We’re going to hit you with a few facts to start this post – don’t worry, there won’t be a test.
- The majority of employees are not confident that they are using their workplace benefits to the full.
- Missing out on available benefits they could be taking costs many employees a potential four-figure sum.
- Workplace nursery benefits alone can save employees £3,000 a year and upwards.
- Employee benefits can make up a substantial percentage of an employee’s overall remuneration. A survey in the United States out the figure at 31% – an employee who take no advantage of benefits could potentially be saying no to a third of their potential income (this including some big ticket items such as pensions and healthcare).
- Furthermore, a separate survey found that employees would often prioritise benefits over an increased salary – four out of five would take a job with benefits over one that offered no benefits but 30% higher salary.
We could list further stats, but the point is clear. Employees value benefits and yet they are often not certain they are taking advantage of all the benefits open to them.
As an employee, benefits are perhaps the financial boost that is unlikely to just be handed out in terms of a salary increase – the financial landscape means businesses are not in a position to just hand out inflation-busting pay rises.
Employee Benefits – Making Life Easier
By taking advantage of benefits, employees can however get a boost to their finances that is akin to a substantial rise.
This could be through childcare and workplace nursery schemes or common perks such as reduced gym membership, car parking or mobile phone scheme, cycle to work plans, medical and dental insurance, car leasing offers and many, many more besides.
The effects of these benefits are more than just financial.
They also make an employee’s life that bit easier – providing benefits that are of use, easy to access and available via an automatic salary deduction.
They show that their employer cares about them.
Members of staff have to get to work, they might want health insurance, they will need childcare and many will want to join gyms, hire cars and buy mobile phones.
If all these and more are available through a simple benefits portal, then they can save money on things they would be looking for, manage them out of one place and also save time.
These are the added touches that lead to staff loyalty and also help businesses attract high calibre employees; when starting salaries might be similar a potential recruit is likely to be attracted to what else there is on offer. A range of benefits and the message they send out are compelling.
Any employee should take the time to really check what benefits are available where they are and, if the range is underwhelming push for more to be added.
After all, it is in the business’ interests too. The benefits themselves often save the business money thanks to NI reductions, at worst they are cost neutral.
Employee Benefits – Easy To Manage
They also come with little to no admin when they are set up and run by experts such as Enjoy Benefits – a portal would make it east for any employee to manage their own options.
The benefits also lead to happier, more motivated staff, a scheme such as Employee Assistance Programme can even be added – this gives 24/7 confidential advice and counselling to anyone going through difficult life events. This marks the employer out as a place that cares, while also helping staff deal with any challenging issues.
Most people don’t know what workplace benefits can be offered, they might not even know what is offered by their own employer.
By not taking advantage of schemes, workers are costing themselves thousands of pounds, especially when there are savings to be had on items they are paying for already. Money not claimed is no different to money simply thrown away – it is still all money that could be that person’s.
Think of it this way – consider how difficult it would be to persuade an employer that they should increase all salaries by 10% compared to how easy it might be to get an equivalent boost just by taking advantage of workplace benefits.
Work place benefits truly are the part of the salary people don’t give enough thought to.
If you would like to know more about employee benefits, including what benefits are available, how they work and typical savings please head to our dedicated section.