Could employee benefits be right for your business?

As a small business it’s likely you won’t hesitate to insure your assets, including tools and electronic equipment, but have you overlooked your people?

Could employee benefits be right for your business? - A-Plan Insurance

As many businesses (just like yours) recover and grow post pandemic, a challenge that they can face is recruiting employees in this market.

The current skills shortage means that more prospective employees can shop around to find the right opportunities for them.  With the current unemployment rate in the UK at 3.8% – the lowest since 1974 – there are now fewer unemployed people than job vacancies.  

Businesses are attempting many different approaches to address this issue such as offering flexible working, 4-day weeks, increased holiday, healthcare, and enhanced remuneration packages. 

Employee Benefits are moving away from a ‘box ticking exercise’ as many benefit providers continue to recognise the importance of mental health and wellbeing.

It’s important to understand your workforce. Implementing the right package can play a huge role in retaining your team and attracting more as your team grows. 

Importantly, it can also show that employers really care about their team which in turn can enhance productivity, and reduce absenteeism, while working wonders for loyalty.

Insurers and employee benefit providers have recognised the shift in the market too and are constantly improving their benefit services to include fast and flexible access to healthcare advice. Many have introduced technological advancements to streamline claim processes as they compete both in terms of price and proposition.

What might an employee benefits package look like?

  • Private medical insurance
  • Healthcare cash plan
  • Group life insurance – also known as death in service
  • Group income protection
  • Group critical illness

How many people do you need on an employee benefits scheme?

Most employee schemes only need a minimum of two employees. This often surprises many smaller businesses – it’s easy to think that only large companies can offer benefits, but this simply isn’t true.

How much does an employee benefit scheme cost?

The perceived cost of Employee Benefits is often higher than its actual cost, so you might find that an enhanced Employee Benefits package is an affordable and highly valued solution. 

For example, a small business could have a healthcare cash plan for as little as £5 per person per month.

Neal Hartley, Business Protection Manager for A-Plan confirms: “Now is the right time to be looking at employee benefits. Insurers have some great products on the market and price is really competitive.

“Employees really do understand and appreciate the value and it’s fast becoming a ‘must have’ rather than a ‘nice to have’.

“With a wealth of expertise in this area, we can offer fee-free and independent advice, so it’s easy to find out more about the types of benefit package that could suit your business and budget. Our team are on hand to support not just at new business, but also at renewal, we’re here as and when you need us.”

Employee benefits are more important than ever can you afford not to find out more?

Get in touch with your local business branch who will be happy to help.