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How to set up an employee benefits package

In today’s increasingly competitive job market, employers are vying with each to recruit the best candidates. One of the best ways that a business can differentiate themselves from their competitors is by offering staff an attractive employee benefits package. A successful company is not just about the bottom line, it’s about making sure your business is a place people want to work. So, how do you set up an employee benefits package?

Choose which employee benefits you would like to offer

First up, you will need to decide as a company which benefits you would like to offer. Consider what your employees might find attractive. There is great scope available when it comes to the size of benefits packages but some of the perks employees often look for can be seen below.

What employee benefits are typically offered?

  • Health benefits
  • Paid sick leave
  • Pension schemes
  • Flexible working hours
  • Commuter benefits
  • Family leave support

What is your budget?

As with any business decision, your budget plays a big role. Once you have decided the types of benefits that will be attractive to those you want to employ, it’s time to crunch the numbers and set up a budget. In this volatile economic climate, this can be a tricky area, and with 35% of HR decision-makers concerned about having the budget to make benefits changes, it’s important that your business knows what it can and can’t do.

Choose a benefit provider that’s right for you

The UK is home to numerous employee benefits providers so your next task is to analyse these and decide which one can offer the benefits you would like. They can vary in cost and the size of business they work with but there are options out there. Reward Gateway and Enjoy Benefits are two top options.

Why do businesses offer employee benefits?

Offering employee benefits has been known to make staff happier and improve wellbeing. A happy staff is a productive staff and reducing employee turnover is a big goal of any employer. So, offering a package could be a shrewd move indeed. If you would like to ask your current employees what benefits they would find desirable, you can always set up an anonymous survey to gain valuable insight.

Here at Phase 3, we are an independent payroll consultant and HR training provider, who are here to help with your people analytics needs however we can.

For more advice and tips on all things HR, make sure to head to the Phase 3 insights page.

 

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