How to attract, retain, motivate and reward your staff

Security and peace of mind play a crucial role in attracting, retaining and improving the performance of staff. This is where a well-designed employee benefits package has a major part to play in running a successful business.  It can help improve employee retention and productivity leading to increased financial success for the business.

In a survey conducted by Ellipse in October 2016, they asked 1,005 UK SME employees to choose the top three employee benefits they would value most:

  • 48 per cent of employees voted private medical insurance in their top three most valued benefits
  • 37 per cent voted for life insurance
  • 31 per cent ranked critical illness in their top three

From the above it is clear that employees value benefits linked to their health.

Further research was carried out by Canada Life in 2017.  Their survey of full and part-time employees found that 85% of respondents were more likely to work for an employer who offered workplace benefits.  Although many employers do provide employee benefits, it is also important that they are clearly communicated to both prospective employees and current employees.

Employees care about their health and are looking to employers to provide health benefits that will help them financially support and take care of their wellbeing.

For employers, a strong, relevant and well-communicated benefits package not only helps employers make sure they get the pick of employees at recruitment, but can also help them retain happy, committed staff.  Good group-risk insurances form the core of any well-structured employee benefit package, such as:

  • group life assurance
  • group income protection
  • group private medical insurance
  • group critical illness
  • health cash plans

Having a well-constructed employee benefits package can also help employers manage staff absences and get employees back to work sooner.  This helps reduce the financial impact to business.

You may not have reviewed your existing benefits for some time. A full review often highlights unnecessary costs and benefits that don’t comply with current legislation. In some cases the structure of the employee package is out of date in relation to the other benefits, such as linking to pension scheme membership or categories and definitions that are no longer applicable. You may achieve significant cost savings through such reviews.

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