July 17, 2023
When many leadership teams consider the employee benefits schemes that are available, they soon encounter the costly and complex programs and platforms that their competitors use. They may even consider funding wellbeing facilities or support to promote good health and fitness for their staff.
These measures can sometimes improve the physical fitness of employees and may improve their mental wellbeing whilst at work, but they do not address their underlying concerns and support them in the context of the wider demands life places upon them.
Employee benefits programs are different. They are designed to incentivise high levels of performance by rewarding staff with benefits that will make a tangible and valuable difference to their day to day lives.
Employee wellbeing programs and employee benefits programs are, therefore, different, but they do have some objectives in common. They are both designed to improve employee engagement, increase loyalty and improve the business' reputation as a fair and considerate employer.
Why it is important to offer employee benefits schemes?
Happy staff work harder and take less time off [1], generating greater profits for the businesses in which they work. Indeed, a study performed by Forbes [2] revealed that firms in which the workforce is highly engaged are 21% more profitable than their competition, with a 59% decrease in staff turnover and 41% less time lost to absenteeism.
During the cost-of-living crisis, it has become ever more important to support staff to remain financially afloat and to invest in their physical, emotional and mental wellbeing. In implementing an appropriate employee benefits platform, it is possible to provide that support directly to the employees who need it.
Choosing an employee benefits platform in the UK
Every business is different, although their benefits package objectives are the same: they need a solution that will attract, support and retain their employees. Employees are the lifeblood of a business, and any shortfall in operational resourcing can see productivity and profitability plummet. When you are considering which employee benefits platform in the UK is best suited to your business, you will need to consider the very real pressures affecting your team.
At Terryberry, we understand the need for an accessible and integrated digital solution and have developed our industry-leading employee benefits platform to satisfy this requirement. This solution is tailored to the needs of your business and pulls together a full range of rewards and benefits, displaying them in a simple format to maximise its effectiveness.
Our personalised benefits hub enables you to provide a bespoke range of solutions which may include discount vouchers and salary sacrifice schemes, in addition to employee assistance programs and wellbeing support. Our integrated platform will also support and display any existing benefits that you offer from specialist providers, such as life insurance and private medical support.
How Terryberry's employee benefits program will help your employees
Our platform enables the delivery of an employee benefits program designed to increase the net earnings of your staff, without the need to offer a pay rise. For example, by offering discounts in the retail outlets that they frequent, they will make savings every time they shop, and those savings translate into increased net spending power every month.
You may opt to include a salary sacrifice scheme, designed to provide your employees with the tools, technology and transport that they need now, spreading the payments in an affordable manner over a period of up to three years. By deciding whether to sacrifice part of their salary pre or post tax, they can also benefit from savings on their National Insurance contributions.
Further financial support and tailored advice can be made available as required through our employee wellbeing hub, delivering mental and physical wellbeing advice and support to help staff to live healthy, active lives.
Well-designed employee benefits schemes can also prevent difficulties experienced by your employees outside of work from impacting their in-role performance. You an provide preemptive support for a number of mental, physical and emotional problems that they may be facing, but unwilling to discuss with peers or managers.
A simple solution for success
There are many ways in which your business can implement a successful employee benefits program that will improve productivity and morale. The simplest solution is to contact the experts at Terryberry today to discuss your specific requirements.
Our market-leading employee benefits platform, together with our consulting expertise, can help you to improve business performance and staff engagement whilst effectively extending the net pay of your employees. With our help, you will notice a marked uptake in business benefits which will improve morale, productivity and business reputation, helping you to recruit and retain the talent you need for long-term business success.
Resources:
[3] https://www.instituteforgovernment.org.uk/explainer/cost-living-crisis