TOP 9 BEST EMPLOYEE BENEFITS YOUR TEAM WILL LOVE
WHAT ARE EMPLOYEE BENEFITS?
Employee benefits are part of a compensation package for employees offered alongside a basic salary, designed to support staff wellbeing and overall job satisfaction. The best employee benefits go beyond legal requirements – they attract new talent, retain valued staff and create a positive workplace culture.
While there are mandatory benefits such as pension schemes and holiday pay, supplementary benefits are customisable and can be tailored to suit the team’s needs.
MANDATORY EMPLOYEE BENEFITS
Employers are legally required to provide statutory benefits in the UK; these are known as mandatory benefits. The mandatory employee benefits in the UK include:
- Pension scheme
- Holiday pay
- Maternity/paternity/adoption leave pay
- Parental leave
- Sick pay
- Flexible working
TOP 9 SUPPLEMENTARY BENEFITS
Companies have more freedom to choose bespoke supplementary benefits for their company and they can be tailored to suit the culture of the workplace. It’s up to employers to decide which benefits to offer and packages often vary between companies. Some of the best employee benefits include:
- Remote working
- Flexible hours
- Four-day working week
- Overtime pay or time off in lieu (TOIL)
- Private healthcare plan
- Performance based bonuses
- Early finish on a Friday
- Company share options
- Employee discount schemes
1. REMOTE WORKING
One of the best company benefits is the ability to work from home or another location separate from the company office. It saves money on fuel and wear and tear on a vehicle for commuting as well as the time spent getting there and back.
2. FLEXIBLE HOURS
Employees with children or caring commitments often look for the option to alter their working hours around their personal lives. This has a positive impact on wellbeing, which will likely have a beneficial effect on work performance.
3. FOUR-DAY WORKING WEEK
More companies are rolling out trials of four-day working weeks, assessing how employee productivity levels are affected by fewer working hours. This is a positive step in promoting a healthy work-life balance and is a very attractive benefit to prospective employees.
4. OVERTIME PAY OR TOIL
If employees have to work extra hours on top of their contracted hours, they can receive extra pay or TOIL to compensate.
5. PRIVATE HEALTHCARE PLAN
Another one of the best employee benefits to offer is a plan to cover health care costs including the dentist and physiotherapy. When employees feel looked after, they’ll likely stay loyal to the company for longer.
6. PERFORMANCE-BASED BONUSES
Employees can receive performance-based bonuses when hitting specific targets. This could be a specific financial goal or winning over a client, for example.
7. EARLY FINISH ON A FRIDAY
Similar to the benefits of flexible working hours or four-day weeks, employees with early finish times on a Friday benefit from more weekend time and an improved work-life balance.
8. COMPANY SHARE OPTIONS
Similar to the benefits of flexible working hours or four-day weeks, employees with early finish times on a Friday benefit from more weekend time and an improved work-life balance.
9. EMPLOYEE DISCOUNT SCHEMES
Many companies offer discounts for employees on a range of activities, including shopping vouchers, gym memberships and cinema tickets.
ADVANTAGS OF HAVING THE BEST EMPLOYEE BENEFITS
Having a healthy benefits package helps to attract the right employees into your business and staff are likely to move jobs for the right benefit packages. Therefore, having an attractive benefits package is crucial for company growth.
The best company benefits are those that promote a healthy work-life balance and contribute to the wellbeing and happiness of employees. To improve employee wellbeing and streamline recruitment, take a look at our HR services to take your business to the next level.
ARE THERE DISADVANTAGES OF BENEFIT PACKAGES?
Even the best employee benefit packages don’t suit all employees; some may be dissatisfied with the offerings and would prefer the cash value added to their basic salary. However, the majority of employees will likely see the positives of benefit packages.
It’s a good idea to regularly assess benefit packages, as it may be that companies are paying for benefits employees aren’t using regularly.
THE BEST COMPANY BENEFITS KEEP YOUR BUSINESS COMPETITVE
Getting the very best out of your staff will drive your business forward and keep employees happy while doing so. For more information on the best company benefits to offer or if you want to discuss how to drive employee engagement, contact our expert team.
