The employee benefits questions to ask when reviewing your employee packages are:
- What is the feedback from employees?
- What areas of business / family life would employees most benefit from?
- Which employee benefits would fit with the company ethos?
- What is our goal as an employer in offering an employee benefit scheme?
- What is the budget?
“It should go without saying if the person who works at your company is 100 percent proud of the brand and you give them the tools to do a good job, and they are treated well, they’re going to be happy. If the person who works at your company is not appreciated, they are not going to do things with a smile. Effectively, in the end, shareholders do well, the customers do better, and your staff remains happy.” Richard Branson
Employee benefits are of huge importance to the success of your employment strategy.
According to Gallup, highly engaged workplaces see 20% higher sales, 21% higher overall profitability, 10% higher customer ratings and up to 67% lower employee turnover.
80% of employees who said they have a good variety of benefits to choose from also said they identified strongly with their organisation’s vision and values, as opposed to 40% of those who don’t.
What is the feedback from employees?
Asking your employees about existing, and future, employee benefits/perks is a useful first step. You can make this anonymous, so employees feel more comfortable being fully transparent about existing benefits whilst commenting on proposed benefits.
There is little to gain in providing an employee benefit package with little or no usage. Unanimous support is always rare, but a consensus is extremely helpful. The employees will also appreciate having the opportunity to provide feedback and comment on proposed suggestions.
What areas of business / family life would employees most benefit from?
We would recommend this being anonymous. It doesn’t have to be though. You can keep the feedback anonymous by using secure feedback boxes and no names, emails or details being left within the comments section. A simple card / paper series of questions to be completed by employees can be distributed with a deadline for submission.
Alternatively, you could hold a group meeting or ask each team for their comments.
As an example, employees may benefit most from public transport discounts/benefits. They may suggest things which are directly impacting upon them during work time such as greater flexibility on breaks, or a change in the office environment. Perceived little things can make a huge impact.
Employees may benefit most from packages that support their family, such as private health insurance, legal support, family discounts/saving packages or even childcare to name but a few.
Which employee benefits would fit with the company ethos?
Whether it be the sector your business works within, or part of your social responsibility charter, there may be employee benefits which match well with your company culture.
As an example, if you work in a regulated or highly professional environment then this needs to be considered when assessing employee benefit options.
If you are operating within a low salary sector then ways of increasing the disposable income of the employee, and household, may be the focus.
What is your goal as an employer in offering an employee benefit scheme?
Is your goal to improve staff attendance and reduce absence rates? If so, is it related to stress at work or general wellbeing? Finding out more information means that solutions can be tailored. It may be that in-house mental health may be the focus by bringing in professionals to assist people on a one to one private basis. Private health insurance, annual health screening, reduced gym membership fees and flexibility on gym attendance may be considered.
Is your goal to improve the disposable income of employees? Family discounts, savings on transport to work, discounts on commonly used items can help.
Is your goal to improve retention and match (or better) your competition? Many employees remain with their current employer solely because of the benefits and perks available to them. Research what your competitors offer and at least match your competitors’ package and try to better it!
What is the budget?
It goes without saying it is vital your teams responsible for selecting the employee benefit options are aware of the budget and quotes are secured prior to any firm commitments being made.
Return on investment, value for money, and meeting your company goals should be considered when reviewing your options.
Regular reviews, with employee feedback, should be conducted ensuring your key aims are being met.
The right employee benefit packages can play a crucial role in retainment, recruitment and engagement.
What is the Employee Benefits Club?
The Employee Benefits Club provides a unique option for businesses of any size, sector, age or turnover.
Employees receive all the benefits of our personal membership including:
- Online Will
- Lasting Power of Attorney – Health & Welfare
- Dash-cam & Accident Detection App saving money with certain car insurers
- Up to 25% savings on legal fees
- 15% saving in our online legal document library
- Lasting Power of Attorney – Health & Welfare
- Gift card for use at leading UK restaurants along with other great discounts and savings
Prices start from as little as £2 per employee per month and can be included alongside our Business Legal Club subscription packages.
For more information on how we help businesses be certain to review the additional guidance on our site here.
My Legal Club offers business a total solution via:
- Business Legal Club – specialist solicitors, discounted legal fees, online legal documents
- Business Services Club – specialist partners to support your every business need
- Employee Benefits Club – improve your employee benefits / package with a unique package
Businesses can use our Business Services Club, access our specialist business lawyers, and pay for online legal documents without being a member.
Businesses can choose which services suit their needs to ensure they are only paying for the services they really need!
We offer a 30-day money back guarantee meaning you can benefit from any of the memberships safe in the knowledge you will receive a full refund if not happy with our services!
For more information on how we help businesses please click here