Employee benefits are a cost effective way to provide your staff with a sense of self worth and appreciation. It’s also a great way to build loyalty and increase the productivity of your staff.
As a business expense employee benefits can be tax deductible. This proves a great investment for businesses of any size, we listed a number of the benefits of offering such a package.
Why companies should provide employee benefits
With the NHS being accessible to everyone, many employers think there’s no real need to provide employees with additional health benefits, and while this may be true to an extent, there are many reasons why it would be beneficial to the employer to do so. Of course not all companies and employers are going to provide this, but if you’re thinking about it, here are some of the main reasons why it may be the right decision for you.
Access To Best Care
As an employer, if you give your company employees the access to the best possible care available, it means that they’re more likely to be treated better and faster and be in a better state for successful productivity. If your employee has, say, a back problem but the NHS can’t see them for a couple of weeks if not months, by giving them access to additional care, they have access to the best in the business and have a better chance of being seen early on. When they’re not in pain or struggling with health problems, they’re going to be working harder and be more present.
Increases Moral
In the current economic state, offering your employees any additional benefits will keep morale higher and make them feel better about the company. It’s an easy way to keep your employees happy even if they never use it, it can create a lot of good will that can be hugely beneficial to the productivity in the company.
Loyal Employees
By offering additional healthcare, you give employees a further reason to stay with your company. Not only does it create good will, but if they’re thinking of going to your competition, if you offer additional healthcare and the other company doesn’t, then you’ve been able to keep your employees loyal to you and not lose good workers to the competition.
Saves Money
In 2015, the average number of sick days that employees took off was 6.9 in a year, and this costs a company over £550 a year per employee. That is a lot of money that quickly adds up. This is due to sick pay, but also you lose the potential work they’d have been doing had they not been sick. Providing additional and better healthcare or additional benefits to your employees means they may be able to take fewer sick days and therefore cost you less money in the long run.
While offering health benefits to employees is not a necessity, it can be viewed instead as a simple and effective way to create good will and save yourself a bit of money, both which are hugely beneficial, and not at a very high cost, which is even better.
How we can help you help you with Employee Benefits
As whole of market brokers we have access to range of benefits and policies, we don’t just offer the likes of a one fits all blanket type policy.
We like to work with our clients and deliver the best outcome possible, we can advise you on the type of policy needed for the size of your company and what will work best for business sector.
We know time is a precious commodity and in business there’s always something happen, the great thing is most of our policies can be arranged through a short phone call.
Contact us today to find out how we can help your business.