Corporate Services

Employee Benefits: The Long-term Gains for your Business

Employee Benefits: The Long-term Gains for your Business

Employee Benefits: The Long-term Gains for your Business

Historically, the relationship between employer and employee has been relatively distinct and not necessarily the most proactive. Employers had a role, as did employees, and very rarely did their goals and aspirations meet. However, the situation is very different today, with employee benefits playing a significant role in long-term planning.


Employee retention

When looking at employee benefits, the goal is simple: to retain employees on a long-term basis, avoiding an array of additional costs such as recruitment and training, while nurturing continuity. There are many ways in which businesses look to keep their staff.


Health insurance

Many companies offer health insurance as part of their employment packages and a means of retaining staff long-term. This perk often includes the employee’s family, a bonus for all parties. Considering the worsening situation within the NHS, the ability to arrange private healthcare as and when required can be priceless for many people.


Workplace pensions

While companies are legally obliged to invite new employees into their workplace pension scheme, contributing together with the employee, pensions of long been a magnet for employees. As a result, many companies go above and beyond their statutory requirements regarding pension contributions. This allows employees to build a significant pension pot and look forward to a long and prosperous retirement.


Wellness programs

Wellness programs are seen by many as a modern-day employment perk, although they have been around in various guises over the years. These programs can include gym memberships, exercise classes, stress management and advice and guidance on general well-being. Some companies also pay for access to professional therapists for employees who may be suffering challenges both inside and outside of work.


Reimbursement of training costs

The subject of training courses is an interesting one because not only are they tax-deductible for the company, but they also attract loyalty from employees. In most cases, the training course taken must associate at least loosely with the person’s role in the company and be of some benefit in their current or future position. In some cases, employees will utilise this employment perk and then seek higher remuneration with other companies. However, this is not as commonplace as you might assume.


Flexible hours

While there are some legal obligations regarding flexible hours, most employers are receptive to such requests so long as they remain broadly within traditional working hours. Sometimes, it can be beneficial when one person starts early and the other finishes later, allowing the company to cover an extended working day. This also ties in with working from home, a relatively popular employee benefit in light of the Covid pandemic.


Working in harmony

As we touched on above, in years gone by, many companies were split down the middle, employers/managers and employees. Sometimes, they never socialised, rarely spoke and had a somewhat strained relationship. The situation is very different today; regulations are much tighter, and employees have more rights, but forward-thinking employers are now more willing to work with their staff.

Whether looking at pensions or flexible working hours, health insurance or assistance with mental health issues, each perk encourages a degree of loyalty to the company. The long-term impact is obvious, reduced upheaval among staff, reduced recruitment costs, never mind initial and ongoing training expenses for new employees. The cost of replacing an employee who has been with the company for many years could be much higher than you first thought!