Employee Benefits Scheme
The positive impact of having a comprehensively researched, budgeted, and implemented employee benefits scheme can make the difference between a successful business and one constantly battling employee turnover.
Why you need an employee benefits scheme
Within every company’s HR strategy there will always be (or should be) a major focus on the working culture, and staff development which lead to arguably the most important thing, employee recruitment & retention. These elements can all be supported by implementing a specifically designed employee benefits scheme. Recruitment and retention are the biggest cost for any company and so investing in the right program will show a significant ROI. This is achieved by:
- Attracting Talent
- Improving retention
- Building a better workplace with motivated and engaged employees
What an employee benefits scheme will say to your employees
The inclusion of a comprehensive benefits package demonstrates the importance and emphasis a company places upon its employees and the overall culture of the workplace. A benefits package should not be considered simply as an extra payment for a worker’s salary. If the offer is well planned and utilized intelligently, it will provide real worth. It can assist you in developing a good and appealing employer brand, improve recruitment and retention, allow you to hire more people, and make your business a far more attractive and positive place to work.
No matter the size your company can have an employee benefits scheme
Any company that has 3 or more employees should consider implementing a benefits package. We work with and support an extensive range of SMEs across the UK with employee numbers ranging from 3 – 500+. A top-notch employee benefits provider will support you in a variety of ways and work in partnership with you. This is of the utmost importance to the team at Bigmore Benefits and is at the core of how we operate.
The cost should not be prohibitive
There is often a common misconception made by SME’s that to implement a comprehensive Employee Benefits and Engagement package must be expensive. So, their stance is either to not invest in their benefits strategy or they invest in a low-cost quick win initiative which may have a short term impact but does not provide long term value to their employees.
Employee Benefits do not have to be expensive. Most employees understand and feel valued by the fact that their company is doing everything within their means for them.
Bigmore Benefits Design Framework: The 4 P's
Having several years of experience, Bigmore Benefits has been able to create its own framework, The Four P’s, which is the cornerstone for helping SME’s design a comprehensive employee benefits package tailored to each individual company.
The Fours P’s are the framework we use to help design and deliver a meaningful and sustainable benefits scheme for our SME clients. Our aim is to work from the foundation up, like building a house, with the four key pillars in order of priority being:
Provision, Protection, Prevention and Perks
Every employer should be asking themselves the following four questions relating to these Four P’s.
So, let’s look at these in a little more detail to give you a better understanding
The elements within the provision sector are all vital and enable the employee to plan and manage their work life balance as well as ensuring long-term security for themselves and their family. Having these in place makes an employee feel valued and gives them and their family peace of mind. Here is a snapshot of some provision considerations:
This area covers the key insurances that will make sure that should something untoward happen in an employee’s life they are supported and protected. This gives comfort and peace of mind that they are being looked after and that their employer cares about their long-term health and wellbeing.
You only have one body so it is important to look after it!
The old saying of prevention is better than cure still stands strong. Healthy Body, Healthy Mind is also an approach that we agree with strongly at Bigmore Benefits. The idea is to make sure we stay fit both physically and mentally, which means we will be far more focused and motivated both in our personal and work life. Fewer sick days due to illness or injury has a very beneficial effect for any employer. What you do now also sets you up for a better quality of life as you grow older and during retirement. Some of the key supports offered to facilitate this are highlighted below:
Once you have implemented the other three elements of the 4Ps scheme we can then focus on the fun of perks. As mentioned earlier, too often companies feel they cannot afford a complete benefits scheme and so purely focus on the perk’s element. These are obviously important but is really hard to gauge the ROI. Where their real value lies is as an enhancement, bringing together the other three P’s by creating that healthy, fun supportive and understanding team culture. Your employees feel important and supported by having key areas of their lives looked after by you, their employer, and now is the time to enjoy themselves with their family, friends work colleagues or even on their own.
At Bigmore Benefits our passion is for people. Our people and yours.
We pride ourselves on knowing that what we bring to the table makes a positive impact on your employees, thus aiding your business goals of recruitment and retention. A strong team makes a strong business. So why not contact us and discuss how our 4P’s approach can benefit your company.