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Employee Benefits

When you take a job, one of your first concerns is likely to be the headline salary – that is, the amount you will be making each year. This is understandable – it is the figure that will probably have the biggest impact on your standard of living in the short term.

Employee Benefits

What are employee benefits?

When you take a job, one of your first concerns is likely to be the headline salary – that is, the amount you will be making each year. This is understandable – it is the figure that will probably have the biggest impact on your standard of living in the short term.

That being said, it is only part of the picture. In most cases, employees will also be entitled to a range of benefits – either in addition to their salary or, instead, as part of it.

There are many different employee benefits ranging from statutory Workplace Pension arrangements through to healthcare benefits and Travel Insurance.

Goddard Perry specialise in the following Employee Benefits:

Workplace Pension Solutions

Health and Well-being

  • Personal Medical Insurance (PMI)
  • Dental Insurance
  • Travel Insurance
  • Cash Plans
  • Critical Illness Cover

Group Risk Benefits

  • Group Life Assurance
  • Group Income Protection

Other Benefits

  • Flexible Benefit
  • Key Person Insurance
  • Business Protection
  • Director's Share Protection

Why would employers offer them?

Employers can benefit from a range of advantages as a result of offering employee benefits. Perhaps the most important of these is the impact on their employees’ well-being which lifts morale. Many employees feel more valued by their employer if they are provided with a good benefits package.

An effective employee benefits package should improve staff absenteeism and increase productivity in the workplace as well as providing some tax advantages, although you should note that tax on employee benefits can be a complex area.

What are the advantages for employees?

There are many advantages for employees, and depending on the products offered, employees can benefit from assistance in saving for retirement, financial help towards healthcare costs, becoming physically fitter and improving mental well-being.

Flexible benefits are becoming increasingly important, and this allows employees to prioritise benefits depending on their personal circumstances. There are also tax advantages for employees in maximising pension contributions and utilising salary sacrifice.

How do I start setting up a benefits scheme?

Goddard Perry offer a review service where we can meet with you to fully understand your requirements and objectives. We will work closely with you to implement an effective, strategic benefits package within budget constraints.

We also offer a full flexible benefits project management and implementation service, allowing your employees to tailor their individual package.

Can I use benefits to reduce employee absence?

Many employers use employee benefits as a way of encouraging or discouraging certain behaviour amongst their staff. High absence levels affect many businesses, and this problem can prove expensive. Employee benefits can be a useful way of managing absence and improving your bottom line.

What about healthcare benefits?

Private medical insurance is another of the most popular employee benefits. In medium or large organisations, it is now almost considered a given that a remuneration package will include an element of healthcare insurance.

As an employer, the range of healthcare benefits you can provide is extensive.

What about pensions?

With the advent of Auto Enrolment, providing a workplace pension scheme is now mandatory. Pensions are perhaps the first thing that many employers and employees think of when they consider the topic of employee benefits. A pension is a benefit on which people rely – and it is therefore important, from both the employer and the employee’s perspective, that it is got right.

To begin with, you need to understand the terminology. Do you understand the difference between a defined benefit, trust-based money purchase and Auto Enrolment workplace pension scheme? Your choice of pension type could have a major impact on the amount that you (or your employees) eventually have to retire on.

As an employee, you should again make sure that you are familiar with the salary sacrifice concept. As well as employer contributions, your personal contributions are deducted from your salary before tax.

If you are an employer, it is also important that you educate your employees about the basis of their scheme and the tax advantages of saving into a pension. This can be communicated in various ways such as employee presentations or newsletters.

Employee benefits are a major element of many remuneration packages and are becoming more important in respect of both recruitment and retention. If you are an employer, we recommend you should seriously consider taking professional independent advice to help you make the right benefit choices.

We’d like to meet you

If you want like to come and see Goddard Perry Consulting to discuss your employee benefits requirements, please telephone 020 8603 3700 or email: employeebenefits@goddardperry.com.

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