Employee benefits are becoming increasingly more attractive to prospective and existing employees, this is essential to consider when trying to attract, and retain, talent within a business. Tailoring benefits to meet employees' needs is something all businesses are becoming more aware of and focused on. Many are questioning if a generic package is of use anymore, or does it need to be more specific to the individual, providing a choice on the perk’s employees have access to.

Benefits such as life assurance provided to employees are generally fundamental to them, providing a peace of mind and financial security as well as Employee Assistance Programmes which support employees to maintain their physical, mental, and financial wellbeing. Through a benefits platform, you can create a space where all your workplace and employee benefits are in one easy to access ecosystem, providing visibility and support to the benefits that you provide, while highlighting those benefits that are often overlooked, and underappreciated, such as retail discounts and salary sacrifice schemes.

Mike Clarke, Head of Employee Benefits at Fidelius said:

“Benefit packages are now more widely contributing to and improving wellbeing as well as promoting achievements, value and skills throughout our workforces with employees agreeing that they are more likely to stay with their employer because of their benefit packages.”

As discovered by the REBA, the Reward & Employee Benefits Association, educating employees with simple and straightforward educational videos that focus on the importance of employee benefits make employees feel more comfortable with making any changes to contribution levels or levels of cover or requesting benefits.

What should we be considering when setting up our employee benefit packages?

What are your competitors offering?

Research the market to see what other companies are offering for their benefits package. The last thing you want is for your employees to switch companies due to their benefits package which can be disheartening.

What exactly is a benefits platform?

A benefits platform, or more technically a Benefits Management System, is a great way to house all employee benefits in one place, guiding you through the world of employee benefits, and supporting your employees. Specialist companies let you personalise your benefits platform, so that everything is in one place for ease. Although this initiative will take a little bit of financial investment upfront from the employer, after you are set up, the ongoing costs will be lower.

What do you want to support, and offer?

A good place to start is asking, what do we want our platform to do? Simply put, your platform should give your employees access to information on all their company benefits. You should also specify what benefits you want on your platform, including company pension, life assurance, income protection, private medical, Cash plan, gym membership, health screening, holiday exchange, and so on. You want to be more forward thinking with your benefits, encourage employee to engage more frequently with their benefits, and help employees understand the true value of their benefits.

How can we help you?

We know that attracting and retaining talent in today’s market is more important than ever. We understand that making changes to your employee benefits can sometimes seem daunting. We will work with you to understand your business and the challenges that you face, to find the best solution for you, and your employees.

To find out more please visit: https://www.fidelius.co.uk/employee-benefits

Disclaimer - The purpose of this is to give general information on the subject matter presented and this is not to be deemed as advice. This is based on the current government legislation and may change at any time in the future.

Fidelius Employee Benefits is a trading name of Fidelius Ltd. Fidelius Ltd is authorised and regulated by the Financial Conduct Authority. Our FCA reference is 188615. Registered No. 03658809 ENGLAND. Registered Office: No.1 Bath Quays, 1 Foundry Lane, Bath, BA2 3GZ.