With complex regulation, increasing expectations for employee benefits, and recent changes to pensions legislation, there’s a lot of pressure on HR departments.
Research shows that recruiting and retaining high-calibre staff is easier when you offer an attractive benefits package. So although it might seem expensive, the long-term advantages usually outweigh the costs. Also, offering benefits can improve motivation and productivity, and enhance employees’ work-life balance. All of which makes for a happier, healthier team.
All employees are different. The benefits that one generation views as important could be further down on the list of priorities of another. Baby Boomers could be more concerned about pensions and medical benefits whereas Generations X, Y and Z could see Life Assurance, Gym Membership or Childcare Vouchers as a higher priority.
Providing a Flexible Benefit scheme allows your employees to choose the benefits that are right for them at the right time of their life. This will vastly improve their engagement with their employer, meaning a happy, healthy and appreciative workforce.
The range of benefits are almost endless but the following are some of the more typical options:
- Company Pension
- Childcare Vouchers
- Income Protection
- Gym Membership
- Bikes To Work
- Critical Illness
- Cars by Salary Sacrifice
- Medical Insurance
- Life Assurance
- Travel Insurance
- Health Cash Plans
- High Street Discounts
- Annual Leave Trading
With immediate duties from the first day you employ someone, we can research the market to find the most suitable pension provider and help you implement your new pension scheme within the short timescales required.
For companies that have already met their duties, now might be the right time to review the choices you made to ensure that your pension scheme (and provider) remain fit for purpose.
Although less onerous than completing auto enrolment for the first time, there are still a number of tasks employers need to complete at their triennial re-enrolment date. We can help ensure that the systems and processes are in place to maintain your compliance and inform the Pensions Regulator that you have done so.
The use of salary sacrifice provides an ideal opportunity for both employers and employees to make savings on the cost of their pension contributions. At a time where contributions may be increasing for both parties, this perfectly legitimate method of paying into a pension can be used to minimise the impact.
Group Life Assurance
Also known as ‘death in service’, this is a life assurance policy that pays a lump sum to beneficiaries following the death of an employee. The employer pays for it without any tax implications for the individual.
Cover can be a multiple of salary, or a set amount. Most policies require little or no medical underwriting, and minimal administration. Group life assurance represents an extremely cost effective and popular benefit.
Group Income Protection
This policy provides a monthly income for employees who are off work through sickness or injury. Employers can provide different groups of employees with different levels of cover and there are no tax implications for their employees.
Traditional income protection policies have increased in cost over recent years. However, with a range of benefit and cover options (e.g. deferred periods, claim payment periods etc.) a scheme can be tailored to suit the budget of any company.
Group Critical Illness
Designed to provide financial support to employees suffering from a defined injury or illness. Cover is normally a multiple of salary and this policy pays a tax-free sum, after a survival period which can be used as the employee sees fit.
Employers pay for some or all of their employees and can provide groups of employees with different levels of cover. Employer paid premiums are classed as a benefit in kind and reportable on the employee’s p11D.
- £100,000 flat level of benefit for all employees, irrespective of earnings
- Minimum of 3 employees
- Cover provided from age 16 to state pension age
- No medical underwriting
- Monthly premiums
- Written under UNUM’s master trust – saving you time and the cost of setting up a trust yourself
- Easy quote and fast response
- Includes UNUM’s employee assistance programme
Most companies offer their employees some form of benefit in addition to their salary.
This may be a pension contribution or the protection from a Group life or income protection scheme. However, some employees may not appreciate or value these additional benefits, and purely concentrate on their payslip.
By implementing a Total Reward Strategy, you can show your employees that they are worth far more to you than their basic salary, which can increase their engagement. With a range of options available from paper based statements to a full online educational suite, we can tailor a strategy to suit not only your benefit options but also your budget.
By providing your employees with a well-structured health and wellbeing strategy, you are not only showing them that you care but you can also be sure that, should they need treatment or an operation, they will be treated quickly and efficiently to minimise any absence from work.
Private Medical Insurance
A highly valued benefit that ensures your employees receive medical treatment at a time and location convenient for them. NHS waiting lists are bypassed meaning your employees are treated quicker resulting in a speedier return to work.
Health Cash Plans
For as little as £1 per member per week you can provide your employees with the ability to claim cash back on routine health expenses such as dental check-ups, contact lenses, physiotherapy, chiropractor and many more. Unlike Private Medical Insurance there is no GP referral needed so treatment can be carried out immediately.
According to research, over 400k working days are lost in the UK due to employees’ oral health. Due to the unpredictable nature, this absence is usually at short notice. Sound familiar? By offering your employees access to dental insurance to pay for both routine and more complex dental treatment, you could see a significant reduction in your absenteeism.
Financial planning can involve wealth management, pensions advice, tax services and many other specialist areas. Whatever factors affect your employees, our experts tailor their guidance to their individual needs.
Our financial planning services include:
- Lifestyle cash flow modelling
- Portfolio construction
- Discretionary portfolio management
- Cash management
- Inheritance tax and estate planning
- Pensions advice
- Retirement planning
55% of employees say that being under financial pressure affects their ability to work and 8% admitted to taking time off work due to financial stress.
By improving the financial knowledge and understanding of employees, we can help them get control of their finances and relieve these pressures, showing that you care about their financial well-being and also improve their productivity.
To help you cater for the multi-generational workforce, we have created a programme that will help employees during all stages of life. The topics we include within this programme are as follows:
Pensions and pre-retirement planning
At retirement options
Wills, probate and Inheritance tax*
Company Share Schemes
Flexible Benefit Enrolment
Executive Financial Education
*For these services, we introduce our clients to the appropriate professionals who are not part of Tavistock Private Client Ltd.