What are Employee Benefits?

February 19, 2019

Employee benefits are designed to help promote employee satisfaction and wellbeing. This is usually done through benefits ranging from flexible working hours and childcare support to dental care and pension schemes.

Employee benefits are an extra incentive provided by employers to attract and retain employees, contributing towards improving wellbeing and staff engagement across an organisation. However, it wasn’t so long ago that employee benefits were used as only a retaining measure or goodwill gesture to persuade and encourages employees to continue their work at that organisation.

Whether you operate a small or a large business, there are laws and regulations in place when it comes to employee benefits. These laws are also in place to protect employee health and well-being. It is a legal requirement, within the UK, that workers are entitled to at least the minimal employee benefits like:

  • Income protection
  • Holiday allowance
  • Workplace pension

Statistics state that almost half (48%) of British workers want perks that will help them save money outside of work. As the cost of living is rising and wages barely moving, it has become a realisation to employees that the use of perks and benefits contribute to promoting their financial wellness.

The purpose of providing employee benefits is to initially increase the economic security of staff members, resulting in, improved worker retention throughout an organisation. This enables employees to save money and add to their disposable income, improve their working wellbeing and maintain a better work-life balance. This then results in high levels of motivations and engagement produced by employees.

Overall, employee benefits are not just beneficial for employees, employers are also profited by providing employee benefits. When an organisation provides employee benefits, employers can recruit and retain the best employees, boost morale and improve company culture and benefit from a more productive workforce. 79% of employees would rather have new and additional benefits available instead of a pay increase. Although a good wage is important, so are benefits. By adding employee benefits to an organisation, it can increase loyalty, focus and productivity, attendance and recruiting.

Employee benefits are important to any organisation as they increase employee loyalty and statistics show that:

  • 60% of employees said having a benefits package is important to their employer loyalty
  • 72% of employees said that the ability to customise benefits increases their loyalty
  • 36% of employees said improving their benefits package would keep them in their job

The advantages of having employee benefits can provide an organisation with a competitive edge compared to other organisations that do not provide employee benefits. Offering employee benefits within an organisation is important as it shows employees that employers are invested in their overall health and their future wellbeing.

It is important for UK businesses to cater for their employees at all stages of their life and prepare for the future, regardless of a employees age. Although statistics state that 45% of 55 to 64-year olds are in favour of employee benefits, a massive 73% of 25 to 34 years want employee benefits as well. Remus Rewards provides employee benefits that cater to everyone’s need regardless of your age!

 

Remus Rewards is a division of PeopleValue Ltd, one of the UK’s leading employee & member engagement specialists. Remus was founded in 2011 and provide employee benefits for over 35 businesses within the recruitment and umbrella industry. Remus Rewards’ mission is to become the agency of choice to the UK recruitment industry and a strategic partner to our customers. Remus believes the client comes first and believes a more hands-on approach by focusing on providing and improving employee benefits to suit the client’s criteria.

If you are interested to know more about Remus Rewards, please get in contact with Nigel at nchambers@remusrewards.com or Chloe at cmellers@remusrewards.com and receive 10% discount on your first year’s contract.

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