The pandemic has seen many people take the plunge and start their own business as the working landscape continues to change. At O&A, we don’t just help with office space for rent. Much like serviced office space, we offer support and guidance for all our clients. The Great Office Giveaway was a way for us to give back to these small businesses who supported us. In this series of blogs we look at what small business owners can offer to new employees.
Many new small businesses are growing at fast rates, meaning that the business owners can’t do it all on their own and are looking to hire their first employees. However, this can be an overwhelming task when you don’t know what you need to offer your staff as part of their benefits package.
The small business employee benefits you can offer are endless. Employee benefits are an important part of working for any company. In fact, according to a recent survey, 66% of employees said benefits are very or extremely important to their loyalty to a company. You may be asking “do I have to provide small business employee benefits?” By offering the right benefits it can help you to attract the best employees and reduce any chance of high staff turnover. It will increase staff morale and productivity and reduce stress and associated absence within the company.
The question many people ask, is where do I start? What do I need to offer my employees? Well, there are a variety of packages out there you can offer your staff. A standard package will likely contain some, or all of the below options:
Paid Annual Leave
An annual leave policy makes it clear what staff are and aren’t entitled to. It also outlines how holiday will be granted and any periods of business where holiday will be refused, for example, if one of your busiest periods is the run-up to Christmas.
Business Health Insurance
Small business health insurance is an insurance policy that offers your employees private healthcare. If your team has fewer than 250 employees, our small business health insurance will cover the cost of private healthcare, from diagnosis to treatment. This allows them to skip long NHS waiting lists and get treatment exactly when they need it the most.
Group Income Protection
This is commonly known as Group Sick Pay Insurance because it enhances your company’s sick pay policy.
Most employers offer a period of full sick pay to their workers if they need to take time off as a result of illness or injury. Once that period of full sick pay is over, however, employees move to Statutory Sick Pay. This is the legal minimum amount of sick pay you must pay your workers.
Death in Service Insurance
Also known as Group Life Insurance, Death in Service Cover pays out a lump sum should one of your workers sadly pass away while under contract with you.
This lump sum is a multiple of their salary, typically between two and four times earnings. The death does not have to occur at work or in the workplace for the insurer to pay out.
Employee Pension Schemes
All employers must provide their employees with a Pension Scheme. As the employer, you must write to your new employee and automatically enrol them into your workplace pension scheme, they must write to you. In the letter, you must state: the date you have added them to the pension scheme. the type of pension scheme and who runs it. You must also confirm how much you will contribute and how much they will have to pay in.
Employee Assistance Programmes
Employee Assistance Programmes (usually known as EAP) are employee benefit programmes offered by many employers. EAP are intended to help employees deal with personal problems that might adversely impact their work performance, health and wellbeing.
Many companies also offer benefits that are not legally required however have been proven to increase staff satisfaction and fulfilment within a job. Whereas the above benefits are paid for by staff, the below benefits are usually free for employees:
- Discounted or free gym memberships
- Flexible working options
- Counselling services
- Casual dress codes
- Free refreshments and snacks
- Team building days
All of the above benefits can help employees to feel safe and cared for at work. As such, they can be a powerful tool for businesses to support employee health, wellness and wellbeing – which is one of the most important responsibilities we have as employers.