Employee benefits are non-wage compensations packages provided to employees by an employer. They are typically offered in addition to an employee’s salary or an hourly wage.
These are sometimes referred to as benefit in kinds. This can include health insurance, retirement plans, paid time off, and more.
Employee benefits are important for several reasons. They play a large role.
- In helping to attract employees
- Retain your employees and build loyalty.
- Keep your employees motivated.
- Additionally, benefits can help employees outside the workplace, providing them with the support and resources they need to lead fulfilling lives
All of which helps create a stable and productive work environment.
The latest official data shows that 35.2 million working days were lost to work-related ill health in 2022/23
Stress, anxiety and depression accounting for almost 24 million of these. CIPD research shows that employee sickness absence is at the highest level we’ve reported for 15 years and around three-quarters of respondents (76%) report some stress-related absence. Over two-thirds of respondents report that senior leaders take wellbeing seriously.
Employers have a fundamental duty of care for the health, safety and welfare. Most businesses are now stepping up their efforts, more needs to be done to tackle rising rates of sickness absence, presenteeism and the impact of poor mental health. Wellbeing benefits could include life assurance, income protection, critical illness cover or employee assistance programmes (which can support your employees with support around debt counselling, mental wellbeing, bereavement support or redundancy counselling)
Whether you’ve already got schemes in place or you’re starting out in providing employee wellbeing benefits, we can help you with:
- Employee engagement and communication
- Benefit Design and implementation
- Cost effectiveness of existing and new arrangements
- Due diligence on provider selection with detailed examination of policy terms and core package deliver.
Please speak to one of our corporate advisers