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What are Employee Benefits

Dec 5, 2018
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Do you understand how your employees feel about working for you and your company? Do you consider them loyal, engaging and inspirational? If you are not sure and think this needs addressing, you may wish to try and look at a system of flexible employee benefits.

Employee benefits do really make a difference. It is possible to actually get the entire staff excited and enthralled about these new packages of employee benefits and raise levels of morale in the process.

Many companies already have a system of employee benefits on offer. But for many, these system are difficult to understand and cumbersome to use. In some businesses, employees feel the system of employee benefits are too complex and difficult to negotiate.

It has been seen in some businesses where just 20 per cent of the staff actually use some form of the employee benefits on offer. It could mean the employee benefits on offer are simply too lacking in beneficial rewards, or it could be they are too complex and difficult to decipher.

Flexible benefits do actually work. But it can be a lot easier if you divide these into neat little packages.

It is not just trading in a few holiday and annual leave entitlement for more money that is on offer – as seen in the flexible benefits company Fair Care: it offers schemes like Childcare Vouchers where working parents can save money by earning vouchers to have their children cared for during the working day.

A cycle to work scheme is being introduced in many businesses too. This helps the environment and saves on National Insurance payments paid out by organisations. It will certainly ease parking and traffic congestion problems outside the workplace and benefit employees with discounts of up to 42 per cent on all bicycles purchased, as well as the cycling accessories they buy (helmets and padlocks are not that cheap, you will soon discover).

Health screening employee benefits are also a great way to ensure your team are healthy, fit and ready to work. This can also include benefits like reduced prices at the local gym.

Employee Assistance Programs (EAP) are also a great benefit for employees who are in times of need. The loss in time off, reduced morale and low productivity can have an impact on the business and damage it. Having an EAP scheme also shows employees you care.

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