Rewards and Benefits Advice

In the current climate is not always possible to keep raising basic salaries to retain your best staff nor are staff jumping ship just for the money alone. Having a rewards and benefit program can be a great way of providing additional value and generating loyalty.

So what types of rewards and benefits can you consider:

Pension

Although you are required to have a workplace pension on your designated staging date, planning to get this in place early if you haven’t already is a great tax efficient way to add benefit to your employees. Planning early will also give you a better choice of schemes which are easy to set up and we can introduce you to our partner, David Garforth from The Money Map who can provide the advice needed to set up these schemes.

Childcare Vouchers

There are a number of providers out there that can administer and run schemes for you meaning you have no additional administration and these schemes are done on a salary sacrifice basis which saves your employee tax and reduces your employers NI contributions.

Shopping Vouchers

A variety of retailers that offer discounts for your to purchase vouchers for you to offer your staff. This could be an incentive for a one off promotion or sales incentive or the option for staff to access vouchers every month along the lines of a Christmas club.

Health Insurance

There are a range of providers that offer plans for Health, Optical, Dental or cash plans to give employees extra choices when it comes to their healthcare.

Flexible Working

Benefits are not always about providing additional services to your staff, looking at whether you can accommodate more flexible or home working options can be as valuable to your employees.

The list can be endless to the choices you can have, hopefully this is a flavor of a few options for you to think of.

If you would like any advice or support in considering rewards and benefits we are always happy to have a coffee and a chat free of charge to point you in the right direction. Contact us on 0844 8797286 if you would like any more information.

Author – Sarah Birkenshaw 

Date – 02/2015

Image courtesy of "iosphere" at FreeDigitalPhotos.net