Employee Benefits as RewardsPosted in : HR Updates on 1 February 2017
By offering employee benefits you will increase your appeal in an already competitive marketplace for top talent. A survey by McKinsey Quarterly showed that attracting and retaining talent was the biggest reason that companies offered employee benefits.
Stephen Willis, Finance Director at Willis Employment Services in Belfast, has compiled a useful factsheet for Legal-Island readers providing up to the minute information on employee benefit packages including a summary of the changes to salary sacrifice schemes which will be enforced from April 2017. The table clearly demarcates those employee rewards which can still be offered as part of a salary sacrifice scheme along with clarification of the benefits for doing so. Should you be using the salary sacrifice schemes that will remain available after April 2017? According to Stephen, the short answer is ‘yes’.
Stephen highlights the impact of delivering an effective rewards package to your staff:
- By investing in your employees, it shows that you have their best interests in mind and value their job performance. This can help you build a tight-knit team of professionals that will stay for years.
- If your employees have solid health insurance plans in place, there is a better likelihood that they will have regular check-ups and take preventative medical steps, which should positively impact absence in your business.
- By offering benefits, you give employees more of a reason to care about your company and remain loyal. As a result, they should be willing to work harder, which can lead to greater productivity and higher quality.
- Providing benefits demonstrates that you care about your workers and is a natural way to increase their loyalty, often getting their best work in return. Nothing can put a damper on productivity quicker than a bad attitude.
The information in this article is provided as part of Legal-Island's Employment Law Hub. We regret we are not able to respond to requests for specific legal or HR queries and recommend that professional advice is obtained before relying on information supplied anywhere within this article.