Every business reaches a moment when they grow so big that they decide it’s time to introduce an employee benefits scheme. If your business is making that step, or if it maybe wants to swap suppliers many different factors need to be checked.
The important thing to strive for when doing this transition or when changing from an old one to a new is to get a benefits package that will both be easy to manage, with tons of support and help, and cost-effective for the company as a whole.
– The different types of employee benefit schemes
Like we mentioned before many factors should be analyzed in detail when looking for an Employee Benefits Scheme. For instance, is this one good for the size of your company, can the investment level be appropriate for your employees, can it fill the requirements of your employee’s expectations and much more.
When it comes to standard packages there are several different options available:
– The core packages
This is a standard package that is offered to every employee from top to bottom. In this package, every employee can opt out of certain benefits that they receive if they don’t want or need them.
– The flexible benefits:
This is a package where the employer makes all the payments. The working staff replace certain benefits or switch them out completely depending on their needs and wants.
– The voluntary benefits package:
This package is paid mostly out of the pockets of the employees. The package and its costs depend on the negotiations with the employer. So, all the discounts and benefits that are included in the package once the deal has been struck between the employer and the benefits scheme company is for the employees.
– The salary sacrifice package:
In this method, the employees choose to part with a portion of their gross salary. In return, they get certain benefits that the employer then buys and provides for them on their behalf. When it comes to a perfect benefit scheme that is tax-efficient this is the best package.
– But what are some things to consider when choosing a supplier
As with every company, the type of benefits that will be secured for the employees should be discussed with them to a certain degree. For instance, if the employees don’t want certain features maybe it’s better to pick a flexible benefits package as compared to the core package.
There are many factors to take into consideration here such as if your workforce is mainly consisting of young families the childcare health benefits package will be more popular than the rest. On the other hand, if it’s mainly consisted of an older workforce than a package with better health care and pensions will be more popular and needed. Flexibility is key here when choosing for both sides of the fence and should not be ignored.
Additional things to consider are:
– Is their track record good?
– Can they offer everything your company needs?
– Do they offer different options for support and help?
– What are the costs as compared to the rest of the market?