Employee Benefits consist of a range of products from Group Life and Group Income Protection right through to Private Medical Care and Dental Insurance.
Although such products may be considered a luxury to many business owners, there are many positive attributes often overlooked. As well as the product itself, some products such as Group Life and Group Income Protection offer additional added-value such as free services that provide counselling, promote employee wellbeing and even in some cases assist in getting an employee back to work should they have been on long-term sick leave.
Why Should I offer Employee Benefits to my staff?
- To help attract and retain high-calibre staff.
- Boost morale within your workforce.
- Promote employee health and wellbeing.
- Promote loyalty.
- Beat the competition in the race for talent.
Although the initial outlay on such cover may seem daunting, the long-term advantages can vastly outweigh the costs.
Still unsure? Here are some facts from the MetLife UK Employee Benefit Trend Study 2017* you may find useful:
- 36% of employers found retaining staff a challenge.
- 46% of employers expect a talent shortage in the next 12 months.
- 73% of employers are currently using benefits to attract talent.
- 87% of employees say a wellness programme has had a positive effect on their health.
- Use of such wellness programmes is at 35% (up by 24% from 2015!)
- Happiness makes people about 12% more productive.
- Disengaged employees have 37% higher absenteeism and 49% more accidents.
- Improved benefits is the 3rd most popular reason employees look for a new job.