Need private health cover?
Speak to an independent adviser for clear, no-pressure advice.
Call: 028 9073 5207
If you’re building an employee benefits package for the first time, reviewing your current offering or growing your team, knowing where to start can be difficult.
With so many benefits available, from private medical insurance and health cash plans to flexible working, financial protection and wellbeing support, it can be tempting to simply offer as much as possible. But a good benefits package isn’t about having the longest list of perks it’s about choosing benefits that provide genuine value to your employees while supporting your business goals and remaining sustainable for your budget.
In this guide, we’ll look at the key things to consider when creating an employee benefits package, including what your employees want, the different types of benefits available, how to balance value with cost and why regularly reviewing your package is important.
Why an employee benefits package supports your business and employees
An effective employee benefits package shows your team that you value their contribution and care about their wellbeing. When hiring and retaining employees, it’s important that your team feels supported and valued by their employer. Offering a high-quality benefits package can help demonstrate that you’re committed to your employees both inside and outside of the workplace. A strong benefits package can also help your business attract and retain top talent, improve employee satisfaction and create a more positive workplace culture. From private medical insurance and health cash plans to mental health support and flexible working, the right benefits can make a meaningful difference to both your employees and your business.
What to look at when crafting an employee benefits package
What option do we have when to comes to employee benefits and where to start. There are many options from health and wellbeing to financial security and work life balance as well as career and development opportunities.
Health benefits we can help with
There are a range of health and wellbeing benefits you can consider as part of your employee benefits package, including:
- Private Medical Insurance
- Health cash plans
- Dental and optical cover
- Digital GP services
- Mental health support
- Employee Assistance Programmes
- Health screenings
- Occupational health services
The right combination will depend on your employees’ needs, your business and your budget. Our team can help you understand the options available and build a healthcare package that works for your workforce.
Statutory employee benefits include:
- Statutory sick pay of £123.75 per week for up to 28 weeks.
- Statutory maternity pays and parental leave.
- Annual leave of at least 5.6 weeks per year.
- A workplace pension scheme, with statutory minimum contributions of 3% of salary from employers and 5% from employees.
Reviewing your benefits annually
Employee benefits shouldn’t be something you set up once and leave unchanged. As your business grows and your workforce evolves, it’s important to review your benefits package regularly to make sure it still meets both your business objectives and your employees’ needs.
When reviewing your package, consider factors such as your business strategy and growth plans, the demographics and needs of your workforce, and the benefits that could help you attract and retain the right people. What employees value can vary depending on their stage of life and career, so offering a well-balanced package can help ensure your benefits remain relevant to your whole workforce.
Private Medical Insurance is a benefit that continues to be highly valued by employees. Research from Epassi UK found that 25% of UK employees selected PMI as the single most important benefit they wanted from their reward package, while 86% of HR leaders said they believe PMI is now a necessity in the workplace. However, only 43% of employers surveyed currently offered it.
This highlights an important consideration for employers: what your employees want from their benefits package may not always match what you currently provide. Your workforce will also have different priorities depending on their individual circumstances and stage of life. Younger employees may place greater value on flexibility, lifestyle and wellbeing benefits, while health and financial protection may become increasingly important as employees progress through their careers.
However, it’s important not to make assumptions based solely on age. Benefits such as PMI, mental health support, financial wellbeing and flexible working can provide value across your entire workforce.
An annual review gives you the opportunity to ask:
- Are our benefits still aligned with our business strategy?
- Are employees actually using and valuing the benefits we provide?
- Are our benefits helping us attract and retain talent?
- Have the needs of our workforce changed?
- Are there gaps in our current package?
- Are we getting good value from our current providers?
- Could our existing healthcare arrangements be improved or reviewed?
Regularly reviewing your benefits package can help ensure you’re investing in benefits that genuinely matter to your employees, while making sure your business continues to get value from that investment.
Getting professional support
Creating an employee benefits package that supports your business, your employees and your long-term goals can be challenging. That’s where we can help.
Our team can advise you on the benefits that could best suit your workforce, business needs and budget, helping you create a package that provides genuine value for your employees while remaining sustainable for your business. When it comes to health and wellbeing benefits, we can help you explore a range of options, including private medical insurance, health cash plans, digital GP services, mental health support and more.
Ready to build a benefits package that works for your business?
Email our team at [email protected] to find out how we can help.
