Guiding you through the world of employee benefits

A recent study by Oxford Economics put the figure of replacing a member of staff between £16,000 and £31,000 by the time recruitment, interviewing time, lost productivity and getting the candidate ‘up to speed’ were considered. Stating the obvious it makes good business sense to retain valuable employees, yet the number of companies we come across who time and time again only show how much they value an employee is when they express their wish to leave. 

Motivation is the most powerful emotion, which employees bring to work each day, essentially “Why am I bothered to do my job?” Giving access to employee benefits helps motivate employees by showing that your organisation values them. “My organisation gives me access to products and services which will help make my life or personal situation better and/or provide peace of mind for my family”.

According to a recent report (CIPD, October 2023), the average rate of employee absence now stands at 7.8 days per employee per year, at a cost to UK businesses of £138.3bn (FT, 1st Feb 2024). Many of the benefits can help reduce absence by proactively encouraging employees to look after their health and well-being.

Getting your employee benefits offering right can help to make your business an employer of choice. We often help businesses put together employee benefits guides which go out with offer letters or give access to read-only versions of the Benefit Management System to allow prospective employees to browse what they can expect if they join your business.