New Year - A great time to review your company employee benefits package

Wednesday 29th January 2020

New Year - A great time to review your company employee benefits package

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Article By Jan Bailey

New Year - A great time to review your company employee benefits package

The new year will no doubt bring with it many challenges. The uncertainty surrounding whether the UK will exit the EU may well have been resolved by December’s General Election, but many unknowns remain. What will Brexit actually look like? When will we know the implications for our businesses? What will the costs or benefits be in financial and other terms? Whatever happens, one thing is for sure. The importance of retaining and attracting knowledgeable and highly motivated staff for our businesses won’t diminish.

One way in which we can demonstrate how much we value our employees is by providing great working conditions and a range of employee benefits. According to research, 79% of employees would rather have new or additional benefits instead of a pay increase. In fact, adding benefits can increase loyalty, focus and productivity and attendance. A good benefits package can also influence a new recruit’s decision on whether or not to join you.

What is the right benefits package for your business will depend upon your organisational needs and goals, the people within it and available budget. For example, one report suggested that the most effective employee benefits schemes are those targeted at providing support for specific issues faced by particular groups rather than those based on stereotypical generalisations. In its example, help with issues such as childcare, access to GP services, counselling and mental health first aiders were most appreciated by ‘Generation X workers’. The clear message is that in terms of employee benefits packages, one size definitely does not fit all.

Brunsdon Financial offers a range of employee benefits packages. We’re not tied to any particular product provider so we can be completely impartial in our advice to you. We operate a tried and tested SMARTBROKING™ process that is adapted to your particular needs and budget and can include:

  • Group Pensions (strategy, market testing, design, procurement, communication and implementation)
  • Group Health and Risk Benefits (including Private Medical Insurance, Income Protection, Life and Cash Plans)
  • Scheme Administration and HR Support (data up-dates, transfers and scheme advice to members)
  • Financial Advice (including one-to-one sessions for individuals, directors and CEOs).

As your employee demographics and their needs change, the provisions of your scheme will need to change, so it’s important that you keep your offer under regular review. Your Brunsdon Employee Benefits Consultant will assist you in doing this. Please do contact them for help and advice, or for further information, visit https://brunsdonfinancial.co.uk/corporate-services .