Benefits packages don’t have to cost the earth

Cyclescheme, 19.10.2016

Benefits packages don’t have to cost the earth

Employers are always on the hunt for new, cost effective and innovative ways to boost staff productivity and retention. 

Today’s tech savvy employees have certain expectations when they take up a new position and many are attracted by the latest technology to help them with their jobs. Alongside the opportunity to work more flexibly using these gadgets, employees also want a great salary, and a competitive benefits package.

According to research conducted by Direct365, as many as 61% of employees in the UK believe they don’t receive enough rewards. While a study that polled 2,000 workers, from the Institute of Leadership & Management (ILM), found that as many as 17% of employees claimed they would look for a new career due to feeling underappreciated.

So is offering access to the latest technology at discounted rates becoming a sought after employee benefit? As most of us now work with technology all day every day and rely heavily on our smartphones, the opportunity to save up to 42% on the latest handsets, has become an attractive proposition for many.

In a recent survey we conducted with our customers, we discovered that more than 75% of employers agreed that offering a varied range of benefits helps to attract and retain staff. While 80% said that it’s important that their employees have access to the right gadgets that will help them do their jobs.

Some benefit schemes can be expensive and are time consuming for administers, however, salary sacrifice schemes are completely free to implement, easy to set up and managed by the provider. The main benefit for employers is that it’s an extra benefit to provide for free, while keeping staff happy by giving access to the latest handsets at discounted rates with the option to spread the cost over a year. Employers too can make savings of up to 13.8% on National Insurance contributions.

Hiring and firing employees is far more costly than maintaining employee morale and worker satisfaction, it’s important that employers understand what UK employees actually want. By ensuring you can offer employees the best possible benefits with a wide range of perks, whether that’s access to the latest technology or even a day off on their birthday, these things all contribute to a more favourable working experience for your employees, keeping them happy and motivated in the workplace. Benefits packages don’t have to cost the earth, but employers should spend the time understanding which types of benefits are most attractive to their employees. 

Grass Roots Employee Solutions delivers tax-efficient benefits including childcare vouchers, bike and technology schemes, as well as employee discounts, prepaid cards, health and well-being solutions and more.

To find out more about the schemes visit:

www.techscheme.co.uk

www.cyclescheme.co.uk

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