BENEFITS
Rewarding your people for their contribution to your business is not just a matter of pay. Blue Star Human Resources can work with you to come up with creative ways of improving the overall reward package keeping an eye on the effect this has on your bottom line. Changing the emphasis of benefits away from pay may be tax efficient for both the employer and the employee and can often be achieved at minimum cost.
You also might be surprised to see what a difference benefits can make to attracting and retaining employees. Sometimes it can be things like holidays, flexible working or your working environment that make the difference between retaining and losing a key member of staff.
Together we can:
- consider how staff benefits feature as part of your overall reward package. What’s important to your employees? Who should benefit? What should the extent of the benefit be? What can you afford?
- review or introduce policies on benefits such as cars, sick pay, holidays etc and work with you to ensure that these are appropriate for your business and in line with the market.
- consider reviewing your approach to financial benefits such as insurance and health care. This may including possible ‘free’ or discounted products from financial service providers.
- look at ways of improving your working environment so that employees have a positive feeling about working for you and a sense that they are getting something extra from their employer. This might include car parking and other travel to work arrangements; on site catering and vending; office furniture and layout; break areas and facilities; health and fitness facilities or discounts and flexible working arrangements, including working from home arrangements.
- consider whether a ‘Cafeteria’ or ‘flex pay’ approach to benefits might work in your company e.g. where the company allocates a pot of money and employees select the benefit of most value to them within a defined budget. Benefits may include company car/car allowance; trading up/down on holiday entitlement; private medical insurance; pension benefits; personal loans and season ticket arrangements; childcare/parental care arrangements; sports & social arrangements and sharesave/profit share/stock option plans.