in the use of these instant discounts is one of the biggest draws, particularly over the last year during the pandemic, it has allowed people to shop to their budget which may have become tighter due to redundancy, reduced hours or being furloughed.
Its also a great tool now that things are starting to get back to normal because it allows people and their families to start having fun days out and experiences again but at a price that is more affordable to people, no matter their budget.
Salary sacrifice employee benefits
These types of employee benefits require an employee to sacrifice a small amount of their gross monthly salary in return for an item or perk. This trade is a great way to get the items you need or want and provide you and your loved ones with more fun and time together without it costing you a tonne of money.
One option for this is a motoring-based scheme that helps save money on car maintenance. MotorSave is a scheme that ensures that employees are able to take care of their care while spreading the cost over 12 months. The cost of MOT, service, vehicle repairs and other routine car maintenance are all covered! So, employees can take care of their car whilst not breaking the bank and the option to add family cars on the scheme too.
Holiday trading is also a great salary sacrifice scheme. This type of employee benefit allows employees to buy and sell days off using payments to or from their gross monthly salary, a day off tends to work out at 1/260th of their salary so dependent on the employee and their employment set up, it will change the salary amount that is sacrificed for the time off.
For any travel needs there are also many types of employee benefits that can help. A car scheme can help you get a new car, whether you’re looking for a basic make or something more to your specifications then you can find something for you. Or if cycling is more your style then you can make use of the bike to work scheme and help make your commute to work easier, better for your fitness and for the environment. Costs are spread over 12 or 18 months too so there are no worries about large repayments.
There are many types of employee benefits out there and these are just some of the ones available. There are so many options for finding a provider and benefits that work for your company but we hope this article helped you to find out more about what’s available to you and inspired you to provide great benefits for your employees!