Business owners – here are the staff benefits that could boost productivity

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Business owners – here are the staff benefits that could boost productivity

by RMI Independent Financial Advice Category: News

As a business owner, how can you boost productivity? Reviewing processes to improve efficiency or implementing more training may spring to mind. However, providing health and wellbeing benefits to your employees can prove valuable.

Three in five (60%) small and medium-sized enterprises (SMEs) acknowledged that providing health and wellbeing benefits has a high impact on the productivity of their company, according to research from the Association of British Insurers. A fifth (22%) went as far as to say that health and wellbeing benefits are critical for ensuring high productivity.

Health and wellbeing benefits can help your employees feel like valued members of the team. There is a range of other ways benefit packages can improve business, from fewer sick days taken to employees becoming brand ambassadors for your business. A competitive benefits package can also improve your company’s reputation and lead to job adverts attracting applications from talented prospects.

Making wellbeing a core part of your business can improve the lives of your staff and benefit the firm. A health and wellness programme should bring together several benefits that aim to make your staff feel appreciated and secure. Whether you’re starting from scratch, or want to add to an existing package, here are some ideas that could enhance your employees’ experience.

Flexible working options

With millions of workers leaving the office in 2020 to work from home due to Covid-19, flexible working options are becoming more common. This may include the option to work from home or change working hours. This flexibility can help employees strike a work-life balance that suits them.

A 2020 Gallup report found that 76% of employees experience burnout at least some of the time. These employees are 63% more likely to take a sick day and burnout was linked to increased working hours. Stressed employees are likely to be less productive, so allowing them to create a positive work-life balance can help.

Office perks

If you’re looking for a low-cost way to boost morale and wellbeing, office perks are a great place to start. It can be as simple as having fruit snacks for employees to enjoy throughout the day. Or having breakout areas where staff can relax gives them a place to step back from stressful projects if needed, as well as providing an opportunity for team building and creative thinking.

While many offices have closed over the last year, and may not reopen in the same way again, office-style perks are just as important when working remotely. Online recognition programmes or the occasional treat to an employee’s door can improve wellbeing and let them know they’re valued.

Enhanced sick pay

Financial insecurity and money worries can place a huge amount of pressure on individuals. Providing a safety net for your members of staff can ease concerns and allow them to focus on work. According to an Aegon report, four in ten people have less than £100 to spend at the end of the month. Money concerns don’t just affect low-income workers. One in three top earners said they worry about money too.

Supplementing the Statutory Sick Pay as part of your benefits package can help give your employees confidence in their future. This may be their full salary or a portion of it for a set period so they can continue to meet essential outgoings if they’re unable to work.

You may also want to consider group income protection or group critical illness cover. These insurance policies can provide employees with financial security when they need it most by providing either an ongoing income or lump sum. If you’d like to discuss insurance for your business’s employees, please contact us. We’ll help you understand what the options are, how they’d benefit your employees, and secure a deal that’s right for you.

Health insurance

Thanks to the NHS, health insurance isn’t essential in the UK, but it can be a valuable perk that your employees really appreciate. It can mean they’re able to get faster appointments with a health professional, reducing worry, improving health, and potentially cutting the amount of time that an employee needs to take off work.

There is a range of providers in the UK, offering various levels of cover. For example, some health insurance policies may include physiotherapy or mental health support when needed.

Pension contributions

Under auto-enrolment, you’re likely already contributing to employees’ pensions on their behalf. If you’re making the minimum contribution, you may want to consider increasing it. This could be in line with your employees’ own contributions up to a certain percentage, encouraging them to save more for their future too. Engaging staff about their pension can show you’re thinking about their long-term wellbeing.

As well as increased pension contributions, providing retirement advice can be hugely beneficial. It can help employees understand whether they’re on track for retirement, as well as the value of your benefits package.

Death in service

No one wants to think about passing away. However, if you have employees with dependents, they could worry about how their loved ones would cope financially if they were to die. If they passed away, then death in service would pay out a lump sum to the employee’s family – 4x their salary, for example – to provide security and peace of mind. This is something we can help you put in place for your employees through an appropriate insurance policy.

Building a health and wellbeing programme with your employees in mind

There’s no one-size-fits-all approach to creating a health and wellbeing programme. It will depend on your business, employees, and their priorities. If you’d like help putting benefits in place, please contact us.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

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Oxford

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Devon

Following a personal recommendation from a colleague some two years ago, Bryony and Paul provided advice to my wife and myself on planning for my forthcoming retirement. Latterly they have helped another family member on how best to invest a lump sum inheritance. On both occasions, they have guided us through the various options available, indicating the pros and cons in an easily understandable way. They continue to provide regular updates on how the investment is performing. We have always found them to be attentive, knowledgeable and a pleasure to deal with. We would have no hesitation in recommending them to a friend seeking an adviser.

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Chairman, Cellular Mouldings Ltd

Northants

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Ex Directors of The Bright Consultancy Ltd

Bournemouth

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Concept Shape Ltd

Cheshire

RMI Independent Financial Advisers have been assisting our clients with knowledge and insight into the world of pensions and protection for over 10 years. They have helped many of our company and personal clients navigate their options and meet the legislative duties around pensions and auto-enrolment in the most efficient way, whilst giving them the confidence to plan effectively for their future. We have no hesitation whatsoever in recommending their services to not only our clients, but to other professional connections.

Sunflower Accounts Ltd

Accountants

Wiltshire

Paul has been a trusted adviser to our business for over 20 years and he and Bryony continue to support us with our company pension scheme whilst providing first class financial advice. We would highly recommend RMI for anyone seeking a quality financial advisory service.

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Managing Director, LINAK UK Ltd

Birmingham

I was looking at my potential retirement options and RMI were able to come up with a bespoke pension solution that enabled me to retire earlier than I had expected.

B Kilfeather

Not knowing how to plan for the future, I required advise about pensions and insurance policies and Paul has helped by being constantly available, calm and pragmatic.

Dr R Singh

Director

Paul was recommended to me by one of his clients and I was looking for a financial adviser who could help with a pension scheme for my employees and also for my personal plan.

Paul helped all the members of my team. He had time and patience and everyone individually with their various circumstances. He was also very helpful with my personal pension during the time I have my business. My personal circumstances have now changed and Paul’s advice has been invaluable.

D Harrison

Business Owner

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