Many employees consider the benefits provided when deciding where to work, therefore, an attractive offering can help recruit and retain top talent in a competitive job market. This is largely due to the rising cost of living and the growing awareness of health and wellbeing. As a result, employees are placing more value on what a company can offer beyond their salary.
Getting the most from your workplace pension scheme
Legislation requires employers to automatically enrol their eligible employees into a workplace pension. It is important to ensure the scheme is compliant, however, going above the minimum by making sure the fees and investment choices offered are competitive will add significant value to your offering.
A scheme with low costs means more of an employee’s contributions go toward their savings, rather than being eroded by charges. Over time, even small differences in fees can have a substantial impact on the future value of their pension savings.
Meanwhile, a wide fund range allows employees to tailor their pension investments to their personal preferences, whether that be sustainably led options or higher risk solutions.
The way your pension offering is administered also has a significant impact, with it being most efficient to set it up via salary sacrifice. This method allows employees to receive tax relief straight away at their highest rate of income tax, while also reducing national insurance contributions for both the employee and the employer.
Protection
Protection benefits make a big difference to a companies offering, with some of the most common outlined below.
Death in service is a type of life assurance that pays out a tax-free lump sum to a beneficiary in the event of an employee passing away while working for a company. This gives families peace of mind that their loved ones would be supported if the worst were to happen.
Group income protection provides financial support to employees who are off work long-term due to illness or injury. The scheme pays a percentage of the employee’s salary to the employer, who then passes it on to the employee through payroll.
Private medical insurance offers timely, high-quality healthcare, and helps cover the cost of treatment. Benefits include faster specialist access and choice of hospitals and doctors, leading to quicker recovery and better health outcomes.
These benefits show employees they are valued and supported, which can help with retention and overall day-to-day productivity.
Professional oversight
Having your employee benefits professionally managed ensures that staff are supported in understanding and engaging with what is available to them.
Regular reviews makes sure providers remain competitive and ensures the business is compliant with the latest regulations.
Let’s talk
A financial adviser can help identify cost savings and tax advantages, while also offering peace of mind that your benefit schemes are being looked after.
Additionally, as businesses evolve, it is important that employee benefits adapt. At Rosart, we provide ongoing support to our corporate clients to ensure the schemes we put in place remain appropriate and competitive.
A key part of our service that we consistently receive great feedback on is our ‘financial planning clinics’. These involve us coming into your office for the day, giving employees the chance to book a confidential one to one session to talk about their finances and any big life questions they may have.
We would love to see how we can help, so please feel free to get in touch.