Business owners know their team is the most important asset they have. But how do you keep your staff happy, productive and performing well without spending a fortune? It is actually easier – and cheaper – than you think.
It is generally accepted that offering employee benefits is a valuable thing to do, but what people don’t often realise is that two thirds of employees would be more likely to stay with an employer that offered good benefits – so it makes good business sense too.
As a leading employee benefits provider we understand the value of providing a balanced benefits package. However, there are many benefits that can be put in place at a relatively low cost to companies.
With finances being a growing cause of stress for employees, more and more businesses are offering extra opportunities for staff to save or invest money through their workplace - above and beyond traditional methods like the company pension scheme.
We have just introduced an ISA through the workplace, which allows employees to contribute to a stocks and shares ISA investment direct from their salary, after tax. Returns are tax-free and employees can enjoy extra cost savings such as lower or no management fees, start-up charges or fund switching free of charge.
2. Agile work spaces
One of our most appreciated benefits is our agile workspace – enabling employees to break away from traditional work patterns and department silos and truly embed a collaborative and innovative culture. We have transformed our working environment into collaborative spaces with no fixed desks, no paper, wires or barriers, just totally agile working.
Employees can sit wherever they choose depending on what they’re working on and who they’re working with. Through empowering our people and encouraging more interaction with other teams, we get things done a lot quicker and create better customer experiences.
3. Dental cover
Even though visiting the dentist regularly can stop small things from developing into big problems, the cost of treatment means that many people avoid it.
Corporate dental insurance typically covers the cost of routine NHS treatments like examinations, hygienists, fillings, crowns etc. as well as injuries and accidents - anywhere in the world.
It also contributes towards the cost of more expensive treatments such as implants and child orthodontics and can normally be extended to cover family members. With policies from as little as £6 a month dental insurance is a cost-effective benefit for employers of all sizes to offer, and a tangible way to show they’re a company that cares.
4. Relaxing the dress code
Sometimes it’s the little things that can have a big impact and that’s what we’ve found with our new ‘Dress for your day’ dress code.
Instead of enforcing the smart dress code that’s typical of financial services firms, we have empowered our people to break away from this and adopt a relaxed dress code should their activities that day allow for it.
It’s the element of flexibility that employees really appreciate and it’s had such a positive impact on the way in which people work and how engaged they are with one another and our customers.
5. Critical illness cover
Sadly a critical illness such as cancer, kidney failure or a heart attack can strike at any time and can often be a significant financial burden for those affected. Critical illness cover means an employee will get a tax-free lump sum if they're diagnosed with one of a number of specific medical conditions and survive for a minimum period of time once they're diagnosed, usually between 14 and 28 days.
When employees really understand the impact of a critical illness, they also understand the value of employers who provide such cover as part of a corporate scheme.