17 February 2022
How Employee Benefits can make a difference to your business
Employee Benefits help businesses attract, retain and motivate their employees. In times of low unemployment, they can be the difference between attracting and keeping the best people or losing out to competitors. We’ll show you how they be affordable, help your business, and fit your budget. We’re proud of how we help businesses resulting in our 97% client retention rate. We put this down to the way we care about our clients and put them at the heart of everything we do.
Why should you think about this?
- Every business wants to be successful and profitable, but it can be a struggle if you can’t attract and retain the calibre of employees that you need.
- It can be hard to compete with other (sometimes larger) companies for the skilled and experienced people required to build a successful business.
- Plus, in today’s saturated job market, candidates
- find themselves being able to pick and choose the best opportunities.
- Have you ever experienced “Ghosting” where candidates sometimes cancel interview appointments or don’t even turn up at all?
- Low employee engagement results in lower productivity. It’s a well-known and logical fact that lower productivity has a direct link to business profitability.
- You may suffer the repetitive and draining costs of recruiting and training new employees, only to lose them, and have to start all over again. The average cost of this is £30,000 (Source ACAS and HR Review) plus it can have a demotivational effect on other workers.
It doesn’t have to be this way!
Much has been written about what the modern-day employee is looking for in a job. No longer is offering a competitive salary enough as people look for more. Potential employees seek businesses with a culture that they can relate to, opportunity for career progression, flexibility when it comes to working hours and location, and employee benefits included as part of the total remuneration package. SME businesses have a lot to offer in this respect, but employee benefits often get neglected, possibly due to the perception that these can only be afforded by larger businesses with deeper pockets. NOT TRUE.
By offering a tailor-made employee benefit package to suit your business needs and your budget, you can increase your chances of attracting and retaining quality people.
But what about the costs? Can we afford it?
It’s a myth that employee benefits are expensive. As just one simple example, if you have 10 employees and you put in place a plan for them (a Health Cash Plan) that provides towards the costs of dental and optical treatment; the costs of chiropractors and physiotherapists; an Employee Assistance Programme offering 24/7 access to counselling about any issues e.g. financial, health or relationship worries; and a huge range of shopping discounts and offers – would you be surprised to find out that the cost starts from as little as £600 per year – for all 10 people!
This is just one of many benefits available for the employees of SMEs. Others include Life Cover, Sickness Cover, Critical Illness Cover, Private Medical Insurance, Health Screenings, and many, many more. Excellect is an independent whole of market employee benefits broker. Let us help you find what you can do to help your business, discuss your options with you, and provide costings. Then by informing yourself about your choices it allows you to make sound business decisions. We do not charge a fee for a consultation or obtaining costings for you, so there’s nothing to lose, other than a little of your time.
Happy and engaged emplyees = a more productive workforce and a more profitable business
Looking at the Complete Picture
We don’t just offer individual benefits in isolation, we look at the bigger picture.
You may simply want health insurance or you may see this as part of a much bigger well-being drive. Employee well-being initiatives can help reduce absenteeism, improve employee job performance and retain quality staff.
How can Haines Watts help?
We advise clients with a broad range of employer services throughout Swindon and the South West.
If you would like to have a conversation to see if our partners can advise you about getting organised ahead of time or with regards to a paticular situation, please get in touch with your usual Haines Watts contact.
