Attracting staff from competitors and other large organisations can be difficult, especially when considering that the number of UK employers looking to recruit in 2022 has risen by 50%1. Competing on salaries is a major hurdle, but now, more and more, potential employees are also interested in the Employee Benefits package on offer.
This is because they want to know there is support available for them and their family should it be needed. It can also be an insight into what type of employer you might be. With 20% of employees reportedly looking to leave their current positions in 20221, offering a competitive employee benefits package will be a critical tool for SMEs in order to attract the skilled talent that is available.
Many smaller employers believe they cannot offer a competitive Employee Benefit Package due to cost or complexity. However introducing Employee Benefits with a Group Policy is very cost effective, and obtaining quotes is very simple.
Why should I consider introducing Employee Benefits?
- It is a useful tool for attracting and retaining employees
- The perceived value of Employee Benefit is much greater than the actual cost to the employer
- Helping your staff meet their wider financial needs will make them feel more secure
- Employers will be provided with additional HR support by the insurers, which is useful for businesses with no or little HR function
What else do I need to know?
- No medical underwriting for all or most staff
- Using a Group Policy will mean the insurer will grant a level of cover where no medical underwriting is required for your staff
- Directors and senior staff can be included, helping them to source cost effective cover which is paid for by the business
- Different levels of benefits can be provided to different staff, (e.g. length of service or by job role)
- Staff (and their family) can be provided with access to:
- 24/7 Video GP service
- Mental Health Support
Here is a typical example of costs
Example quotes based on: Number of staff: 20; Average age: 39; Average salary: £45,000
|Group Life Cover
|4x basic salary
|State Pension Age
|Fee cover limit2
|£1,684 per annum
|Group Income Protection
|60% of salary
|State Pension age
|Free cover limit2
|£1,299 per annum
How Can We Help?
SG Corporate Services have a proven track record of assisting SMEs in sourcing the most relevant and cost effective Employee Benefits Packages to help them attract and retain highly-skilled talent.
CLICK HERE to get in touch with our Employee Benefits Consultants to discuss your requirements and find out how we can help
1 Source: https://www.cipd.co.uk/about/media/press/220622-cipd-workers-plan-to-quit
2 the amount of cover a member can have before medical underwriting is required
Terms and conditions will apply and vary between insurers. The additional services (24/7 GP service and Mental Health Support) are all non-contractual benefits from insurers and can withdraw at any time.
Typically, only staff residing in the UK, on UK employment contracts can be covered. Overseas residents will need to be disclosed to the insurer.
Employers are required to make a fair representation to insurers, in line with Insurance Act 2015. Non-standard terms may apply to your policy.
Every care has been taken to ensure that this information is correct and in accordance with our understanding of the law and HM Revenue & Customs practice, which may change. However, independent confirmation should be obtained before acting or refraining from acting in reliance upon the information given.
SG Corporate Services is a trading style of SG Wealth Management who is regulated by the Financial Conduct Authority.
The Pensions Regulator is the statutory regulator for workplace pensions. The Financial Conduct Authority do not regulate some aspects of Employee Benefits.